CVI establishes its second institutional direct lending fund with more than €180 million of capital for Central European businesses.

• CVI Private Debt Fund II (the “Fund”) welcomes investments from the European Investment Fund, the European Bank for Reconstruction and Development, the International Finance Corporation, the Polish Development Fund.
• The Fund is the largest direct lending fund in the region and will enable CVI to make individual investments up to €25 million to companies in Central Europe.

CVI Dom Maklerski (CVI) — the leading lower mid-cap/SME focused private debt fund manager based in Poland and operating in Central Europe — has announced launch of its second closed-end fund focused on institutional investors, CVI Private Debt Fund II. The fund, which achieved several closings since Q1 2024, now totals €181 million in capital commitments and will provide flexible debt financing solutions aimed to finance growth of  small and medium-sized enterprises (SMEs) in Central Europe.

Investors in the fund include the European Investment Fund – part of the European Investment Bank (EIB) Group, the European Bank for Reconstruction and Development, and PFR Ventures, all of whom were also invested in CVI’s first institutional fund as well as regional private investors with many of them also returning. The Fund welcomes the International Finance Corporation for whom it is the first investment in a direct lending fund in the CEE region as well as Emun, the Fund’s first investor from Czechia.

Since its launch, the Fund has already made 12 investments, and two more are expected to be completed within one month. Supported companies come from a broad set of sectors including agriculture, IT, finance, transportation and construction. The fund aims to carry out more than 40 investments across Central Europe, including Poland and Romania, as well as the Czech Republic, Slovakia, the Baltics, Hungary, Slovenia and Croatia.

To date, CVI has made more than 700 private debt investments with invested capital of more than €3 billion, having supported more than 300 companies in Central Europe. “The fund will continue to execute CVI’s proven and successful private debt strategy of investing in lower mid-cap businesses and SMEs in selected Central European countries, with investment sizes of €5 million to €25 million. The fund is Article 8 compliant confirming CVI commitment to implement ESG policies into its investments.” commented CVI Partner Marcin Leja.

CVI Managing Partner Rafal Lis said: “We have been managing private debt funds focused on Central Europe since 2012, becoming over time the market leader and are bringing already our second institutional fund to the market in less than three years. We are happy to welcome back EIF, EBRD as well as PFR among our investors, while we are very excited to see IFC join our investor base, with our fund being their first direct lending investment in Central Europe.”

The fund, which has a target of €300 million is already the largest direct lending fund focused on institutional investors that targets investments in Central Europe. “Central Europe offers an unparalleled opportunity in terms of private debt, as the market is still growing fast while not being as competitive as other regions. We look forward to capitalising on the platform that we have been developing, including the largest private debt team in Central Europe that has grown to 20 investment professionals. This fund supports our momentum in helping well-performing SME businesses grow while generating fast deployment as well as superior risk-adjusted returns for our investors.” added CVI Partner Radoslav Tausinger.

Marjut Falkstedt, EIF Chief Executive commented: “On the back of our very successful first partnership with CVI, we are glad to be renewing our support for this team, confident that their tailored financing solutions will help companies across Central and Eastern Europe on their growth trajectory, and at the same time contribute to strengthening the competitiveness of the European economy.”

Anne Fossemalle, EBRD Director for Fund Investments, said: “We are delighted to support CVI’s new fund to grow the private credit asset class in Poland and across CEE, at large. Our investment will unlock critical capital for local SMEs, fuelling their growth and promoting innovation, whilst delivering financial returns for the Bank. Driving further development of the financial ecosystem in the region is a priority for the EBRD, and CVI is a key partner for us in this endeavour”.

Ary Naïm, World Bank Group Country Manager for Poland and IFC Manager for Central and South Europe, said: “SMEs are key for bringing innovation and ensuring economic growth, and flexible financing is key for their development. Our investment in a leading private debt fund supports alternative lending channels, fills market gaps, and diversifies the financial sector to better serve underserved businesses.”

Rozalia Urbanek, PFR Ventures Investment Director, said: “We are happy to support local, well-performing fund managers. That’s why we decided to invest in the CVI private debt fund for the second time. This way, Polish companies can count on access to capital combined with experience.”

Background information:

About CVI

CVI Dom Maklerski (CVI), headquartered in Poland, is the largest manager of private debt funds in Central Europe with c. €1 billion in assets under management. Since its inception in 2012, CVI has deployed more than €3.0 billion into small and mid-market companies in over 700 private debt transactions. The majority of funds managed by CVI are invested in direct lending strategies that deliver superior risk-adjusted returns on predominantly senior structures. CVI is a signatory of United Nations-supported Principles for Responsible Investment (UN-PRI).

About EIB Group

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high–impact projects in 2024, boosting Europe’s competitiveness and security.    

The EIF supports Europe’s SMEs by improving their access to finance through a wide range of selected financial intermediaries such as banks, guarantee and leasing companies, micro-credit providers and private equity funds. The EIF designs and offers equity and debt financing instruments in support of entrepreneurship, growth, innovation, research and development, the green and digital transitions, and employment.

About EBRD

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. To date, the Bank has invested almost €15.4 billion in Poland, with a record €1.43 billion invested in the economy in 2024.

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org

About PFR Ventures

PFR Ventures oversees funds of funds, which, in collaboration with private investors, business angels, and corporations, invest in Venture Capital and Private Equity funds. The primary goal of PFR Ventures is to use this capital to bolster Polish innovative companies at different stages of development. Presently, PFR Ventures manages a portfolio of over 85 funds that have collectively made over 900 investments.