Morphosis Capital is a private equity firm based in Romania that focuses on supporting small and medium-sized enterprises (SMEs) in Central and Eastern Europe. Founded with the vision of bridging the growth capital gap in the region, Morphosis partners with ambitious companies that are positioned to scale locally and internationally. Its strategy blends institutional stability with entrepreneurial capital, making it a distinctive player in the CEE private equity landscape.
The firm targets SMEs with EBITDA between €1 million and €5 million, typically businesses with strong local foundations and clear opportunities for regional expansion.
Sector priorities include healthcare, B2B services, consumer products, retail, and niche manufacturing.
Morphosis seeks to back companies with both commercial strength and the ability to deliver long-term social or ecosystem impact.
In September 2025, Morphosis Capital announced the close of its second fund, Morphosis Capital Fund II, at €130 million, surpassing its original hard cap.
The fund secured commitments from major institutional backers including the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD), and the International Finance Corporation (IFC). Over €50 million was also contributed by successful Western European entrepreneurs, underscoring a blended LP base of institutional stability and entrepreneurial spirit.
Fund II is designed to provide growth equity investments of €10 million to €15 million per transaction, typically acquiring majority or joint-control positions in SMEs.
The fund’s geographic coverage spans Romania, Bulgaria, Croatia, the Czech Republic, Poland, and Slovakia. By targeting companies with EBITDA between €1 million and €5 million, the fund addresses a structural gap in regional financing, enabling businesses to accelerate growth, professionalize operations, and pursue cross-border expansion.
Morphosis anticipates completing two to three new transactions annually over the next several years.
Leadership
Morphosis Capital is led by Managing Partner Andrei Gemeneanu, who has emphasized the firm’s role in reshaping perceptions of stability and opportunity in Central and Eastern Europe. Gemeneanu highlights the firm’s responsibility to deliver both financial performance and ecosystem reputation as it grows into a leading private equity platform for the region.
Investment Strategy
Morphosis Capital’s strategy centers on building a portfolio of regional leaders by taking majority or joint-control stakes in SMEs that demonstrate both strong fundamentals and expansion potential.
Its disciplined investment range of €10 million to €15 million per company allows for meaningful influence and active partnership. The firm’s focus on resilient sectors such as healthcare, consumer goods, and manufacturing aligns with its vision of creating stable growth while tapping into the region’s undercapitalized opportunities.
By blending capital from institutional investors with entrepreneurial wealth, Morphosis positions itself as a growth catalyst while aligning incentives across its LP base.
Notable Investments
Fund II has already invested in three companies:
These portfolio choices illustrate Morphosis’s intention to build a diverse mix of regional champions.
Notable Exits
As Fund II was only recently launched, notable exits have not yet been reported. However, the firm’s growing reputation and early portfolio activity suggest future realizations will focus on creating scaled regional leaders capable of attracting international buyers or pursuing capital markets.
Other
Morphosis Capital’s model is highly hands-on, with majority or joint-control stakes allowing for significant operational involvement.
This can be advantageous for SMEs that require professionalization, strategic guidance, and access to broader capital markets. The fund’s backing from major development finance institutions (EIF, EBRD, IFC) and entrepreneurial investors underscores its credibility and long-term orientation.
For companies in Central and Eastern Europe seeking €10 million to €15 million in growth equity, Morphosis represents one of the few regionally dedicated players capable of providing both capital and cross-border scaling expertise.
