Two new equity funds receive €30 million from the PNRR

In the working meeting of 30 June 2025, the Investment Committee designated by the Romanian Government for the Fund of Funds of Venture Capital for Resilience (Recovery Equity Fund or REF) approved the financing of two new investment funds that will receive allocations through this investment under the PNRR.
Managed by the European Investment Fund, REF finances funds that invest in small and medium-sized enterprises, mid-caps and infrastructure projects. The Sparking Capital II and PCP SEE II funds received the Committee’s approval for a total amount of €30 million, with the signing of contribution agreements between the EIF and the fund managers to take place in the coming months.
The Sparking Capital II fund aims to expand and strengthen the early-stage technology investment strategy, continuing the success of the first fund managed by the same team. With a clear focus on key sectors such as information technology, business-to-business software, applied artificial intelligence, digitalization of production processes, fintech and real estate software (proptech), Sparking Capital II Fund will support the private sector through advanced technological solutions.
PCP SEE Fund II is managed by Provectus Capital Partners, a team with roots in Croatia, which has expanded its activity throughout the South-Eastern Europe region, where it invested over 150 million euros through its first fund. The new fund will invest in mature companies and will have a multi-sector strategy focused on healthcare, consumer products and business services. PCP recently announced the opening of an office in Bucharest. These two new allocations contribute to the development of the private equity and venture capital ecosystem in Romania and to the development of the Romanian economy.
So far, including the above-mentioned approvals, the Committee has approved contributions allocated from the PNRR worth 242.5 million euros in 13 funds, and the funds already active have invested approximately 90 million euros in Romanian companies. The implementation is only at the beginning, with each fund having the first 5-7 years of its existence to create an investment portfolio. It is anticipated that by 2026, around twenty investment funds will have obtained resources to invest in Romanian companies.
“Continuing the process of allocating funds from the PNRR, according to the investment strategy, is an important step taken by the Romanian Government to develop the venture capital market in our country, through collaboration with the European Investment Fund as administrator. We invite eligible teams to analyze this funding opportunity and apply in the immediate future,” said Alin Marius Andries, Secretary of State within the Ministry of Finance and President of the Investment Committee.
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