Private Equity & Growth Capital Investments in Evolving Europe.

About us

Integral Capital Group is the leading mid-market private equity platform in Central and Eastern Europe.

We advise and manage institutional capital with investor base comprising the leading European institutional investors such as the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), as well as multiple successful international entrepreneurs and family offices. Our investment strategy is specifically tailored to fit each of our target sub-regions within CEE and multitude of deal types.

Integral has developed robust institutional processes for investment assessment and transaction execution, and operational backbone. We operate out of hubs in London, Budapest, and Belgrade and, in addition, have local presence in four further key capital cities across the region.

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Partners

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Team Members

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Countries Covered

1M+

1M+

Invested

MEET THE PARTNERS

MEET THE PARTNERS

MEET THE PARTNERS

With 100+ years of combined partners group experience and local teams across key markets, we drive value through strategic growth and transformation.

Before founding Integral, Stefan held senior roles at Mid Europa Partners (CEE), Rhône Capital (London), and JPMorgan Chase (New York). He holds an MBA from INSEAD, studied at the Wharton Business School (University of Pennsylvania), and earned a BA with honors from the College of Wooster.

Stefan Tzvetkov

Founding Partner

Before founding Integral, Stefan held senior roles at Mid Europa Partners (CEE), Rhône Capital (London), and JPMorgan Chase (New York). He holds an MBA from INSEAD, studied at the Wharton Business School (University of Pennsylvania), and earned a BA with honors from the College of Wooster.

Stefan Tzvetkov

Founding Partner

Before founding Integral, Stefan held senior roles at Mid Europa Partners (CEE), Rhône Capital (London), and JPMorgan Chase (New York). He holds an MBA from INSEAD, studied at the Wharton Business School (University of Pennsylvania), and earned a BA with honors from the College of Wooster.

Stefan Tzvetkov

Founding Partner

With experience at Oriens Investments and Mid Europa Partners, Barna brings strong regional expertise in private equity. He holds MBAs from the London Business School and Corvinus University, and is a Chartered Financial Analyst.

Barna Papay

Partner

With experience at Oriens Investments and Mid Europa Partners, Barna brings strong regional expertise in private equity. He holds MBAs from the London Business School and Corvinus University, and is a Chartered Financial Analyst.

Barna Papay

Partner

With experience at Oriens Investments and Mid Europa Partners, Barna brings strong regional expertise in private equity. He holds MBAs from the London Business School and Corvinus University, and is a Chartered Financial Analyst.

Barna Papay

Partner

Before joining Integral, Marko led Alba Partners, a corporate finance advisory in Belgrade, focusing on South-Eastern Europe. He holds an MBA from INSEAD and a BA in Mathematics and Economics from Boston University.

Marko Hinic

Partner

Before joining Integral, Marko led Alba Partners, a corporate finance advisory in Belgrade, focusing on South-Eastern Europe. He holds an MBA from INSEAD and a BA in Mathematics and Economics from Boston University.

Marko Hinic

Partner

Before joining Integral, Marko led Alba Partners, a corporate finance advisory in Belgrade, focusing on South-Eastern Europe. He holds an MBA from INSEAD and a BA in Mathematics and Economics from Boston University.

Marko Hinic

Partner

Evtim’s background includes roles at Mid Europa Partners and BNP Paribas. He earned both an MSc and BA from Corvinus University and studied at the University of Southern California.

Evtim Chesnovski

Partner

Evtim’s background includes roles at Mid Europa Partners and BNP Paribas. He earned both an MSc and BA from Corvinus University and studied at the University of Southern California.

Evtim Chesnovski

Partner

Evtim’s background includes roles at Mid Europa Partners and BNP Paribas. He earned both an MSc and BA from Corvinus University and studied at the University of Southern California.

Evtim Chesnovski

Partner

Investments

Investments

Investments

We have consistently focused strategy over multiple vintages adapting to an evolving market.

