Flexible financing solutions with a partnership approach

We  unlock value for our investors, companies and communities

Our Business

We back growing mid-market businesses in Central Europe with senior secured financing

By providing a wide range of senior secured loan instruments, ACP Credit completes ACP Group’s (formerly known as Mezzanine Management) suite of credit products offered to mid-market businesses in Central Europe.

ACP Group pioneered mezzanine finance in Central Europe in 2000 and has since evolved to become a one-stop-shop for private debt and growth capital to mid-market businesses. ACP has successfully invested EUR 1bn across six funds, helping +70 businesses grow – organically and through acquisition; domestically and abroad.

The region has grown a lot since then, and so have we: today we provide all types of funding depending on what best suits a particular business at a specific point in its development.
While a lot has changed in 20 years, a lot has stayed the same – namely our relationship-based approach. Being first-to-market means we have the deep insight into the individual markets which has made us a preferred partner for companies, regional financial sponsors, banks and advisory firms.

ACP Credit is led by industry veterans Mariusz Grendowicz, a seasoned former CEO of various regional banks and board member, and Ciprian Nicolae, a private and public credit specialist.

Our People

ACP Credit is led by an experienced, multi-disciplined team of professionals with over 100 years of investment experience in the region, having successfully managed regional banks and loan portfolios across numerous economic and capital market cycles. Over the past decades and cycles, the team of ACP Credit supported mid-market businesses in various stages of their development with flexible financing solutions and a partnership approach.

Investment Team

Mariusz is one of the most experienced bankers and investment professionals in Central Europe having spent more than 30 years in different roles in the region. Prior to joining ACP, Mariusz served as the CEO of mBank and the founding CEO at the current Polish Development Fund. He previously was the Deputy CEO and Head of Corporate Banking at Bank BPH and CEO at ABN Amro Bank (Polska). Mariusz possesses a high profile in the regional investment community and unmatched regional networks due to his positions as non-executive board member and advisory roles at – amongst others – Aviva Poland, Arctic Paper, ATM, MCI Capital, Getin Noble Bank and GTC. Mariusz and the ACP team have worked together for many years in various projects and positions.
Mariusz Grendowicz

Executive Partner

Ciprian is an experienced direct lending fund specialist and banker, with over 15 years spent in both CEE and Western Europe. Prior to joining ACP, Ciprian was part of the senior management of CVI, a leading regional private debt asset manager. He was responsible for origination and investments in Poland and CEE. From 2009 to 2016, Ciprian served as Director at Citigroup in London responsible for trading operations and coordinating credit research and sales teams. His prior positions included Vice President at Deutsche Bank in New York and London and a Senior Auditor role at KPMG in Romania and Poland. Ciprian holds an MBA from INSEAD and is a Chartered Accountant.
Ciprian Nicolae

Managing Partner

Katarzyna is a corporate finance professional, with over 15 years of banking background. Before joining ACP, she was responsible for managing a large corporates' industry team in Bank Pekao. Her prior experience includes positions across structured finance in Bank Pekao and, earlier on, Société Générale where she was involved in origination and financing of a number of investment projects. Prior to her banking career, she worked for EY Corporate Finance.


Katarzyna holds a Master degree in International Economics and Finance and Banking from the Warsaw School of Economics.

Katarzyna Rolka

Investment Director

Since joining Accession Capital Partners in 2011, Dmytro participated in numerous investment projects in different sectors across CEE with a focus on the Baltics and Poland. Earlier Dmytro worked for Ernst & Young over four years initially in the Audit practice and subsequently in Transaction Advisory. During his work at Ernst & Young, Dmytro participated in engagements in Ukraine, the Russian Federation and Republic of Belarus.

Dmytro is a graduate of Lviv Polytechnical University with a Master’s degree in Management.
Dmytro Kistechko

Investment Manager

Paulo is a corporate finance professional, with over 4 years of experience in Investment Banking and Private Equity. Before joining ACP, he worked as M&A Associate in Azimutus, a leading Polish M&A boutique. His prior experience also includes positions across Investment Banking at SEB and Private Equity at Treecorp Investimentos, a Growth Equity fund based in São Paulo, Brazil.

Paulo holds a master's degree in Finance and Accounting from Kozminski University and a bachelor's degree in Business Administration from Insper University.
Paulo Carvalho

Investment Analyst

Business Development and Operations Team

Christian has more than eleven years of experience in investment banking and private equity.

Before joining Accession Capital Partners in 2010, Christian worked as Associate at M Cap Finance, a Frankfurt-based mid-market mezzanine fund. His key responsibilities included assessment of deals, financial modelling, due diligence and structuring of transactions. Christian started his career at Unicredit’s Markets and Investment Banking division focusing on transactions in Austria and CEE.

Christian holds a Masters Degree from the University of Economics and Business Administration in Vienna.
Christian Stix

Partner, Head of Investor Relations

Paul is Group Chief Financial Officer of the ACP Group and has more than eleven years accounting experience in private equity funds services and audit.

Between 2014 and 2019, Paul worked as a senior reporting manager at a private equity fund administrator across the Channel Islands, Luxembourg and Sweden, managing client reporting requirements as well as being responsible for technical accounting matters and quality control.

Prior to 2014, Paul worked in Financial Services Audit in Guernsey for Ernst & Young for six years.

Paul is a Certified Charted Accountant (FCCA) and holds a Physics degree from the University of Leicester.
Paul Moss

Chief Financial Officer

Investment Committee

Since 2000 Franz has been the Chairman and CEO of Accession Capital Partners GmbH. From 1992 to 1999 he was a Managing Director at Bank Austria Group for commercial banking/ international network management and from 1997 onwards a member of the managing board. From 1981 to 1991, he held various positions in the international division of the Austrian Creditanstalt Group, among others, deputy general manager at the Creditanstalt branch in New York. Franz holds a Masters and a Doctorate in economics from the Vienna University of Economy and World Trade.
Franz Hoerhager

Chairman of the Investment Committee

Chris is a Partner and Chief Risk Officer of Accession Capital Partners GmbH. Prior to joining ACP, he was Erste Bank's Prague-based head of acquisition finance for CEE from 2000 until 2005 and significantly responsible for establishing and maintaining a leading market position. Previously he worked in private equity and acquisition finance teams at Erste Bank and HSBC in London.

Chris holds a Bachelor degree in banking & finance from Loughborough University and a diploma in Marketing from the Chartered Institute of Marketing (UK).
Chris Buckle

Member of the Investment Committee

Przemek has more than fifteen years of experience in corporate finance and audit in CEE. He started his professional career in Ernst & Young Audit and Corporate Finance before joining Accession Capital Partners in 2005. In 2008, Przemek launched the Kiev office and heads the Polish office since 2015. He is also responsible for restructuring efforts and special situations in the portfolio. He has been responsible for numerous AMC investments such as Telelink, Ceres, Invia, Dominium, PEM, Spearhead, Flucar, Nettle, Netrisk and ATM. Przemek holds a Master degree in Finance and Banking from the Warsaw School of Economics and has pursued study programs in the U.S. and the Netherlands.
Przemyslaw Glebocki

Member of the Investment Committee

News will automatically update upon transaction announcements.

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Proud signatories of the UN’s Six Principles for Responsible Investment

We are firm believers that responsible investing is beneficial for our investors, our investment companies, and the world we all live in. For this reason, we take very seriously the need to incorporate environmental, social and governance issues into the diligence we do on all our deals

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