This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
After the success of its first vehicle, ACP Credit has raised a second, initially securing EUR 105m (about PLN 450m). Behind it is one of Polish banking’s leading figures: Mariusz Grendowicz. The fund is filling a gap left by banks by using debt to finance investments and acquisitions by dynamic entrepreneurs.
Many entrepreneurs have already faced banks refusing to finance their investments. Dr. Bogusław Gnatowski, founder of Alab Laboratoria, spoke extensively to XYZ about this problem, which is holding back the expansion of Polish companies.
A mid-sized business in Western Europe or the US would turn to private-debt (PD) funds in such a situation. Yet just three countries – the UK, France and Germany – accounted for two-thirds of the 6,200 debt transactions completed in Europe over more than four years, according to the latest edition of Deloitte’s report on private debt in the region.
In Poland, the market is therefore only just emerging. For now, around 60% of it is tied to real estate, whereas in the UK, the most mature market, real estate is just one of many sectors. ACP Credit, one of the few players in the region targeting mid-sized companies, is trying to change that. It now has a fresh injection of capital from an international group of investors.
Interactive chart Target: a fund twice the size
In August, ACP Credit held the first closing of its second private-debt fund. It initially raised EUR 105 million (about PLN 450 million), with a target of EUR 200 million-EUR 250 million. Fundraising will continue through the end of 2027.
“Already at this stage, we have raised more than the €100 million accumulated by our first fund. We are in advanced discussions with several institutions that could each contribute EUR 10 million-EUR 20 million. With others, we are only just beginning the conversation,” says Mariusz Grendowicz, managing partner at ACP Credit.
The fund is not waiting for fundraising to be completed before putting the money to work. It is already finalizing its first transactions. It could invest as much as EUR 20 million (about PLN 86 million) within the next two months.
Good to know
A veteran of Polish banking
Mariusz Grendowicz was instrumental in establishing ACP Credit in 2022 as a sister fund to ACP. The former focuses exclusively on debt investments of EUR 5 million-EUR 25 million. The latter, by contrast, is prepared to undertake transactions several times larger, combining debt and equity financing. Across five vehicles, it has raised nearly EUR 1.2 billion, with the latest fund’s portfolio including Smyk and Tatuum brands.
For years, Grendowicz has helped shape Poland’s capital market. He knows the domestic banking sector inside out, having worked at ING, ABN Amro and Bank BPH, among others. Few people have a better understanding of both its capabilities and its limitations.
He also served as CEO of mBank (then BRE Bank) and of Polskie Inwestycje Rozwojowe, which later formed the basis of the Polish Development Fund (PFR). For more than a decade, he has held supervisory roles. Among them was a position at MCI Capital, where he gained first-hand insight into the private-equity business across the region, including Poland.
A Polish investor comes on board
The first closing was backed by 11 institutional investors, known as limited partners (LPs). New investors include the International Finance Corporation (IFC), the private-sector arm of the World Bank Group. The European Investment Fund (EIF) has also committed capital again. This time, there is a local investor on board as well. PFR Ventures, part of the Polish Development Fund, invested EUR 15 million (about PLN 64 million).
Interactive chart “About 40% of our first fund was invested in Poland. None of the investors in that fund were Polish institutions, so the financing of Polish companies was effectively provided by pensioners in Croatia and Slovenia. We are pleased that this will change with the second fund, although we are still missing commitments from domestic pension funds. We are counting heavily on the Innovate PL program in this respect,” says Mariusz Grendowicz.
Meanwhile, the fund has persuaded one of Austria’s largest pension funds to invest – the first time it has ventured into private debt in Central Europe. The fund has also attracted two European family offices managing the wealth of high-net-worth individuals. Discussions with Polish investment vehicles are still ongoing.
Good to know
The runner-up holds its ground
ACP Credit is one of Poland’s largest private-debt funds. Raising its second vehicle strengthens its position near the top of the market. The other players behind it manage no more than several tens of millions of euros in assets.
The clear regional leader is CVI, which has completed more than 800 debt transactions worth nearly PLN 14 billion (about EUR 3.3 billion) since 2012. It manages PLN 4.5 billion (about EUR 1.05 billion) across eight vehicles. Most, however, are evergreen funds, which raise capital from a growing pool of individual investors throughout their operating lives.
In 2022, CVI raised its first so-called commitment-based private-debt fund, the model used exclusively by ACP Credit. Under this structure, investors – primarily institutional – commit specified amounts that are drawn down progressively as new investments are made, with returns paid only after a predetermined period. CVI raised EUR 132 million (about PLN 566 million) at the time. It closed fundraising for its second fund of this type in April 2026, with EUR 253 million (about PLN 1.1 billion).
Private debt vs. bank loans
ACP Credit does not compete with banks – it complements them. Bank loans are always cheaper than private debt. That is why, after two or three years, once a company’s financial position becomes acceptable to banks’ rating systems, refinancing often follows.
