Private equity (PE) funds active in Romania continue to seek new investments despite a significantly weaker macroeconomic environment and greater political uncertainty, according to the Roland Berger European Private Equity Outlook 2026.
The study suggests that the industry is entering a new stage in which competitive advantage is shifting from access to capital towards execution capabilities and value creation.
Now in its 17th edition, the European Private Equity Outlook is one of the largest studies of the European private equity industry. Around 3,500 professionals were invited to participate this year. In Romania, more than 80% of active funds responded, providing an overview of investors’ expectations, priorities and challenges.
Romania’s private equity market has entered a new stage of development, supported by an increasingly mature and better-capitalised local fund ecosystem. Over the past two years, a record number of funds managed by Romanian teams or with a strong investment focus on Romania have raised significant capital, including through allocations from the Recovery Equity Fund.
Around 20 private equity and venture capital funds managed by Romanian teams or with a local presence currently have billions of euros available for investment, with a significant share expected to be deployed in Romania over the coming years.
“Around 80% of respondents in Romania expect an economic slowdown in 2026, marking a significant shift from the optimism expressed in previous editions of the study. Nevertheless, investment appetite remains solid. Half of the funds based in Romania expect the number of private equity transactions carried out locally to increase in 2026 compared with the previous year, even though 2025 was already a very dynamic year, with a high number of transactions. Investors see political instability, the difficult macroeconomic environment and increasingly intense competition for attractive companies as the main challenges ahead. In this context, funds that manage to generate proprietary opportunities and maintain investment discipline will have an important competitive advantage,” said Szabolcs Nemes, Managing Partner at Roland Berger Romania.
Regional expansion becomes a strategic priority
“Given the relatively small size of local markets, regional expansion is no longer just a growth opportunity, but is becoming a strategic necessity for many funds in the region. However, maturity levels vary, and the strategies adopted differ significantly,” said Alina Florean, Senior Manager at Roland Berger Romania. “Funds originating from Poland and the Czech Republic are already active regionally and are therefore mainly focused on consolidating existing platforms. By contrast, many funds originating from Romania and Southeast Europe, for example Bulgaria or Croatia, are only now taking their first steps towards international expansion,” she added.
Around 60% of funds active in Romania plan to expand their regional footprint by entering one or two new markets, according to the study.
Their strategies include both direct investments and add-on acquisitions, with neighbouring markets such as Bulgaria and Moldova among the priorities, alongside larger regional markets such as Poland.
The main objective is to build regional champions by taking advantage of consolidation and scaling opportunities across a range of sectors. Investors identify cultural integration, management team capabilities and limited local expertise as the main execution challenges associated with international expansion.
Healthcare and energy rise in investors’ rankings
Investment priorities differ across regions. In Romania, Healthcare Services are expected to attract the highest level of interest in 2026, followed by Energy, Utilities & Recycling, which has climbed sharply in private equity investors’ rankings.
According to Roland Berger, these preferences reflect a stronger focus among local funds on resilient sectors with solid fundamentals and a greater ability to withstand economic volatility.
Interest in IT among Romanian investors is more moderate than in previous years. Consumer Goods & Retail, previously among the most attractive sectors for private equity funds, also continues to lose ground amid macroeconomic uncertainty and pressure on consumption.
Investors in Western Europe and other parts of Central and Eastern Europe continue to favour sectors such as Technology, Logistics & B2B Services and Infrastructure, where structural growth trends and scaling opportunities remain key drivers.
Funds in more mature markets are also becoming increasingly specialised by sector, with most Western European respondents expecting to concentrate investments further in selected industries this year.
From operational excellence to AI
Fundraising remains a priority for many local funds, but the focus is gradually shifting towards efficient capital deployment and faster value creation across portfolio companies.
Alongside regional expansion, private equity funds plan to focus in 2026 on add-on acquisitions, strengthening the commercial capabilities of portfolio companies and integrating AI-based solutions.
“Artificial intelligence is beginning to fundamentally transform the private equity industry, influencing how investors identify opportunities, conduct due diligence and generate value in portfolio companies,” said Szabolcs Nemes. “Most funds in Romania and Central and Eastern Europe are currently at an experimentation or selective-use stage when it comes to AI. In more mature Western European markets, AI adoption has already moved beyond the intention stage and is becoming a source of competitive differentiation. Funds that invest early in their own AI capabilities are strengthening their competitive advantage, while the performance gap between leaders and those delaying adoption is widening rapidly,” he added.
The Romania & CEE Focus Report complements the 2026 edition of the Roland Berger European Private Equity Outlook. More than 80% of active funds in Romania participated in the study, while the participation rate across the rest of CEE exceeded 50%.
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