Building enduring businesses through disciplined growth.

We partner with companies entering a more mature phase — bringing structure, clarity and a long-term perspective to their next stage of expansion.

As an active investor we are looking for dedicated and professional teams with a strive to revolutionize their industry.

Countries

Portfolio companies

€3-40M

Ticket size

€250M

Assets Under Management

Who are we looking for?

We invest in companies that have moved beyond early validation and are entering a phase where execution matters more than narrative — businesses with strong fundamentals, differentiated positioning and the ability to outperform their peers over time. While we remain sector-agnostic, we are particularly drawn to resilient, future-proof models that can adapt and lead in evolving markets. More than specific transaction structures or predefined investment theses, we focus on the people behind the business. We look for teams with a credible track record, clear strategic direction and the discipline to follow through on long-term ambitions. We value leaders who combine ambition with realism — those who understand where they are today, where they want to go, and what it will take to get there. Ultimately, we back companies where growth is not left to momentum — but is deliberate, well-understood and supported by strong execution, thoughtful leadership and a deep understanding of their market.

How we work

We partner with companies as they transition into a more structured phase of development — where growth becomes less about speed and more about consistency, clarity and control. Our aim is to support expansion while helping businesses evolve into more resilient, well-managed organizations. We work alongside management on the areas that matter most at this stage: strategic clarity, operational consistency and organizational readiness. This often means making priorities sharper, decisions more structured and operations more predictable as complexity increases. We approach every investment as a partnership. We align early on direction and priorities, then remain a steady, thoughtful counterpart throughout the journey — offering perspective where it matters, without getting in the way. From the outset, we take a long-term view on value creation. A well-considered growth path and a carefully prepared exit are part of the same process — not separate objectives.

People behind the partnerships

We work closely with management teams — supporting strategic priorities, organizational development and disciplined execution — as they build businesses designed for sustainable expansion.

Jenő Nieder

Deputy CEO

Jenő Nieder

Deputy CEO

Jenő joined Portfolion in 2016 as an Investment Director and became Deputy CEO and Partner in 2018. He leads key investment initiatives and is actively involved in the Investment Committees of all Portfolion-managed funds. Jenő serves as chairman and/or board member at several portfolio companies, including Finshape Group, Commsignia, Pepita Group, Graphwise, GymBeam, Connectis Tower, and Szekszárd MG. He also contributes to Hungary’s innovation ecosystem as a board member of IVSZ, the Hungarian Association of Digital Companies. He began his career in M&A and venture/private equity at KBC Securities in 2006, gaining international corporate finance experience across acquisitions and divestments, IPOs, and delistings. Jenő has been a CFA charterholder since 2011 and graduated from Corvinus University of Budapest. Outside of work, he is a dedicated sports enthusiast and a father of three, passionate about building international growth stories.

Zsolt Mihály

Partner

Zsolt Mihály

Partner

Mihály Zsolt is a Partner at Portfolion Capital Partners, where he focuses primarily on B2C-related investments, with particular emphasis on education technology, e-commerce, marketplaces, and travel tech. He joined the firm in 2017. For him, the relationship with the founder and management team is not a side element of the role, but one of the most important factors in making an investment decision. He believes Portfolion’s strength lies in taking the time to truly understand entrepreneurs and structuring investments that are fair, flexible, and aligned for everyone involved. This approach naturally leads to working closely with founders throughout the entire investment journey, and is reflected in the fact that much of the portfolio he is involved with consists of bootstrapped companies. Zsolt holds a Master’s degree in Corporate Finance from Corvinus University of Budapest and studied at Babeș-Bolyai University in Cluj-Napoca. Earlier in his career, he worked in investment banking at Citi. Outside of work, he enjoys staying active through swimming and fitness training, has a competitive background in taekwondo, and likes to spend his free time on two wheels, whether cycling or riding his bike.

Ádám Szalai

Principal

Ádám Szalai

Principal

Ádám joined Portfolion as a Principal in 2026. Prior to that, he was an Investment Director at Integral Capital Group, a CEE focused mid-market private equity fund, where he sourced and executed diverse investments across the region in education (K12, edtech), niche manufacturing, private healthcare and enterprise software among others. Before moving back to Budapest in 2020, Adam spent the majority of his professional career in London, where he worked as a Senior Associate in HSBC’s investment banking division and an Assistant Director in Deloitte’s corporate finance team, advising financial services and private equity clients on acquisitions, dispositions, restructurings, IPOs and various corporate finance mandates across Europe. Ádám studied international business and graduated Budapest Business School’s double degree program with Avans University of Applied Sciences, sharing semesters between Budapest and the Netherlands. He spends his free time with his twin daughters and enjoys staying active through weightlifting, running and playing basketball.

