Provectus Capital Partners at EIF and HBOR conference on the development of Croatia’s private equity and venture capital ecosystem

Provectus Capital Partners (“Provectus”) participated in the conference organised by the European Investment Fund (EIF) in partnership with the Ministry of Regional Development and EU Funds and the Croatian Bank for Reconstruction and Development (HBOR), which brought together representatives of European institutions, policymakers, investors and entrepreneurs to discuss the development of Croatia’s private capital ecosystem and the role of equity financing in supporting company growth.

The event marked the progress achieved since the launch of the first national equity initiatives in Croatia, including the Croatian Venture Capital Initiative (CVCi) and Croatian Growth Investment Programme (CROGIP), which have supported the development of local fund managers and contributed to expanding access to private capital for Croatian companies.

As part of the panel discussion “Scaling Croatian Companies: Growth Capital and Private Equity under CROGIP I & II”, Igor Čičak, Managing Partner at Provectus Capital Partners, joined representatives of EIF, HBOR and other Croatian private capital investors to discuss the evolution of the market, fundraising experience and the role of private equity in helping companies scale.

During the discussion, Igor reflected on Provectus’ experience of building a private equity platform focused on partnering with established companies in fragmented and growing sectors:

“Since the launch of our first fund, we have remained focused on a clearly defined investment strategy – partnering with strong entrepreneurs and management teams to build regional leaders through organic growth and buy-and-build execution. The support of institutional investors such as EIF and HBOR was instrumental in establishing the foundations of the private equity ecosystem in Croatia, while disciplined execution and demonstrated results remain key to attracting a broader investor base and supporting the continued development of the market.”

Igor highlighted Adria Dental Group (ADG) as an example of Provectus’ buy-and-build investment approach. Since the initial investment, ADG has grown from a single clinic into the largest dental platform in the region, bringing together 12 clinics across three countries. The recent sale of a 50% stake to Advance Capital Partners represents an important milestone in ADG’s development and reflects the progress achieved during Provectus’ ownership period, while allowing the firm to remain invested alongside its new partner to support ADG’s next phase of growth.

The discussion highlighted the progress of Croatia’s private capital ecosystem from initial market-building initiatives towards a more mature investment environment, with established fund managers, increasing private institutional participation and growing examples of companies scaling with the support of private equity capital.