Key Takeaways
- • ACP Credit held the first closing of its second private-debt fund in August 2026, initially raising EUR 105 million (about PLN 450 million) against a target of EUR 200-250 million, with fundraising continuing through the end of 2027.
- • The first closing was backed by 11 institutional limited partners, including new investors the International Finance Corporation and an Austrian pension fund, plus PFR Ventures, which committed EUR 15 million (about PLN 64 million).
- • ACP Credit's managing partner Mariusz Grendowicz says the fund finances growth where banks decline, and estimates that 95% of projects rejected by banks are also unsuitable for its own financing.
- • The fund is already finalizing its first transactions and could invest as much as EUR 20 million (about PLN 86 million) within the next two months.
- • Poland's private-debt market is still developing, with roughly 60% of it tied to real estate, whereas ACP Credit targets mid-sized companies outside property.
Summary
ACP Credit has raised the first tranche of its second private-debt fund, securing EUR 105 million (about PLN 450 million) at a first closing held in August 2026, according to the original report from XYZ. The fund targets EUR 200-250 million in total, and fundraising will continue through the end of 2027. Managing partner Mariusz Grendowicz said the first closing already exceeds the EUR 100 million raised by the firm's first fund, and that advanced discussions are under way with several institutions that could each contribute EUR 10-20 million.
The first closing was backed by 11 institutional limited partners. New investors include the International Finance Corporation, the private-sector arm of the World Bank Group, and an Austrian pension fund that is entering private debt in Central Europe for the first time. The European Investment Fund has committed capital again, and PFR Ventures, part of the Polish Development Fund, invested EUR 15 million. Two European family offices have also joined. Grendowicz noted that about 40% of the first fund was invested in Poland, but none of its investors were Polish institutions, and said the firm is still missing commitments from domestic pension funds.
ACP Credit positions itself as complementary to banks rather than competitive with them. Grendowicz said decisions are made by an investment committee and by one of three partners, with an initial assessment typically within two days. Unlike banks, the fund does not structure transactions around collateral, and it expects positive EBITDA and a well-justified growth trajectory. The firm does not finance real estate. Recent transactions include EUR 13 million to Synthaverse, a Warsaw Stock Exchange-listed company, for a pharmaceutical plant, and EUR 10 million to iTaxi for mobility market consolidation. Grendowicz said roughly half of Polish private-debt capital goes to real estate and a quarter to non-bank financial institutions.
The article places the fund within a broader market context. ACP Credit is one of Poland's largest private-debt managers, while CVI is the regional leader, with more than 800 transactions worth nearly PLN 14 billion since 2012 and PLN 4.5 billion under management across eight vehicles. CVI closed its second commitment-based fund in April 2026 with EUR 253 million. The article also cites Deloitte data showing that the UK, France and Germany accounted for two-thirds of 6,200 European private-debt transactions over more than four years. It further notes US retail outflows from non-traded BDCs exceeding inflows in the first quarter of 2026 for the first time, and write-downs contributing to 10-20% net asset value declines.
The first closing was backed by 11 institutional limited partners. New investors include the International Finance Corporation, the private-sector arm of the World Bank Group, and an Austrian pension fund that is entering private debt in Central Europe for the first time. The European Investment Fund has committed capital again, and PFR Ventures, part of the Polish Development Fund, invested EUR 15 million. Two European family offices have also joined. Grendowicz noted that about 40% of the first fund was invested in Poland, but none of its investors were Polish institutions, and said the firm is still missing commitments from domestic pension funds.
ACP Credit positions itself as complementary to banks rather than competitive with them. Grendowicz said decisions are made by an investment committee and by one of three partners, with an initial assessment typically within two days. Unlike banks, the fund does not structure transactions around collateral, and it expects positive EBITDA and a well-justified growth trajectory. The firm does not finance real estate. Recent transactions include EUR 13 million to Synthaverse, a Warsaw Stock Exchange-listed company, for a pharmaceutical plant, and EUR 10 million to iTaxi for mobility market consolidation. Grendowicz said roughly half of Polish private-debt capital goes to real estate and a quarter to non-bank financial institutions.
The article places the fund within a broader market context. ACP Credit is one of Poland's largest private-debt managers, while CVI is the regional leader, with more than 800 transactions worth nearly PLN 14 billion since 2012 and PLN 4.5 billion under management across eight vehicles. CVI closed its second commitment-based fund in April 2026 with EUR 253 million. The article also cites Deloitte data showing that the UK, France and Germany accounted for two-thirds of 6,200 European private-debt transactions over more than four years. It further notes US retail outflows from non-traded BDCs exceeding inflows in the first quarter of 2026 for the first time, and write-downs contributing to 10-20% net asset value declines.
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