Third successive fund continues the firm’s mandate to back high-growth SMEs across Bulgaria, Romania and Serbia, with renewed support from EIF and institutional investors
Sofia, March 26, 2026
INVENIO Partners, the Sofia-based private equity fund manager focused on Southeast Europe, today announced the first closing of INVENIO Partners Fund III. The closing follows the successful deployment of Fund II (EUR 53 million) and underscores investor confidence in the firm’s differentiated strategy of identifying and scaling regional market leaders across Bulgaria, Romania, and Serbia.
With a target fund size of EUR 75 million, Fund III will pursue the investment thesis that has underpinned the firm since its founding in 2014: providing equity and quasi-equity capital in the range of EUR 3–10 million to high-growth SMEs with a demonstrable track record and the ambition to become leaders in their respective industries. The fund will continue to target sectors with strong structural tailwinds including consumer and retail, healthcare, technology-enabled business services, while selectively exploring opportunities in the broader Western Balkans.
The closing was supported by a diversified group of institutional limited partners, including recurring investors who have backed INVENIO Partners since its predecessor vehicles, alongside new institutional capital. Anchor support from the European Investment Fund (EIF) through the Bulgarian Recovery and Resilience Plan continues a multi-fund partnership that has been central to the firm’s growth. Additional investments from institutional investors included returning pension fund managers DSK-Rodina and UBB Pensions as well as first- time investment from Doverie Pension Funds.
“Fund III represents the culmination of over a decade of work building a distinctive private equity franchise in Southeast Europe. We are proud of the continuous support shown by our recurring investors and the confidence of new institutions joining for the first time. The region continues to offer a unique combination of underserved capital markets, high-quality management teams, and strong growth dynamics — and we are better positioned than ever to capture that opportunity.”
– Elvin Guri, CEO, INVENIO Partners
Since its establishment, INVENIO Partners has built a portfolio of high-growth regional businesses spanning healthcare data analytics, specialty coffee retail, and vocational training. Its current portfolio includes 5 to go — Romania’s fastest-growing coffee chain quickly expanding through the Balkans — and Link Group, a leading vocational education platform across the Western Balkans, as well as Haelan – the largest private integrated healthcare provider in Bulgaria. The fund manager continues to evaluate a pipeline of bolt-on and primary investments across all three core markets.
While the core team remains unchanged at the senior level, led by CEO Elvin Guri alongside Partners Stanislav Nikolaev (COO), Slavcho Parushev (Head of Portfolio Operations), and Tihomir Dyankov (CIO), INVENIO attracted Dan Florea to serve as Country Director for Romania and Aleksa Todorovic as Senior Advisor for the Western Balkans, reinforcing the firm’s on-the-ground presence across its key markets.
Comments from Limited Partners
“Our continued partnership with INVENIO Partners reflects EIF’s commitment to supporting private equity fund managers active in underserved European markets. INVENIO’s track record in Southeast Europe, disciplined investment approach, and strong ESG framework make Fund III a natural continuation of our long-standing relationship.”
— Marjut Falkstedt, Chief Executive of the European Investment Fund
“What stood out to us was the team’s local knowledge and the consistency of their approach and discipline applied across two funds. Our previous experience with alternatives was generally worldwide diversified and for a first-time dedicated allocation to Southeast Europe, that kind of track record matters.”
— Miroslav Marinov, CEO, PAC Doverie
About INVENIO Partners
INVENIO Partners is a Sofia-based private equity fund manager specialising in growth equity investments in Southeast Europe. Founded in 2014, the firm manages three successive funds and has invested across a range of sectors including healthcare, consumer, education, and technology-enabled services. INVENIO Partners is a signatory to the UN Global Compact and a member of the Bulgarian Venture Capital Association (BVCA) and ROPEA.
INVENIO Partners is funded by the European Union – NextGenerationEU with the financial backing of the Government of Bulgaria under the Bulgaria Recovery and Resilience Plan.
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