Private equity and venture capital investments are more than just buying and selling shares – they are about strategic value creation for companies. The PSIK podcast “Private Equity about Value Creation” explores how PE/VC funds drive company growth, achieve success, and how the industry has evolved over the years.
In this 10-part series, Krzysztof Domaradzki interviews experienced PE/VC investors about their strategies, challenges, and best practices.
How to exit via the New York Stock Exchange
Guest:
Dariusz Prończuk
Enterprise Investors
- Dariusz Prończuk is a managing partner at Enterprise Investors, the oldest and one of the largest private equity firms in Poland.
- Enterprise Investors has invested over €2.3 billion in nearly 160 companies from Poland and the Central and Eastern European region, through ten funds.
- Dariusz has led more than 25 investments, including those in Lukas Bank, Comp Rzeszów (now Asseco), Kruk, Magellan, Unilink, and AVG Technologies.
- We discuss some of Enterprise Investors’ secrets, various exit strategies, and taking companies public, including on the New York Stock Exchange.
How to create a fund that's studied at Harvard
Guest:
Krzysztof Kulig
Innova Capital
- Krzysztof Kulig is a senior partner at Innova Capital, one of Poland’s largest private equity investment firms.
- Innova Capital has launched seven funds, including its latest €407 million fund in 2024. It has reached a total capitalization of nearly €1.6 billion and invested in nearly 70 companies.
- Krzysztof has led or overseen investments in Polcard, Meritum, Expander, Provus, Pekaes, Polish ePayments, and Netopia.
- We discuss succession planning (including within the fund itself), fundraising in uncertain times, and the challenges of Poland’s PE market.
How managers become entrepreneurs
Guest:
Agnieszka Pakulska
Avallon MBO
- Agnieszka Pakulska is a partner at Avallon MBO, a private equity fund specializing in management buyouts since 2007.
- Avallon MBO has raised over €300 million for investments, which have included such past and present portfolio companies as Good Food, Organic Farma Zdrowia, Wosana, and S’portofino.
- At Avallon Agnieszka has progressed from investment analyst to partner, and the investments she has overseen include Velvet, from which the fund made one of its most successful exits, generating a 13x return on capital.
- We discuss managers transitioning into entrepreneurs, growing FMCG businesses, and the challenges women face in the PE industry.
How to Spot Tech Gems
Guest:
Tomasz Czechowicz
MCI Capital
- Tomasz Czechowicz is the founder and managing partner of MCI Capital, an investment firm specializing in technology investments since 1999.
- MCI has executed over 100 transactions, generating over €1 billion from exits. Its portfolio has included such companies as eSky, Morele.net, Answear, Netia, Mall, IAI, and ATM.
- Czechowicz is one of Poland’s best recognized investors who frequently appears in Forbes’ ranking of the 100 Richest Poles, and a passionate athlete.
- We discuss the differences between VC and PE investments, the art of building value in tech companies, and the benefits of running a publicly traded fund.
How to invest on behalf of a global giant
Guest:
Krzysztof Krawczyk
CVC Capital Partners
- Krzysztof Krawczyk leads the Warsaw office of CVC Capital Partners, one of the world’s largest private equity firms.
- CVC manages over $190 billion across 30 offices worldwide and has in its portfolio more than 130 companies, including Żabka, PKP Energetyka, Stock, and Comarch.
- Krzysztof has spent 27 years in private equity, having previously worked at Pioneer Investment and Innova Capital. He has led CVC’s local operations since 2015.
- We discuss turning good companies into great ones, the high-profile Żabka IPO, and the challenges of investing in regulated industries.
How to execute successful startup exits
Guest:
Marcin Kowalik
Balnord VC
- Marcin Kowalik is a general partner at Balnord VC, a fund launched in 2024 specializing in deep-tech investments.
- Previously, he spent a decade building Black Pearls VC, which backed companies like Wordware, Nordigen, Telemedi, Autenti, Enso, Prosoma, and Skyrise.Tech.
- A serial entrepreneur and investor, Marcin has successfully developed and exited multiple businesses, including Skyrise.Tech (18.6x return), Telemedi, and Nordigen.
- We discuss VC investment mechanics, how to find niche opportunities, and how to achieve spectacular startup exits.
How to build trust in a PE fund
Guest:
Piotr Misztal
Value4Capital
- Piotr Misztal is a partner at Value4Capital, a private equity firm specializing in service and technology companies in Central and Eastern Europe.
- Value4Capital has raised over €350 million, including €110 million in its latest 2024 fund, the latter with support from PFR Ventures, EBRD, EIF, and IFC.
- Piotr has led investments in home.pl, Kom-Eko, Shoper, and Summa Linguae.
- We discuss how to convince institutional investors to back a fund, transform small tech companies into major players, and why speed is critical in PE.
How to Innovate in Traditional Businesses
Guest:
Małgorzata Bobrowska
Resource Partners
- Małgorzata Bobrowska is a managing partner at Resource Partners, a leading Polish private equity firm specializing in consumer goods and services.
- The fund has raised over €400 million for companies like Maczfit, Delicpol, Melvit, Nesperta, Torf Corporation, and Maced.
- Małgorzata is also the president of the Polish Private Equity and Venture Capital Association (PSIK) and a mentor in the PSIK Social Business Accelerator programme.
- We discuss how to innovate in traditional industries, why a strong investment thesis isn’t enough, and what experienced investors can learn from young leaders.
How to Compete with American Funds
Guest:
Sylwester Janik
Cogito Capital Partners
- Sylwester Janik is the founder and managing partner of Cogito Capital Partners, a growth fund launched in 2018 that specializes in tech investments.
- Cogito has launched two funds, with €56 million and €90 million in capital (targeting €125 million), respectively. It focuses on software and fintech companies with global potential, such as Ramp, SkyEngine, Uncapped, and Applica.
- Sylwester previously spent nine years investing in growth-stage businesses at MCI Capital.
- We discuss whether the region has promising tech projects, how to compete with US growth funds, and how to sell startups to global tech giants.
How to Deliver Big Returns in Any Conditions
Guest:
Andrzej Różycki
Tar Heel Capital
- Andrzej Różycki is a managing partner at Tar Heel Capital, a private equity firm specializing in industrial, energy, technology, logistics, and healthcare investments.
- THC has completed over 20 investments worth more than PLN 500 million across four funds (€30m, €50m, €70m, and – in 2024 – €120m) and exited assets worth approximately PLN 2 billion. Key investments include LiveChat Software, Tomma, and Rockfin.
- Andrzej joined Tar Heel Capital in 2007, aged just 19.
- We discuss how a teenager who entered the investment industry achieved high returns from distressed businesses, and whether investing in early-stage startups makes one a better PE investor.