The European Bank for Reconstruction and Development (EBRD) invested €20 million in Spire Capital Partners Fund I, helping the new Polish private equity fund reach its €90 million target, according to an organization’s official statement.
The EBRD backing was crucial for establishing Spire Capital Partners as an independent fund manager in Poland. The fund will focus on small and medium-sized enterprises across central and eastern Europe. It targets technology-enabled services, software, and e-commerce companies with growth potential. Spire plans to invest €5-20 million per deal, typically taking majority or significant minority stakes.
Poland’s private equity market remains shallow despite being well-developed, with limited domestic institutional investor participation and restricted SME access to bank financing. First-time fund managers face tough challenges attracting international capital during global fundraising volatility. The EBRD’s support helps maintain a diverse and dynamic private equity ecosystem in the region. Many profitable companies need professional investors to prepare them for their next growth phase. This creates a financing gap between early growth and mature buyout investments.
“There is a missing layer of capital for companies that are profitable but require a professional investor to prepare them for the next stage of their evolution,” said Anne Fossemalle, EBRD’s Head of Equity Funds.
She explained that Spire Capital will bridge this financing gap using technological expertise to support company development. The fund will drive strategic, operational, and digital transformation in portfolio companies. Partner companies must have established market positions, positive cash flows, and strong growth potential. The approach focuses on long-term capital growth rather than quick returns.
Andreea Moraru, EBRD’s Regional Director for Poland and the Baltic States, emphasized the importance of supporting new fund managers like Spire Capital. She noted that EBRD’s fund commitments contribute to private equity ecosystem development and provide alternative financing sources for companies. This support makes regional enterprises more competitive and innovative in global markets. “Closing our first fund in today’s challenging geopolitical and macroeconomic environment is a strong signal,” said Spire Capital partner Arkadiusz Podziewski. The team aims to be active, long-term partners for founders and management teams.
The EBRD has been a leading institutional investor in Poland since 1991, investing over €16 billion across 576 projects. Last year alone, the bank invested a record €1.4 billion in Polish ventures and companies. This latest investment reinforces the EBRD’s commitment to supporting regional economic development through private sector growth. The Spire fund represents another step in building stronger financial markets across central and eastern Europe.