Bence Bánhalmi

Principal

Bence Bánhalmi

Principal

Bence joined Portfolion as a Principal in 2023. After graduating from the University of Cambridge, he started his career in Private Equity at Blackrock Private Equity Partners and then transitioned into venture capital. Before moving back to Budapest and joining Portfolion, he worked as a Fintech investor at Fidelity International Strategic Ventures based in London, which span out of Eight Roads Ventures in 2020. At Portfolion Bence focuses on growth stage investments and is especially excited about fintech and software infrastructure. As a former competitive rower, in his free time Bence enjoys endurance sports and spending as much time near water as possible.

Bence Gergely

Principal

Bence Gergely

Principal

Bence is a Principal at Portfolion and has been with the firm since 2019. He holds degrees from Corvinus University, the University of Technology and Economics in Budapest, and he graduted from the CEMS MIM programme. His previous experiences include working in banking and consultancy. After living in Barcelona and Vienna, he returned to Budapest to join Portfolion. He is proud to have worked with portfolio companies like Banzai Cloud, Deligo, Szallas Group, Shiwaforce, VCC Live, and Novakid, and continues to look for and cooperate with amazing management teams and companies from across the CEE region. Outside of working hours, Bence has been playing the piano for over a decade, loves biking and playing board games with family members and friends.

József Szigetvári

Venture Partner

József Szigetvári

Venture Partner

József Szigetvári joined Portfolion in 2024, where he supports portfolio companies in achieving strong leadership performance and international growth, while also serving on the Supervisory Boards of SzallasGroup and OTP Health Fund. Until 2024, he was CEO of SzallasGroup, building it into one of Central Europe’s largest tourism platforms, and earlier created several market-leading digital products, including Profession.hu and Olcsobbat.hu, as well as leading the international IT publisher IDG for nine years. His core expertise lies in digital product development, scalable business models, and international expansion, supported by widely recognized leadership achievements, including being the only recipient of both the IVSZ Young Manager and Manager of the Year awards. He has a strong background in technology-driven business development and brings decades of hands-on executive experience. Outside of work, he is a proud father of two and a passionate American football fan, believing that long-term success is built on clear strategy and strong teams.

Péter Máthé

Investment Manager

Péter Máthé

Investment Manager

Peter joined Portfolion in April 2022 and is currently an Investment Manager. He focuses on growth-stage investments across the CEE region. Peter previously gained extensive investment banking experience at Invescom Corporate Finance’s Budapest office, where he worked on the structuring and execution of complex corporate finance assignments, including cross-border M&A transactions, capital raisings, and valuation projects. Peter holds an M.Sc. degree in Finance & Investments from the Rotterdam School of Management, Erasmus University, and also studied at the National University of Singapore Business School. Peter places strong emphasis on continuous self-development: on an average weeknight, he can be found preparing for the next level of the CFA program or sharpening his communication skills through Toastmasters. Outside of work, he stays active in the gym or by playing tennis and soccer, and enjoys an occasional ski trip with friends and family. Peter speaks English, Hungarian, and Romanian fluently.

Richárd Rusznák

Senior Investment Associate

Richárd Rusznák

Senior Investment Associate

Richard joined Portfolion as an Associate in June 2024. He brings a solid track record in corporate finance, having spent most of his career in Big4 consulting before making the transition to private equity. At EY’s Budapest office, Richard managed transaction advisory projects, including both buy-side and sell-side mandates. He gained extensive experience in the financial modeling & valuation of various businesses, and in facilitating debt financing transactions. Richard holds a degree in Philosophy, Politics and Economics from the University of Warwick, where he spent 3 years before moving back to Budapest. In his spare time Richard prefers to stay active – besides going on excursions whenever he finds the time, he plays competitive padel and is also a racquet sport enthusiast in general.

Full team

Jenő Nieder

Deputy CEO

Jenő Nieder

Deputy CEO

Zsolt Mihály

Partner

Zsolt Mihály

Partner

Ádám Szalai

Principal

Ádám Szalai

Principal

Bence Bánhalmi

Principal

Bence Bánhalmi

Principal

Full team

Jenő Nieder

Deputy CEO

Jenő Nieder

Deputy CEO

Zsolt Mihály

Partner

Zsolt Mihály

Partner

Ádám Szalai

Principal

Ádám Szalai

Principal

Bence Bánhalmi

Principal

Bence Bánhalmi

Principal

Full team

Growth Equity

We focus on fundamentally strong, scalable businesses with future-proof positioning and long-term value creation potential.