“Nordclinic, the largest private surgical-clinic network in the Baltic states, used only part of the EUR 10 million (about PLN 43 million) we made available to it. It grew so quickly and profitably that it repaid the entire facility after two years. Banks took over the financing of its further expansion. In a sense, they can ‘give us back’ a client during its period of rapid growth, only to retain it over the long term,” explains Mariusz Grendowicz.
Many companies, however, do not pass banks’ stringent credit-scoring tests. Banks require adequate historical data and collateral in the form of hard assets, preferably real estate. They must also meet strict regulatory capital requirements for individual loan portfolios.
As a result – putting it simply – even if a particular transaction appears acceptable from a risk perspective to an expert, it may still be rejected by the bank’s rating model.
“A negative rating decision cannot be ‘overridden manually.’ We make decisions based on expert judgment, through an investment committee – just as we once did in banks. Every project goes to one of the three partners [the other two are Ciprian Nicolae and Tomasz Kwiecień – ed.], rather than into the machinery of a large institution. In most cases, within two days we can make an initial assessment and move on to further analysis, or explain why the proposal was rejected,” says Mariusz Grendowicz.
Interactive chart ACP Credit finances growth, and nothing else
ACP Credit’s managing partner estimates that 95% of projects rejected by banks are also unsuitable for financing by the fund. The most common reasons are an unstable business model or a company being at too early a stage of development.
“Unlike banks, we do not structure transactions around the level of collateral – we analyze that only at a later stage. What matters most to us is the sector in which a company operates and its position within it. We expect positive EBITDA and a well-justified, dynamic growth trajectory in the years ahead. We look not only at the historical performance of the core business, but also at the results of investments or acquisitions already undertaken,” says Mariusz Grendowicz.
ACP Credit also differs from most local private-debt funds in that it does not finance real estate. Synthaverse, a company listed on the Warsaw Stock Exchange, received EUR 13 million (about PLN 56 million) to build a pharmaceutical plant, while iTaxi secured EUR 10 million (about PLN 43 million) to continue consolidating the mobility market.
“In Poland, roughly half of private-debt capital goes into real estate, while another quarter is directed to non-bank financial institutions. We target the remaining 25%, with our primary focus on supporting healthy corporate growth. Because of the way the fund operates, we generally do not finance day-to-day operations,” says Mariusz Grendowicz.
Expert's perspective
Interesting trends in a key private-debt market
In the first quarter of 2026, outflows from non-traded BDCs exceeded inflows for the first time, at USD 6.9 billion versus USD 4.9 billion. BDCs are US vehicles through which retail investors can buy stakes in funds that lend to small and midsize companies. Each quarter, the fund offers investors the option to redeem their holdings, capped at roughly 5% of shares.
When 40.7% of the shares in Blue Owl Technology Income were submitted for redemption in the first quarter, the fund bought back only 5%. The remaining investors panicked. This raises a systemic question: on what terms should retail investors be given access to private markets that are, by definition, illiquid?
The real challenge for private debt, however, is the quality of the loans being made. Write-downs led to net asset value declines of 10–20% announced early this year by major global investors. This is partly related to funds’ heavy exposure in the US to the software sector, which is under significant pressure from the rapid development of artificial intelligence.
Europe is in a different position – the retail segment is smaller. European semi-liquid funds manage more than EUR 20 billion, while US non-traded BDCs have more than USD 200 billion in assets.
Europe’s strength lies in its extensive pipeline of infrastructure projects, including those related to energy security and local data centers. Global investors are already taking notice and building new relationships with European direct lenders. They see market fragmentation as a source of opportunity rather than an obstacle.
Ultimately, however, it is not the choice of region that makes the difference, but the choice of the right fund. The performance gap between the best [top quartile, meaning the upper 25% of the ranking – ed.] and worst vehicles can be as wide as 10 percentage points of investment returns.
Several private-debt funds have already emerged in Central Europe. Investors therefore have an opportunity to assess managers based on data from their previous vehicles: how the investment strategy was executed, how diversified the portfolio was, what risk-assessment framework was used, and the quality of the loan documentation.
The challenges of raising and managing the first fund
Fundraising for the first vehicle concluded in July 2024, with a target of EUR 150 million (about PLN 643 million). The effects of the COVID-19 pandemic and the war in Ukraine, along with protracted formalities on the part of some investors, ultimately brought the total to EUR 100 million (about PLN 429 million). By then, ACP Credit had already invested two-thirds of the capital raised.
“Mainly for formal reasons, the first closing of the second vehicle took place somewhat later than we had anticipated. We therefore had to manage the first fund so that we could invest all of its capital in time, without sitting on the sidelines for six months waiting for capital from the second fund. So we limited ourselves to the best opportunities,” says Mariusz Grendowicz.
350 investment opportunities, just 12 transactions
ACP Credit has assessed more than 350 investment proposals. They have resulted in 12–13 transactions, with the final ones now being completed, most of them at the maximum EUR 10 million (about PLN 43 million).
