The European Bank for Reconstruction and Development (EBRD) has invested €20m in Spire Capital Partners Fund I, a new independent private equity fund based in Poland.

EBRD’s commitment helped the vehicle reach €90m in total commitments, positioning Spire Capital as a new player in the region’s private equity market.

The fund will invest €5m–€20m in equity and quasi-equity across small and medium-sized enterprises in Poland and central and eastern Europe, with a focus on tech-enabled services, software, and e-commerce. Target companies will have established market positions, positive cash flows, and strong growth potential.

Anne Fossemalle, EBRD’s Head of Equity Funds, said the fund would bridge “a missing layer of capital” between early growth and mature buy-out stages, helping prepare companies for their next growth phase. Andreea Moraru, EBRD’s Regional Director for Poland and the Baltic States, added that supporting new fund managers is vital for fostering a competitive and innovative private equity ecosystem.

Spire Capital partner Arkadiusz Podziewski noted that closing the debut fund in a difficult macroeconomic climate reflects strong investor confidence in their strategy to be an active, long-term partner for founders and management teams.

Although Poland’s PE market is considered developed, it remains shallow, with low domestic institutional participation and limited SME access to bank financing. EBRD, one of Poland’s leading institutional investors, has deployed more than €16bn in the country since 1991, including a record €1.4bn in 2024.

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