BGK has invested EUR 20 million in the largest private debt fund in the CEE region

Bank Gospodarstwa Krajowego - a Polish development bank has invested EUR 20 million in the CVI Private Debt Fund II. The funds are intended to support the foreign expansion of Polish companies.

Bank Gospodarstwa Krajowego has joined the CVI Private Debt Fund II (CVI), which provides flexible debt financing solutions primarily targeted at small and medium-sized enterprises. BGK’s investment amounts to EUR 20 million, and the funds will be allocated to supporting the foreign expansion of Polish companies. So far, the fund has raised over EUR 253 million. Among the fund’s investors, apart from BGK, are: the European Investment Fund, the European Bank for Reconstruction and Development, the International Finance Corporation and the Polish Development Fund.

Thanks to this investment, BGK will be able to expand its range of available financial instruments to include flexible private debt solutions supporting Polish overseas investments. This is important in light of BGK’s mission as Poland’s development bank. International expansion allows companies to scale up their operations and, consequently, improve their competitiveness. Equally important is that entering new markets helps diversify revenue sources, which enhances resilience to potential economic turbulence.

Financing will be directed to companies in sectors such as IT, finance, transport and construction, as well as agri‑food. The fund plans to carry out more than 40 investments in Central Europe, primarily in Poland.

In line with the BGK Strategy 2025–2030, we are making investments across three pillars: innovation, infrastructure and international expansion. The share of the Polish banking sector in SME financing relative to GDP is among the lowest in the European Union, which is why supporting companies that wish to grow through debt — including non‑bank debt — is part of BGK’s mission. Joining the CVI Private Debt Fund II expands the range of support available to small and medium-sized enterprises. BGK is joining a group of investors that includes the European Investment Fund and other development institutions engaged in strengthening the region.

Marcin Prusak, Managing Director at Bank Gospodarstwa Krajowego

The track record of CVI’s investment team and its project portfolio lend credibility to the fund’s investment plans.

BGK’s joining the group of the fund’s investors is a strong signal that private debt is becoming an increasingly valued tool in the market. In an environment of growing investment needs and a rapidly changing landscape, private debt complements corporate financing by directing capital where it can most quickly translate into higher productivity, innovation and competitiveness. In our investments, we effectively support entrepreneurs in building their presence in foreign markets and increasing their participation in European value chains. This gives companies new opportunities — flexible capital tailored to their needs and room to make bold business decisions. As a result, we help deliver companies’ growth plans, which in turn contribute to a stronger economy in Europe.

Marcin Leja, CEO and Partner at CVI

In its BGK Strategy 2025–2030, Bank Gospodarstwa Krajowego has set out a significant increase in the scale of its equity investments, which it is consistently implementing through direct capital commitments to successive funds with distinguished management teams. The bank’s objective is to support the development of Poland’s competitiveness on the international stage.

About BGK

Bank Gospodarstwa Krajowego is a Polish development bank, supporting the country’s sustainable economic and social growth. BGK is the only institution of its kind in Poland. Operating for over 100 years, BGK finances investments in infrastructure, housing and entrepreneurship. It is also involved in strategic initiatives such as national security and the energy transition. The bank cooperates with both the public and private sectors, mobilising capital to finance projects that address key national challenges. It also plays an important role in implementing EU funds and the National Recovery Plan.

About CVI

CVI Dom Maklerski (CVI), headquartered in Poland, is the largest private debt fund manager in Central Europe, with assets under management of nearly EUR 1.2 billion. Since its establishment in 2012, CVI has invested more than EUR 3.3 billion in small and medium‑sized enterprises, executing over 700 debt transactions.