Think First Capital I is the private equity investment platform of Think First Capital and will execute all or part of its private equity portfolio through NOVARIS ASI, a regulated Alternative Investment Company registered with Poland’s Financial Supervision Authority (KNF) under registration number PLZASI00467.

The registration gives the platform a stronger framework for its next phase: developing its existing portfolio, creating new investment opportunities, and connecting international capital with high-potential companies across North Macedonia and the Western Balkans. A formal milestone, with very practical possibilities ahead.

What the ASI structure delivers for investors

PLZASI00467 is the formal detail. Its practical value is the bridge it creates: a regulated Polish channel connected to Think First Capital I’s regional sourcing and active portfolio model. For investors, that brings together locally originated opportunities, defined governance and risk practices, structured portfolio reporting, and hands-on value creation built around international growth.

The platform’s initial portfolio, built under this framework, reflects a disciplined selection process:

• 110+ companies reviewed across North Macedonia and the wider Western Balkans.

• 7 companies selected for the initial portfolio, together generating over €3.5 million in ARR.

• Selection criteria prioritise revenue-generating businesses with demonstrated traction, strong management, scalability, and active value-creation potential.

Capital allocation follows defined criteria and oversight: an Investment Committee reviews investment and exit decisions against financial, strategic, and risk criteria, with investor qualification, KYC/AML checks, and pre-investment risk assessment built into the process from the outset. Reporting continues after capital is deployed — investors receive quarterly updates and audited annual financial statements, supported by external advisers and independent review where applicable.

Poland matters here twice: as a capital market, and as a gateway for selected Western Balkan companies ready to scale into larger European markets.

What it means for portfolio companies

From the company side, the real value of the structure appears after the investment is made. Think First Capital I follows an active ownership model, working with portfolio companies across governance, financial management, organisational development, strategic positioning, and international expansion. The objective is practical: help locally validated businesses become stronger, more scalable, and better prepared for larger markets, strategic partners, and follow-on capital.

Funding can follow execution rather than arriving in a single tranche, allowing investment size and timing to align with a company’s needs, milestones, and performance. For the platform’s existing portfolio, the Polish ASI structure adds another channel through which this work can be funded. For future portfolio companies, it expands the platform Think First Capital I can build around them — with Poland positioned as a first step toward larger European markets.

Companies building revenue-generating businesses with proven traction and international potential are invited to reach out at thinkfirstcapital.com.

A formal milestone, built for practical impact

The structure itself is a formal, regulatory milestone. What Think First Capital I builds through it — a stronger bridge between regional opportunities and international capital, and a more structured platform for supporting portfolio companies’ growth — is the part that matters most going forward.