Morphosis Capital

The firm is led by four partners: Managing Partner Andrei Gemeneanu, Partners Simona Gemeneanu and Gabriela Dumitru, and Partner & CFO Dragos Petre. They describe themselves as former entrepreneurs who now make investment decisions by committee, applying an operator's lens to every deal. The investment team also includes two investment directors and three associates and analysts.

Morphosis relies on a founder-centric sourcing model. The partners position themselves as entrepreneurs who understand operating challenges, which they argue draws founder referrals in a CEE market where owner-operators often distrust financial buyers. The firm targets fragmented, growing industries in Romania and neighboring CEE countries, seeking businesses that haven't been approached by institutional capital.

Morphosis is a structured private equity fund manager. It operates two blind-pool vehicles: a 2018-vintage €50 million Fund I and a 2024-vintage €130 million Fund II. The firm does not manage a single-family's wealth and functions as a traditional GP, raising capital from limited partners.

Morphosis makes only direct investments into operating companies. It targets equity tickets of €10–15 million, with the flexibility to take minority or majority positions. The firm does not market a fund-of-funds program or invest in third-party GPs. It also executes bolt-on acquisitions for portfolio companies, having completed bolt-ons between 2021 and 2023.

The firm targets growth equity and expansion-stage companies with EBITDA of €1–5 million at entry. It avoids early-stage venture and startups without proven unit economics. Fund I required minimum EBITDA of €500,000, but Fund II raised the floor to €1 million, tightening the focus on later-stage, profitable SMEs.

Morphosis publicly lists four targets — healthcare, consumer products and services, niche manufacturing, and B2B services — but does not list explicit sector exclusions. The website and portfolio show no exposure to financial services, software infrastructure, or energy transition. Its investments cluster in brick-and-mortar healthcare, industrials, and consumer-facing businesses.

Morphosis does not maintain a separate philanthropic foundation. It does publish an ESG strategy tied to UN Sustainable Development Goals and states an ambition to reach Article 8 fund status under SFDR by Fund III. Its ESG efforts are integrated into the fund management company rather than housed in a charitable vehicle.