Morphosis Capital Partners BV, a private equity firm focused on scaling Romanian and Central Eastern European SMEs, has closed its second fund at €130M, oversubscribed beyond its original cap.
The raise was anchored by major international financial institutions including the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD), and the International Finance Corporation (IFC). Over €50M also came from entrepreneurial capital contributed by Romanian and Western European founders.
“Closing a €130M fund amid global volatility is a remarkable milestone,” said Andrei Gemeneanu, Managing Partner at Morphosis Capital. “Our investor base blends institutional strength with entrepreneurial drive, validating both our approach and the opportunities in the region.”
Investment strategy
Fund II will focus on healthcare, B2B services, consumer products & retail, and niche manufacturing, targeting SMEs with EBITDA between €1M–€5M. Typical investments will range from €10M–€15M, with majority or co-control positions in Romanian and regional companies across Bulgaria, Croatia, Czechia, Poland, and Slovakia.
The fund has already completed three investments:
- Romania Education Alliance (REA) – a private K-12 education platform
- La Cocos – a Romanian hard discounter hypermarket chain
- EnduroSat – a European satellite services provider (Morphosis’ first investment outside Romania)
Over the next 2–3 years, the firm expects to make 2–3 new deals annually, pursuing both organic growth and buy-and-build strategies.
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Backed by institutional and entrepreneurial capital
The investor base includes EIF support via the EU’s National Recovery and Resilience Plan (NRRP) and InvestEU Fund, alongside local and international family offices such as Vybros Capital Partners and Inspire Asset Management.
About Morphosis Capital
Founded in 2018 by entrepreneurs Simona Gemeneanu, Gabriela Dumitru, Dragos Petre, and Andrei Gemeneanu, Morphosis Capital now manages €150M across two funds. Its first fund backed companies such as DocProcess, Medima Health, EMI, Cronos Med, and Stay Fit Gym, achieving its first exit in 2023 with the sale of Dr. Leahu Dental Clinics to Regina Maria.
