CVI Private Debt Fund II (“the Fund”) has secured financing from the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the Polish Development Fund (PFR).
As the largest private debt fund in the region, it will enable CVI to make individual investments of up to €25 million in companies across Central Europe.
Supporting SME Growth Across the Region
CVI Dom Maklerski (CVI)—a leading private debt fund manager based in Poland and focused on small and medium-sized enterprises (SMEs) in Central Europe—has announced the launch of its second closed-end fund for institutional investors: CVI Private Debt Fund II.
Since Q1 2024, the fund has raised €181 million in capital from institutional investors. It will provide flexible debt financing solutions to support the growth of SMEs across the region.
Among the Fund’s investors are the European Investment Fund (part of the EIB Group), the European Bank for Reconstruction and Development, and PFR Ventures—all of which also participated in CVI’s first institutional fund. A number of private investors from the region also contributed, with many returning from the first fund. Notably, the IFC—part of the World Bank Group—joined as an investor for the first time, marking its first private debt investment in Central and Eastern Europe. Czech-based investor Emun also joined, becoming the Fund’s first investor from the Czech Republic.
12 Investments and Counting
Since its launch, the Fund has already completed 12 investments, with two more in the pipeline for completion within a month. The supported companies span various sectors, including food, IT, finance, transportation, and real estate. The Fund plans to make over 40 investments throughout Central Europe, targeting countries such as Poland, Romania, the Czech Republic, Slovakia, the Baltic states, Hungary, Slovenia, and Croatia.
To date, CVI has completed over 700 private debt investments, committing more than €3 billion in capital and supporting over 300 companies across the region.
“The Fund will continue CVI’s proven and successful private debt strategy focused on SMEs in select Central European countries, targeting deal sizes between €5 and €25 million. It is classified under Article 8, which reflects our commitment to integrating ESG policies into our investment process,”
— Marcin Leja, Partner at CVI.
“We’ve been managing private debt funds in Central Europe since 2012 and have become a market leader. In under three years, we’re already launching our second institutional fund. We’re pleased to see EIF, EBRD, and PFR Ventures return as investors and to welcome IFC with its first private debt commitment in the region,”
— Rafał Lis, Managing Partner at CVI.
Targeting €300 Million
With a target size of €300 million, the Fund is already the largest institutional private debt fund focused on Central Europe.
“Central Europe offers exceptional opportunities in private debt—it’s a rapidly growing but less saturated market. We aim to fully leverage our platform, including the largest private debt investment team in the region, now comprising 20 professionals. The Fund enables us to continue supporting high-performing SMEs with fast capital deployment and attractive risk-adjusted returns for our investors,”
— Radoslav Tausinger, Partner at CVI.
Institutional Backing and Impact
“Building on our very successful first collaboration with CVI, we’re pleased to support them again, confident that their tailored financing solutions will help businesses grow across Central and Eastern Europe and boost the competitiveness of the European economy,”
— Marjut Falkstedt, CEO of EIF.
“We’re proud to support CVI’s new fund, which will promote private debt development in Poland and the broader CEE region. Our investment will unlock critical capital for local SMEs, fueling their growth and innovation while generating returns for the Bank. Strengthening the region’s financial ecosystem is a priority, and CVI is a key partner in this mission,”
— Anne Fossemalle, Director of Equity Funds at EBRD.
“SMEs are essential for innovation and economic growth, and flexible financing is key to their success. Our investment in this leading private debt fund supports alternative financing channels, fills market gaps, and diversifies the financial sector to better serve underbanked companies,”
— Ary Naïm, IFC Country Manager for Central and Southern Europe and World Bank Group Director for Poland.
“We are proud to support local, well-performing fund managers. That’s why we chose to invest in CVI’s private debt fund for the second time—ensuring Polish businesses have access to capital combined with experience,”
— Rozalia Urbanek, Investment Director at PFR Ventures.
Source: ManagerPlus – CVI Launches the Largest Private Debt Fund in Central Europe
