Private equity in Poland after two decades of development: evolution, industry drivers, and returns

Abstract

Poland represents the most developed private equity market in Central and Eastern Europe (CEE) and is one of the leaders across emerging markets. This article provides an overview of two decades of private equity market development in Poland. Three main conclusions are offered. Firstly, private equity in Poland has developed in four distinct phases (development, expansion, stagnation, and buyout). Secondly, the continued development of private equity in Poland is deeply rooted in the four pillars of stable economic growth, strong entrepreneurship, institutional infrastructure improvements, and exit market development. Thirdly, the Polish private equity industry has generated strong and consistent average returns over the last two decades, both in comparison to other CEE countries and other emerging markets.

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