Morphosis Capital Partners has completed the final close of its second growth capital fund at €130m, exceeding its initial hard cap.

The oversubscribed fund attracted commitments from the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), institutional asset managers, family offices, and over €50m in entrepreneurial capital from Romanian and Western European business founders.

“Closing a €130m fund against the backdrop of macroeconomic uncertainty and political volatility is an extraordinary achievement,” said Andrei Gemeneanu, Managing Partner at Morphosis Capital. “The continued trust of investors, from global institutions to Romanian entrepreneurs, validated our approach.”

Fund II will pursue majority or co-control investments of €10m–€15m in SMEs across healthcare, B2B services, consumer products and retail, and niche manufacturing. The fund targets businesses with EBITDA of €1m–€5m and will deploy capital in Romania and across the region, including Bulgaria, Croatia, Czechia, Poland, and Slovakia.

To date, Fund II has invested in Romania Education Alliance, discount hypermarket chain La Cocos, and Bulgaria’s EnduroSat, a provider of high-end satellites and space services. Morphosis plans to make 2–3 new investments annually over the next three years.

EIF’s investment builds on its anchor role in Morphosis Fund I, supported by the EU’s InvestEU Fund and Romania’s National Recovery and Resilience Plan. Other backers include family offices such as Vybros Capital Partners and Inspire Asset Management.

The close cements Morphosis Capital’s position as the only Romanian-focused private equity firm backed by all three leading development finance institutions — EIF, EBRD, and IFC.

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