LPs Only Munich Edition
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There is a Hungarian expression used when someone experiences deep disappointment: “As if an entire world collapsed inside of me.”
At fifty, I experienced the opposite. A completely new world had built within me while listening to Arnaud Blandin’s presentation in Luxembourg earlier this year on regenerative capitalism, entrepreneurship, leadership, and what he called “the holy grail of sustainability.”
That experience strongly resonated with the mission we are building at ImpactCEE.
ImpactCEE is a community and platform connecting the economic actors of Central and Eastern Europe, the Western Balkans, and Western Europe who believe that long-term competitiveness and prosperity must be built on healthier economic foundations. Our network brings together VC/PE fund managers, banks, corporates, advisors, family offices, HNWIs and UHNWIs — all committed, in different ways, to shaping a more regenerative economic model.
For us, impact investing is not a niche trend or a marketing category. It is one important mechanism within a broader transition toward what we call regenerative capitalism: an economic system where financial performance and the regeneration of human, social, and natural capital are treated as mutually reinforcing objectives rather than competing priorities.
This vision was at the center of LPsOnly Munich 2026, the spring edition of our LPsOnly event series, dedicated to providing institutional and private LPs with structured insights into the impact VC/PE asset class in the CEE region.
We were honored to host the gathering at the General Consulate of Hungary in Munich, in the heart of Bavaria. Following the welcoming remarks and keynote speeches by Dr. Gergely Janzso, Gábor Tordai-Lejkó, and myself, the conversation quickly moved from vision to evidence.
One of the highlights of the event was the presentation of the preliminary findings of the joint KPMG–ImpactCEE research (see report below). As a member of ImpactCEE, KPMG has launched an extensive effort to map the emerging regenerative and impact ecosystem across Central and Eastern Europe — including impact enterprises, fund managers, LPs, and corporates pursuing regenerative strategies.
The early findings are remarkable. Across the four examined CEE markets (Austria,Croatia, Czech Republic and Hungary), impact enterprises achieved a median annual revenue growth of 45.5%, while every €1 of invested capital generated €1.57 in revenue. At the same time, these businesses also demonstrated measurable improvements in their social and environmental impact indicators.
These results suggest that impact investing is not only aligned with values — it may also represent a strategic and financial opportunity for Europe’s competitiveness, innovation capacity, and long-term resilience.
One recurring question from LPs is whether globally significant businesses can truly emerge from the fragmented markets of Central and Eastern Europe.
To answer this, we invited founders who have already proven that they can.
Hedepy demonstrated how a CEE-born company can scale regionally through a combination of digital distribution, operational excellence, and buy-and-build expansion strategies across nine markets. Agrivi offered a different but equally compelling model: a “global from day one” agri-tech company that expanded from Zagreb into more than 50 countries through strategic partnerships and product leadership.
Their stories reinforced a reality increasingly recognized by global investors: world-class companies can absolutely be built from the CEE region.
The GP panel further strengthened this perspective. Representatives from Feelsgood Capital (Croatia), Tilia Impact Ventures (Czech Republic), BONVENTURE, and Masawa discussed what it takes to build impact-focused investment strategies capable of delivering both strong financial returns and meaningful societal outcomes at scale.
The common denominator was clear: the ambition is not simply to create successful companies, but to support ventures capable of positively affecting millions — potentially billions — of lives.
The closing reflections from a state-backed LP, MFB Invest, highlighted another important theme: the strategic importance of stronger regional cooperation among European LPs to co-finance impact VC/PE funds that can contribute directly to Europe’s competitiveness and resilience in a rapidly changing global environment.
The day was also enriched by culture and humanity. A memorable mini concert by the outstanding trumpet artist Lőrinc Barabás reminded us that innovation, creativity, and emotional connection are equally important ingredients of a thriving ecosystem.
For me personally, the strongest takeaway from LPsOnly Munich was the confirmation of something I have gradually come to believe more deeply over the years:
Impact investing is not about “saving the world,” nor is it a shortcut to moral superiority. It is simply a more intelligent, intentional and regenerative version of capitalism.
Capitalism itself is neither inherently good nor bad. It is a system optimized for efficiency and growth. But its historical weakness has often been the assumption that the regeneration of human and natural resources is someone else’s responsibility. That assumption is increasingly incompatible with long-term prosperity.
Human potential remains the world’s only truly unlimited resource. If we systematically exhaust human and natural capital, we undermine the very foundations of sustainable growth and innovation.
Profit and growth are essential.
However, regeneration must become equally essential.
By supporting companies that solve real social and environmental challenges in measurable, scalable, and profitable ways, we are not only building sustainable businesses — we are helping create replicable models for a healthier economy.
We are immensely grateful to the speakers of our event, as well as our supporters and our co-hosts, the Hungarian General Consulate, MFB Invest, Feelsgood Capital and Tilia Ventures, as without their empowerment, we could not have hosted this event.
See you at the autumn edition of LPsOnly on 10 November 2026 in Brussels!
Warm regards,
Elemér Eszter, Chairman of ImpactCEE
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