Morphosis Capital closes 130M Fund II to back CEEs next wave of growthstage leaders

Morphosis Capital Partners has announced the close of its second fund at €130 million, exceeding its initial hard cap. It has received investment from the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD), and the International Finance Corporation (IFC).
Together with institutional asset managers and over €50 million in entrepreneurial capital from Western European founders, the fund positions itself as a catalyst for scaling businesses in Central and Eastern Europe.
The Fund II is tailored to back small and medium-sized enterprises (SMEs) with EBITDA between €1 million and €5 million. Morphosis invests between €10 million and €15 million per transaction, taking majority or joint-control positions. Its sector focus spans healthcare, B2B services, consumer products, retail, and niche manufacturing, areas that remain resilient and ripe for scale in the region.
The fund’s geographic reach covers Romania, where Morphosis first established its presence, as well as Bulgaria, Croatia, the Czech Republic, Poland, and Slovakia. By focusing on companies with strong local foundations and regional growth potential, the firm aims to bridge capital gaps and accelerate expansion strategies that might otherwise remain underfunded.
Three companies have already joined Fund II’s portfolio. Romania Education Alliance (REA), a private K12 education platform, reflects Morphosis’s interest in sectors with long-term social impact. La Cocos, a Romanian hard-discount supermarket chain, showcases the potential in consumer retail where efficiency and affordability meet growing demand. Beyond its home market, Morphosis made its first cross-border move with EnduroSat, a European satellite and space services provider.
Looking ahead, Morphosis anticipates adding two to three new investments annually over the next two to three years, thereby creating a diverse mix of high-growth companies across various sectors and geographies.
For Central and Eastern Europe, where SMEs often face challenges accessing growth capital, Morphosis Capital’s second fund represents more than just another pool of private equity. It highlights the region’s increasing ability to attract global institutional investors and entrepreneurial wealth, creating a platform for scaling businesses that can compete locally and internationally.
Andrei Gemeneanu, Managing Partner at Morphosis Capital, said: “The old paradigm assumed that Western Europe was synonymous with stability, while Eastern Europe meant instability. Today, instability is everywhere, but in our region, it goes hand in hand with growth. This combination creates opportunities. We are grateful and proud to have built a well-balanced investor base (LP), combining institutional stability with entrepreneurial spirit.
Looking forward, we will continue to invest this capital in Romanian and regional companies that possess ambition and solid growth foundations. Moreover, as an emerging private equity player in Romania and the region, we feel a responsibility to the ecosystem to deliver on both performance and reputation, and we remain committed to achieving both.”