EI's investment activities began with the establishment of the $240 million Polish-American Enterprise Fund in 1990. PAEF was funded by the US government to support the Polish private sector through direct equity investments and loans, primarily to small and medium-sized Polish businesses.
The initial success of PAEF led to the establishment of Polish Private Equity Funds I & II in 1992, with a $50 million investment by PAEF and an additional $101 million of capital provided by leading institutional investors from around the world. All of PPEF I & II’s capital was invested in Poland.
The next private fund – Polish Enterprise Fund – was established in 1997 with $164 million of capital. PEF helped build the market position of a large number of leading Polish companies and floated many of them on the Warsaw Stock Exchange.
In 2000 Enterprise Investors closed its fourth fund, Polish Enterprise Fund IV, with a total of $217 million committed by the largest and most influential financial institutions from the US and Western Europe. The fund's capital was invested in the development of private businesses in Poland and other countries of Central and Eastern Europe.
In 2004 Enterprise Investors closed Polish Enterprise Fund V at €300 million. Polish Enterprise Fund V included investors that were new to the region as well as others with experience from EI's previous funds. PEF V was particularly well received thanks to Poland's accession to the EU. In addition to realizing expansion financing transactions a large part of the fund’s capital was set aside for buyouts.
In 2006 Enterprise Investors closed Polish Enterprise Fund VI with capital of €658 million. European LPs accounted for 65% of the fund and US LPs committed 35%. The fund pursues buyout transactions, including management buyouts, as well as expansion financing.
In 2008 Enterprise Investors announced the closing of its first venture capital fund, Enterprise Venture Fund I. The total capital of the fund was €100 million. EVF’s investments range from €1 million to €5 million per project. The fund finances the expansion of small and medium-sized enterprises operating in the technology sector as well as in traditional sectors in Poland and other Central and Eastern European countries.