The first fund will ultimately invest around EUR 110 million (about PLN 472 million), thanks to reinvesting part of the capital already returned by portfolio companies. Interest income is paid out to investors on an ongoing basis. The fund has until mid-2029 to return all of the capital, with an option to extend the term through 2031.
“Besides Nordclinic, we also completed our investment in Punkta Group after two years, following a change of ownership. None of the other portfolio companies raises concerns from a risk perspective. Nevertheless, a business is a living organism, and sometimes a company needs to adjust its business model during the course of an investment. That can result in a departure from the parameters set at the outset, for better or worse. We always consider such changes in the broader context and accept them when we see a sound rationale behind them,” explains ACP Credit’s managing partner.
Interactive chart Poland dominates Central Europe
According to Deloitte data, nearly 90% of private-debt transactions in Central Europe involve Poland. For now, there are few signs of a fundamental shift in the market’s structure.
“We are prepared to invest in 11 countries across the region. We hope that with the second fund we will enter new markets, including Slovenia and Croatia. For now, however, based on the projects we have been analyzing, Poland and Romania look set to become even more dominant,” says Mariusz Grendowicz.
The second fund will operate on a larger scale not only geographically, but also in terms of individual transaction sizes. The maximum investment will rise from EUR 15 million to EUR 25 million (about PLN 107 million).
“The minimum remains unchanged at €5 million. At that level, we can offer relatively attractive terms given the depth of the analysis we conduct. Most investments will probably be around EUR 10 million, because that is what our prospective clients need. We want to reach more entrepreneurs outside Warsaw, where the need is greatest. We are already working on transactions in Lublin, near Wrocław, and even in Szamotuły,” Mariusz Grendowicz concludes.
Expert's perspective
Awareness of private debt is growing fast – and spreading beyond Warsaw
Even so, we are still at the stage of building the market, although it is no longer confined to Warsaw or the country’s other largest metropolitan areas. Most of our transactions are now taking place in smaller cities [the Mazowieckie region in central Poland accounts for 38.8% of KRK Partners’ portfolio – ed.]. They are often family-owned businesses in services [the largest share at KRK Partners, at 60% - ed.], trade or manufacturing. They have valuable assets and healthy businesses, but for various reasons do not fit banks’ current lending policies. Alternatively, they need financing faster and in a more flexible structure.
I would even say that an entrepreneur’s location matters far less today than it did a few years ago. PD capital is reaching both Warsaw and cities with populations of just a few tens of thousands. What matters more is the quality of the business, its assets, the purpose of the financing and a credible repayment plan. There is also no single rule governing the size or legal form of a business. Our portfolio spans the full spectrum of companies, from small businesses run by individual entrepreneurs to publicly listed companies.
PD is still not widely understood, however. It is still sometimes equated with an “expensive non-bank loan,” which is a major oversimplification. In a more mature approach, it is capital tailored to a specific business situation: refinancing, investment, a shareholder buyout, restructuring a debt profile, or seizing an opportunity that cannot be financed through a conventional bank process.
Key Takeaways
- Debut fund enters the final stretch. After roughly three decades in banking, Mariusz Grendowicz entered the private-debt market. With the backing of the ACP group, he established ACP Credit. In its first vehicle, the fund raised EUR 100 million (about PLN 429 million) in July 2022 for transactions of EUR 5 million-EUR 15 million (about PLN 21 million-PLN 64 million). It will complete 12–13 transactions, with the final ones now being finalized. Two companies have already repaid their loans. Punkta Group changed hands, while Nordclinic expanded so rapidly that banks took over the financing of its further growth. Including the reinvestment of part of the returned capital, the fund will invest around EUR 110 million (about PLN 472 million) in total.
- The first Polish investor comes on board. ACP Credit held the first closing of its second fund in August 2026, with 11 institutional investors providing EUR 105 million (about PLN 450 million). The vehicle is ultimately expected to grow to EUR 200 million-EUR 250 million (about PLN 857 million-PLN 1.1 billion), with fundraising continuing through the end of 2027. The European Investment Fund has committed capital for a second time, while the International Finance Corporation joined for the first time. This time, there is also a Polish investor on board. PFR Ventures committed EUR 15 million (about PLN 64 million). “None of the investors in the first fund were Polish institutions, so the financing of Polish companies effectively came from pensioners in Croatia and Slovenia,” Mariusz Grendowicz emphasizes.
- How it differs from banks and the strategy it has chosen. ACP Credit plays a complementary role to banks. It assesses each project individually rather than relying on an automated credit-scoring system. As a result, it provides capital to companies that cannot finance a particular investment through a bank. The fund nevertheless has a number of requirements, including strong sector growth potential, positive EBITDA and a well-justified plan for dynamic revenue growth. In our region, including Poland, roughly half of private-debt capital goes to real estate, while another quarter goes to financial institutions. ACP Credit targets the remaining segment.