A consortium of the INVL Private Equity Fund II, one of the largest private equity funds in Central and Eastern Europe, the International Finance Corporation (IFC), and Accession Capital Partners (ACP) has completed an investment in POLMED, one of Poland’s largest healthcare groups. POLMED is using the proceeds to acquire the KN Group, an operator of oncology centers.
“As new strategic partners of POLMED, we are embarking on an ambitious expansion with them. The acquisition of the KN Group immediately strengthens the group’s expertise and market position in oncology. We aim to create Poland’s premier healthcare provider, one that is modern and accessible all across the country. For patients, this will translate into the highest quality of care and a broad spectrum of diagnostic services,” says Luke Staniczek, the Investments Lead in Poland at the INVL Private Equity Fund II.
“We believe that the expansion of POLMED will further strengthen its ability to provide the highest-quality services to its patients, whose health and well-being remain top priority for us,” adds Nerijus Drobavičius, a Partner at the INVL Private Equity Fund II.
Following the consortium’s investment, the majority stake in POLMED continues to be held by the group’s Founder and President, Radosław Szubert, together with Co-founder and Vice-President Romuald Magdoń, while the INVL Private Equity Fund II, the IFC and ACP each hold significant minority stakes.
Founded in 1999, POLMED has grown into one of Poland’s largest private healthcare service groups, with revenue in 2024 exceeding EUR 100 million. The company provides outpatient care, diagnostic imaging, and inpatient and home rehabilitation services. With 38 facilities of its own, including 380 hospital beds and a team of approximately 2,000 employees, it also collaborates with more than 4,000 medical partners across Poland, serving more than 4 million patients annually and providing services to over 3,500 companies.
The KN Group operates three oncology centers in Radom and Warsaw: the Radom Oncology Center, the Gamma Knife Centre, and the Radom Family Center, with combined 2024 revenues of EUR 54.5 million. The group employs over 700 people and has approximately 150 beds, including 14 chemotherapy chairs. It is led by the internationally renowned neurosurgeon Prof. Mirosław Ząbek and Managing Director Dorota Ząbek, both of whom will continue in their roles within the company.
POLMED marks the second investment completed by the INVL Private Equity Fund II, which announced its final closing earlier this year at EUR 410 million, above the hard cap. The fund is in its active investment phase. It is targeting companies with enterprise values of EUR 30 million to EUR 200 million or more across Baltics, Poland, Romania and the broader EU.
About the INVL Private Equity Fund II
With EUR 410 million of commitments, this is the largest private equity fund in the Baltics and one of the largest in Central and Eastern Europe. The fund is sector-agnostic and is looking to build a diversified portfolio investing in companies with the potential to become regional leaders in their respective industries. Equity tickets range between EUR 10 million and EUR 60 million, though larger tickets are possible with co-investors. The fund is seeking majority or significant minority stakes where it could drive long-term value creation. The focus is on businesses with strong potential to grow and compete amid intensifying global competition. Geographically, the fund is targeting opportunities in the Baltic countries, Poland, and the broader Europe Union.
The fund is managed by INVL Asset Management, the leading Baltic alternative asset manager, which is a part of the Invalda INVL Group with over 30 years of experience. The group’s companies more than EUR 2 billion in assets under management or supervision across various investment strategies, including private equity, forests and agricultural land, renewable energy, real estate, and private debt. Additionally, the group provides family office services in Lithuania, Latvia and Estonia, manages pension funds in Latvia, and invests in global third-party funds.
About IFC
IFC – a member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
About the Accession Capital Partners (ACP)
Accession Capital Partners (ACP) is investing from its fifth fund, the AMC V SCA SICAV-RAIF, which closed at EUR 336 million in June 2024. ACP has been operating in Central Europe since the year 2000 through its offices in Vienna, Warsaw, Bucharest, Budapest and Prague. To date, the group has raised commitments of more than EUR 1.2 billion in five dedicated growth capital funds. The funds are backed by reputable institutional investors, including the European Investment Fund, the International Finance Corporation, the European Bank for Reconstruction and Development and a number of banks, family offices, funds of funds, pension funds and insurance companies from Europe, the US and Asia.
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