ABOUT CVCA

Meet the people who
make it happen.

Private Insights Conference with Mirna Marovic CVCA president as moderator of the event



Croatian Private Equity and Venture Capital Association (CVCA) aims to facilitate the creation of a conducive environment for private equity and venture capital investments in Croatia and the region. In addition, CVCA seeks to encourage the development and promotion of investment culture in general. Besides being active in Croatia, CVCA promotes the development of the region's private equity and venture capital industry (SEE and CEE).


CVCA is the central meeting place for all private equity and venture capital industry members in Croatia. Through its activities, CVCA strives to bring together all private equity and venture capital funds with their headquarters or representative office in Croatia. Regular members of CVCA are Blue Sea Capital, CEE Equity Partners, Enterprise Investors, Feelsgood Capital, Fil Rouge Capital, Croatian Pension Investment Company (HMID), Inspire Investments, Invera Equity Partners, Maverick, Prosperus Invest, Provectus Capital, Quaestus Private Equity and South Central Ventures, and associate members are VentureXchange and law firm Bradavica Maric Wahl Cesarec (BMWC).

CVCA members manage capital above EUR 3.2 billion. Private equity and venture capital investments are significant for the Croatian economy, as they invest in propulsive Croatian companies with the potential for rapid growth and job creation.

The Croatian private equity and venture capital market flourished despite the COVID-19 crisis. In 2020, private equity and venture capital funds invested record amounts in Croatian companies. Two hundred million dollars have been invested in Infobip alone (total transaction size), the first official Croatian unicorn with an estimated market value exceeding one billion dollars. The same company has since completed two-follow on funding rounds on its acquisition spree and path to NYSE IPO.

Besides investment activities,  private equity and venture capital funds were very successful in fundraising and exit activities. In 2020, three new funds had completed the first closing of their fundraising activities and started investing under the management companies Invera Equity Partners, Provectus Capital Partners and Prosperus Invest. In June 2021, Feelsgood Capital finally completed the first closing and started its venture capital investment operations with social impact objective. And by the end of 2021, we expect the launch of the first Croatian mezzanine fund, Croatia Mezzanine (managed by Mezzanine Partners) and another Croatian private equity fund managed by Maverick. Besides, Fil Rouge Capital has been one of the most active investors since 2019, when they started actively investing. We also expect two other SEE regional funds in Croatia to raise follow-on funds (Blue Sea Capital and South Central Ventures).

All new funds have 'dry powder' or available capital to invest in propulsive Croatian companies, which can be crucial for economic development and recovery. In addition to domestic funds, foreign funds have been operating in Croatia in the last few years, contributing significant amounts of invested private equity and venture capital. CEE Private Equity Partners and Enterprise Investors have a dedicated Zagreb-based office in Croatia.

With the emergence of new private equity and venture capital funds in Croatia, there will undoubtedly be the development of new, solid and innovative companies that will successfully scale up to the regional and global markets. Private equity and venture capital funds bring to entrepreneurs and companies they invest into much more than just capital. In addition to capital, private equity and venture capital funds contribute with the know-how to scale up successfully with their expertise, knowledge, support and industry expertise.

Looking ahead, the private equity and venture capital industry in Croatia will continue to grow and support the most propulsive part of the Croatian economy. At CVCA, we have actively supported the private equity and venture capital market since 2004. We are thrilled to finally witness how the market has flourished and will continue to develop in the future. It has never been a more exciting time to be a part of the private equity and venture capital community. Are you interested in joining? Please contact us, or fill in the membership application form at our website. CVCA membership is open to all members of the private equity and venture capital community. In addition to private equity and venture capital funds, membership is open to investment and pension funds, banks, law firms, accounting and other advisory firms, and individual members interested in the industry.

Are you ready to make a difference in the development of the Croatian economy?