Key Takeaways
- • Krzysztof Krawczyk, former head of CVC's Poland office (2015–2026), has departed to establish an independent long-duration PE strategy focused on maximizing absolute returns rather than adhering to standard fund lifecycles.
- • Krawczyk's thesis is rooted in observed market inefficiency: PE firms routinely exit trophy assets prematurely to satisfy LP liquidity needs and support fundraising, leaving significant upside uncaptured—he cites the Energis Polska deal where Innova Capital exited with a 3x return in six months, only to see the asset appreciate 9x over the following five years if held.
- • The strategy targets patient capital from high-net-worth individuals and family offices seeking 3–5+ year investment horizons without near-term liquidity requirements; Krawczyk plans to introduce periodic liquidity windows post-critical mass while maintaining long-term positioning.
- • Current portfolio targets include G2A (Dutch digital marketplace for video games and digital items) and Tonik (Philippine digital bank), both positioned to benefit from agentic AI integration despite long hold periods.
- • The approach directly challenges the GP-led continuation vehicle model by eliminating structural conflicts of interest, positioning long-duration PE as a differentiated alternative as the industry grapples with challenged 2021 vintage exits and widening return dispersion.
Summary
Krzysztof Krawczyk is launching an independent long-duration private equity operation after 11 years leading CVC Capital Partners' Poland division, departing in March 2026. His strategy addresses a systemic inefficiency he observed throughout his career: PE firms prematurely exit their best-performing assets to satisfy limited partner liquidity demands and to demonstrate fund performance for subsequent fundraising cycles. This structural misalignment, Krawczyk argues, leaves material upside unrealized and prevents PE sponsors from fully capturing asset value creation.
Krawczyk's conviction is grounded in empirical experience. During his tenure at Innova Capital in the mid-2000s, he architected the acquisition of Energis Polska, a Polish telecoms operator carved from the distressed Energis Group following the 2002 dotcom collapse. Innova exited the asset within six months of acquisition for a 3x multiple following positive industry sentiment shifts—a result Krawczyk viewed as premature. Post-exit observation revealed the asset continued appreciating substantially; had Innova retained the investment for five to six years, he estimates cumulative returns would have reached 9x. This pattern, Krawczyk asserts, recurs systematically across PE portfolios: "If you look back across the history of the industry, there's been a lot of assets that actually have been continuously growing for more than just the fund's life."
His new platform targets institutional and high-net-worth capital willing to commit for 3–5 year minimum periods without intermediate liquidity pressures, with explicit focus on maximizing absolute returns rather than conforming to predetermined fund lifecycles. Krawczyk employs the "rule of 40"—holding assets provided combined revenue growth and EBITDA margins exceed 40 percent—as a performance-based exit framework rather than time-based redemption schedules. Current holdings include G2A, a Dutch-based digital marketplace for video games and software, and Tonik, a Philippine digital banking platform. For both, Krawczyk identifies agentic AI as a source of durable competitive advantage rather than disruption risk, citing enhanced customer targeting and risk assessment capabilities.
The strategy implicitly positions itself against the GP-led continuation vehicle model increasingly deployed to address illiquidity in vintage 2021 portfolios. Continuation vehicles, while providing LP liquidity, create inherent conflicts-of-interest when managers transact on both sides; Krawczyk's approach eliminates these frictions by decoupling investment timelines from LP liquidity mechanics. The addressable market, he argues, encompasses companies explicitly seeking longer ownership horizons—those preferring to "build a business over the next 20 years" rather than undergo sale or listing within standard 4–7 year fund cycles. Krawczyk's emergence reflects broader LP prioritization of track record over AUM as return dispersion widens and emerging managers signal differentiation through contrarian positioning.
Krawczyk's conviction is grounded in empirical experience. During his tenure at Innova Capital in the mid-2000s, he architected the acquisition of Energis Polska, a Polish telecoms operator carved from the distressed Energis Group following the 2002 dotcom collapse. Innova exited the asset within six months of acquisition for a 3x multiple following positive industry sentiment shifts—a result Krawczyk viewed as premature. Post-exit observation revealed the asset continued appreciating substantially; had Innova retained the investment for five to six years, he estimates cumulative returns would have reached 9x. This pattern, Krawczyk asserts, recurs systematically across PE portfolios: "If you look back across the history of the industry, there's been a lot of assets that actually have been continuously growing for more than just the fund's life."
His new platform targets institutional and high-net-worth capital willing to commit for 3–5 year minimum periods without intermediate liquidity pressures, with explicit focus on maximizing absolute returns rather than conforming to predetermined fund lifecycles. Krawczyk employs the "rule of 40"—holding assets provided combined revenue growth and EBITDA margins exceed 40 percent—as a performance-based exit framework rather than time-based redemption schedules. Current holdings include G2A, a Dutch-based digital marketplace for video games and software, and Tonik, a Philippine digital banking platform. For both, Krawczyk identifies agentic AI as a source of durable competitive advantage rather than disruption risk, citing enhanced customer targeting and risk assessment capabilities.
The strategy implicitly positions itself against the GP-led continuation vehicle model increasingly deployed to address illiquidity in vintage 2021 portfolios. Continuation vehicles, while providing LP liquidity, create inherent conflicts-of-interest when managers transact on both sides; Krawczyk's approach eliminates these frictions by decoupling investment timelines from LP liquidity mechanics. The addressable market, he argues, encompasses companies explicitly seeking longer ownership horizons—those preferring to "build a business over the next 20 years" rather than undergo sale or listing within standard 4–7 year fund cycles. Krawczyk's emergence reflects broader LP prioritization of track record over AUM as return dispersion widens and emerging managers signal differentiation through contrarian positioning.
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