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SEAF Serbia Impact Fund

The SEAF Impact Serbia Fund invests in growth-stage small and medium enterprises in collaboration with local entrepreneurs for both market returns and social impact



Launched in 2014 in partnership with Opportunity International, the Fund aims to build upon the success of SEAF’s previous regional funds, including the SEAF South Balkan Fund, to identify and invest risk capital in high growth companies.


Target Fund Size


million euros

Fund Term


years from first close plus 1+1

Investment Period


years from first close

Deal Size

500k - 1

million euros

Investment Strategy

  • The Fund makes investments into growth stage SMEs, with a portion targeted at early stage companies.
  • SEAF aims to build a portfolio that benefits from the upside potential of a substantial equity/venture debt component, generates diversified current income and manages the risk of capital loss.
  • The Fund will invest in 10-15 SMEs for both market returns and social impact, primarily by promoting economic activity and providing quality jobs to the local population, addressing the United Nations Sustainable Development Goal #8 – Decent Work and Economic Growth

Investment Thesis

  • Serbia’s SME sector has traditionally been financed by commercial bank lending, which has limited both the size and general availability of lending. The current presence of private equity funds in Serbia is inadequate due to the small market size for larger equity investments, lack of local market knowledge, and an unstable political and economic situation. Therefore, untapped market opportunities exist in Serbia capable of providing significant investment returns which have been overlooked by other risk capital providers.
  • In recent years, Serbia has transformed itself into a stable, growing economy with low inflation, a fiscal suprlus and a recovering labor market. Despite the loss of some momentum across much of the Eurozone, Serbia’s GDP during 2018 was the country’s highest in a decade, and continued to grow in H1 2019 (2.8% y/y).
  • Serbia has a stable, well-capitalized, competitive banking sector, and a government working to simply the bureacracy to attract FDI and promote  innovation.
  • Additionally, the country has a well-educated and recognized human capital base in the technology sector.

SEAF Opportunity Serbia Fund Placeholder
SEAF Opportunity Serbia Fund

Region: Central & Eastern Europe

Location(s): Serbia

Start Date: July 2014

Status: Actively Investing

Investor(s): SEAF, Opportunity International

Managing Director: Nikola Stefanovic

Local Team

Nikola Stefanovic - Managing Director - Belgrade

Nikola Stefanovic
Fund Managing Director

Nikola Stefanovic joined SEAF in 2006. He leads the SEAF South Balkan Fund B.V. and SEAF Serbia Impact Fund B.V., private equity funds focused on Serbia, Kosovo, Macedonia, and Montenegro. Prior to SEAF, he held the Managing Director/Partner position at Academy Funds (Academy Centennial Fund I and Academy Venture Fund II), a venture capital group in the US. Since 1999, Nikola has worked on more than 40 transactions in the US and the Southeast Europe. He has served as a member of the Board of Directors for Finera Factoring, Gomex, PC Centar, Logo Holding, A2B Express Delivery, the CEED Serbia Foundation, SPEA, AmCham (SRB), and Design Source (US). He holds a bachelor’s degree with high honors from Guilford College in the US, an MBA degree from Wake Forest University in the US, and a PhD degree from University of Novi Sad in Serbia. Additionally, Nikola has participated in courses and community work at University of Guadalajara, Mexico and completed an executive education program at Duke University in the US. He has passed Level I in the CFA program in the US.

Lorena Macura - Belgrade

Lorena Macura
Vice President

Based in Belgrade, Lorena currently serves as the Vice President in SEAF South Balkan Fund and SEAF Serbia Impact Fund. Lorena has 15 years of private equity and investment banking experience gained through direct investments in private companies and various M&A advisory projects in the Balkans. Lorena has served as a member of the Board of Directors for Gomex, A2B Express Delivery, Adore Chocolat, the CEED Serbia Foundation, and the Serbian Private Equity Association (SPEA). Prior to joining SEAF, Lorena worked as an associate at Synergy Capital, a Belgrade-based investment boutique company that served as the sell-side and buy-side advisor in large privatization projects in the Balkans. Lorena’s expertise embraces PE and M&A skills, as well as value creation skills gained by providing financial, operational, and strategic advisory support to the entrepreneurs and management teams. Lorena received her Bachelor’s degree (with distinction) and her MBA (with distinction) from the University of Sheffield, the United Kingdom.