MCI Capital, the investment firm led by former Polish Development Fund head Paweł Borys, is preparing to expand into healthcare. The company plans to announce its first acquisition in aesthetic medicine within the third quarter of 2026.
Borys, who serves as managing partner at MCI Capital and president of MCI Capital TFI, confirmed the strategic shift in an interview with WNP.PL. The fund, traditionally focused on technology and e-commerce, is now actively targeting the health sector. „We are currently concentrating on broadening our investment scope from pure new technologies into healthcare. In this segment we plan a new investment next quarter,” Borys said.
The move is driven by demographic trends and growing health awareness among Poles, which Borys expects will channel substantial funds into the market in the coming years. MCI Capital currently holds eight key portfolio companies, half specializing in software and the rest in e-commerce.
Record divestment proceeds and dividend plans
In 2025, MCI Capital generated approximately PLN 800 million from exits of portfolio companies, a record result. Part of these funds will go to shareholders as a dividend. „The planned dividend level is 4% of assets, which is quite high. The dividend yield will be around 4.5%,” Borys explained.
The fund continues to actively seek acquisition targets across the CEE region, particularly in the Czech Republic and Romania. Poland remains the core market, accounting for half of all investment activity. Borys noted that portfolio companies are performing strongly, with revenue growth averaging 20% and some exceeding 25% in the early months of 2026.
International expansion and AI tailwinds
Many of MCI’s portfolio companies are expanding internationally. For example, eSky Group, a travel platform, acquired the rights to the Thomas Cook brand in September 2024. The ongoing AI revolution is also boosting revenue for technology-focused firms in the portfolio.
„The beginning of this year is very good for us. Companies in our portfolio are growing at a rate of over 25%. On the revenue side this indicator is 20%. They are leaders that are dynamically developing, and most are not only growing in Poland but also expanding into international markets,” Borys added.
Źródło: WNP.PL, Fot. PTWP