We have consistently focused strategy over multiple vintages adapting to an evolving market.

We have consistently focused strategy over multiple vintages adapting to an evolving market.

Fund Name

Evolving Europe Principal Investments I.

Vintage

2020

Investments

12

Investment Period Closed

Fund Name

Evolving Europe Principal Investments I.

Vintage

2020

Investments

12

Investment Period Closed

Fund Name

Evolving Europe Principal Investments I.

Vintage

2020

Investments

12

Investment Period Closed

Fund Name

Evolving Europe Principal Investments II.

Vintage

2024

Investments

1

Investment Period Ongoing

Fund Name

Evolving Europe Principal Investments II.

Vintage

2024

Investments

1

Investment Period Ongoing

Fund Name

Evolving Europe Principal Investments II.

Vintage

2024

Investments

1

Investment Period Ongoing

News

News

News

Read the latest updates about our investments and funds.

A european flag flying high in the sky
A european flag flying high in the sky
A european flag flying high in the sky

EU Partnership

EU Partnership

EU Partnership

Backed by the European Union.

Backed by the European Union.

Backed by the European Union.

Integral Capital Group’s investments via the Evolving Europe Principal Investments I and Evolving Europe Principal Investments II are backed by different programmes of the European Union:

Integral Capital Group’s investments via the Evolving Europe Principal Investments I and Evolving Europe Principal Investments II are backed by different programmes of the European Union:

Integral Capital Group’s investments via the Evolving Europe Principal Investments I and Evolving Europe Principal Investments II are backed by different programmes of the European Union:

• European Fund for Strategic Investments (EFSI),

• Programme for the Competitiveness of Enterprises and small and medium enterprises (COSME),

• NextGenerationEU with the financial backing of the Government of Romania (Romania Recovery Equity Fund), and the Government of Bulgaria (Bulgaria Recovery and Resilience Plan)

Sustainability

Sustainability

Sustainability

Integral acknowledges the impact we all have on the environment and society.

Beyond financial performance we seek to be responsible investors in our portfolio companies.

Environmental, Social and Governance (ESG) considerations impact the way in which we manage our company, our investment decisions, and our management of portfolio companies.

Beyond financial performance we seek to be responsible investors in our portfolio companies.

Environmental, Social and Governance (ESG) considerations impact the way in which we manage our company, our investment decisions, and our management of portfolio companies.

brown turtle in water during daytime
brown turtle in water during daytime
brown turtle in water during daytime

Offices

Offices

Offices

London

Satellite Office

London Bridge, London

London

Satellite Office

London Bridge, London

London

Satellite Office

London Bridge, London

Prague

Satellite Office

people walking on bridge

Prague

Satellite Office

people walking on bridge

Prague

Satellite Office

people walking on bridge

Bucharest

Satellite Office

raised two flags near road

Bucharest

Satellite Office

raised two flags near road

Bucharest

Satellite Office

raised two flags near road

Sofia

Satellite Office

A large building with a green roof and gold domes

Sofia

Satellite Office

A large building with a green roof and gold domes

Sofia

Satellite Office

A large building with a green roof and gold domes

EEPI I is backed by the EU through EFSI and COSME’s Equity Facility for Growth.

EEPI II is supported by NextGenerationEU, with funding from the governments of Bulgaria and Romania under their respective Recovery Plans.

EEPI I is backed by the EU through EFSI and COSME’s Equity Facility for Growth.

EEPI II is supported by NextGenerationEU, with funding from the governments of Bulgaria and Romania under their respective Recovery Plans.

EEPI I is backed by the EU through EFSI and COSME’s Equity Facility for Growth.

EEPI II is supported by NextGenerationEU, with funding from the governments of Bulgaria and Romania under their respective Recovery Plans.

INTEGRAL Capital Group © 2025 All Rights Reserved.

INTEGRAL Capital Group © 2025 All Rights Reserved.