Morphosis Capital Closes Oversubscribed Fund II at 130 Million Euros

Morphosis Capital Partners BV, a growth capital fund, led by Andrei Gemeneanu, Simona Gemeneanu, Dragos Petre, Gabriela Dumitru, and others, has announced the final closing of Morphosis Capital Fund II at 130 million euros, backed by leading development finance institutions – the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) – alongside institutional asset managers and over 50 million euros in entrepreneurial capital, contributed by both Romanian and Western European business founders who have built successful companies over the past three decades. Fund II has so far made three investments: Romania Education Alliance (REA), a private K12 education platform; La Cocos, a Romanian hard discounter hypermarket chain; and EnduroSat, a leading European provider of high-end satellites and space services, marking Morphosis Capital’s first investment outside Romania.

Morphosis Capital Fund II will invest €10–15M in SMEs across healthcare, B2B services, consumer products, retail, and niche manufacturing. Targeting companies with €1–5M EBITDA, the fund seeks majority or co-control positions in Romania and neighboring markets, including Bulgaria, Croatia, Czechia, Poland, and Slovakia.

Morphosis Capital targets companies in growing, fragmented markets with strong performance, healthy culture, and clear M&A potential, focusing on scalable businesses that offer both growth and exit opportunities for investors.

Morphosis Capital Fund II is backed by a diverse investor base, including EIF, EBRD, and IFC—making it the only Romania-focused private equity firm supported by all three. The fund also counts family offices like Vybros Capital Partners and Inspire Asset Management among its backers, with support from the EU’s InvestEU Fund, NRRP, and NextGenerationEU through the Romania Recovery Equity Fund.