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 of leading institutional investors such as the EIF, EBRD and IFC, as well as successful international entrepreneurs and family offices. Our investment strategy is tailored to fit each sub-region and multitude of deal types.

Integral has developed robust institutional processes for investment assessment, execution processes and operational backbone. We are operating out of hubs in London, Budapest, and Belgrade with local presence in additional four key cities across the region.

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Partners

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Countries Covered

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Team Members

1M+

1M+

Invested

MEET THE FOUNDERS

MEET THE FOUNDERS

MEET THE FOUNDERS

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

Before founding Integral, Stefan worked with Mid Europa Partners (London), Rhône Capital, and JPMorgan Chase. He holds an MBA from INSEAD, studied at the Wharton School, and earned a BA with honors from the College of Wooster.

Stefan Tzvetkov

Founding Partner

Before founding Integral, Stefan worked with Mid Europa Partners (London), Rhône Capital, and JPMorgan Chase. He holds an MBA from INSEAD, studied at the Wharton School, and earned a BA with honors from the College of Wooster.

Stefan Tzvetkov

Founding Partner

Before founding Integral, Stefan worked with Mid Europa Partners (London), Rhône Capital, and JPMorgan Chase. He holds an MBA from INSEAD, studied at the Wharton School, 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

Marko previously 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

Marko previously 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

Marko previously 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

Ongoing Investment

Fund Name

Evolving Europe Principal Investments II.

Vintage

2024

Investments

1

Ongoing Investment

Fund Name

Evolving Europe Principal Investments II.

Vintage

2024

Investments

1

Ongoing Investment

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

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.

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