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Everything you need to know about Think First Capital I and our investment approach

About Think First Capital I

Think First Capital I is the private equity investment platform of Think First Capital focused on investing in high-growth companies across North Macedonia and the Western Balkans.

We operate as a cross-border investment platform combining institutional governance standards with active strategic involvement in our portfolio companies.

NOVARIS ASI is a regulated Polish Alternative Investment Company and one of the capital channels through which eligible investors may participate in selected investment opportunities originated and structured by Think First Capital I.

Think First Capital I has been in operation since September 2024, when the entity was established and began building its investment platform and pipeline.

In August 2026, the platform reached an important milestone with the successful registration of its Polish ASI investment structure, expanding its cross-border capital formation capabilities.

This gives us a cross-border platform that combines institutional governance standards with hands-on strategic involvement in the high-growth companies we back across North Macedonia and the Western Balkans.

Our unique positioning bridges Polish capital expertise with deep Western Balkans market knowledge. We combine rigorous financial discipline with hands-on operational support, and we have dedicated local teams in key markets across the region.

Investment Criteria

We typically invest in companies with annual recurring revenue (ARR) of at least €100K. Our typical investment size ranges from €500K to €3M per transaction.

We follow a sector-flexible strategy rather than fixed sector allocations. Our focus areas span technology and digital, manufacturing, consumer goods, and healthcare, and we remain opportunistic, considering exceptional companies across other sectors where the fundamentals and growth potential are compelling.

The Western Balkans is our core geography, including Serbia, Bosnia and Herzegovina, North Macedonia, Kosovo, Montenegro, and Albania – where our market expertise and local networks are strongest.
We will also consider opportunities beyond the region where there is a strong strategic or operational connection to the Western Balkans and clear international scaling potential.

We generally take minority investment positions. Depending on the opportunity, these may be structured as direct equity, pre-negotiated equity options, or revenue participation rights – customized to the stage of the company, capital requirements, and strategic alignment.

Investment Process

From initial contact to closing typically takes 3-6 months, depending on the complexity of the transaction and due diligence requirements. We strive to be efficient while maintaining thorough analysis.

Initially, we need an executive summary, financial statements for the last 3 years, current year projections, organizational structure, and information about your competitive position. A pitch deck is helpful but not required for initial discussions.

Yes, we are happy to sign standard non-disclosure agreements before receiving confidential information about your company.

Working with TF Capital

We are active partners and may take board or governance roles where appropriate, working closely with management on strategic initiatives.

Our involvement includes strategic planning, operational improvements, talent development, and facilitating regional expansion.

Our average target holding period is approximately five years, though this may vary depending on company performance, value-creation progress, and market conditions.

We pursue multiple exit routes including trade sales to strategic buyers, secondary buyouts to other PE firms, or in some cases, IPOs. The exit strategy is tailored to each company and market conditions.

Absolutely. We prefer to partner with existing management teams and founders who want to continue building their companies. We believe founder-led businesses often have the strongest growth potential.

For Investors (LPs)

Investment opportunities may be available to eligible institutional investors, family offices and high-net-worth investors, subject to applicable legal, regulatory and investor-qualification requirements of the relevant investment structure.

The legal minimum investment is €60,000. For the current Round 1, the minimum investment is €125,000, reflecting the structure and requirements of this specific opportunity.

Please contact our Investor Relations team at contact@tfcapital.mk to receive further investment information and arrange a meeting with our team

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