Morningside Hill Capital Management

Partner Pavel Velkov, a CFA charterholder with over 15 years of experience, leads the investment process. He is supported by Partner Ekaterina Velkova, whose background spans fundraising and consulting across three continents. The firm’s website identifies only these two principals, and no further investment committee or analyst structure is publicly listed.

The EUR 38.5M fund launched in November 2019 includes EUR 33.3 million in public funds from the Fund Manager of Financial Instruments in Bulgaria, co-financed by the European Structural and Investment Funds under the “Innovation and Competitiveness” operational program. The remaining capital came from the firm. This structure ties the fund’s deployment to strict Bulgarian-localization criteria.

The venture portfolio lists 23 companies, spanning insect-protein production (Nasekomo), IoT remote metering (ThingsLog), 3D interior-design platforms (Fit & Finish), automotive e-commerce (Whilli), and sports analytics (Ensk.ai). The firm states a target of 25–30 minority equity positions held for 5–10 years, all subject to the fund’s Bulgaria-centric investment criteria.

The venture capital fund requires that a portfolio company generate at least 50% of its revenue in Bulgaria, employ at least 50% of its staff there, or hold at least 50% of its assets in a Bulgarian subsidiary. While the firm’s partners have prior investment experience across North America, Europe, and Africa, the public vehicle’s mandate is tied to Bulgarian economic substance.

Yes — the venture capital fund is partially capitalized with public EU funds, and the firm also operates hedge-fund and mutual-fund vehicles available to outside investors. However, the firm discloses no external limited-partner names, fee structures, or vehicle-level performance data on its public site.