Silverline Capital

Managing Partner Evgeny Angelov leads the firm, supported by Partners Lloyd Schultz, Diana Aladzhova, and Nikola Dunchev. Angelov was previously Deputy Minister of Economy and economic advisor to the President of Bulgaria, and he chaired several state-owned enterprises before entering private equity. The partnership makes investment decisions collectively, drawing on Dunchev’s Apollo Management background and Schultz’s mezzanine experience at Syntaxis Capital.

Silverline sources deals primarily through relationships established by its partners during prior public-sector and institutional roles. Angelov’s tenure as Chairman of the Bulgarian Private Equity and Venture Capital Association and Schultz’s long history in CEE corporate finance provide proprietary access to mid-market companies that rarely appear in intermediated auctions. Many of the firm’s portfolio companies are domestic champions identified before formal sale processes begin.

No. Silverline describes itself as sector-agnostic and focuses on domestic champions irrespective of industry. Recent investments span digital identity (Evrotrust Technologies), online retail (Badu), and IT services (Bulgarian Codery). The common thread is operational improvement and revenue growth potential in companies with strong competitive positions in Bulgaria and adjacent markets.

Silverline targets growth-stage and established mid-market companies requiring equity or mezzanine financing for organic expansion and acquisitions. Past deals range from late-stage venture (Evrotrust’s €3.3 million round) to buyout-style growth capital (Badu’s expansion into Greece and Romania). The firm does not operate a seed or venture arm.

Silverline operates as a private equity and mezzanine manager with a team of partners and investment professionals. The firm has not publicly disclosed whether it invests from a committed fund structure or raises capital on a deal-by-deal basis. Given the €2 million to €3.5 million check sizes and thin mezzanine market in Bulgaria, a degree of deal-by-deal syndication alongside co-investors is plausible (Altss estimate).

The firm’s primary investment geography is Bulgaria, with select portfolio companies expanding into neighboring markets including Greece, Cyprus, and Romania. Angelov’s prior role as a banker at EBRD involved transactions across 10 CEE countries, but Silverline’s on-the-ground presence remains concentrated in Sofia, and no cross-border regional fund mandate has been disclosed.

No public affiliation exists between Silverline Capital and any larger global or regional private equity platform. The partners’ prior institutions — EBRD, Syntaxis Capital, Apollo Management, Goldman Sachs, Empower Capital — carry no ongoing structural link to the current firm. Silverline appears to be an independently managed partnership.