In Romania, the sector of healthcare services is expected to attract the highest level of investor interest in 2026, followed by energy, utilities & recycling, a sector that has climbed sharply in private equity funds’ rankings of preferred investment areas, the Roland Berger European Private Equity Outlook 2026 shows.  

These preferences reflect local funds’ focus on resilient sectors with strong fundamentals and a greater ability to withstand a volatile economic environment, according to the survey.

The local investors’ interest in the IT sector is more moderate in 2026 compared with previous years. The sector of consumer goods and retail, which previously ranked among private equity funds’ preferred ones, is also continuing to lose some of its appeal amid macroeconomic uncertainty and pressure on consumer spending.

By contrast, investors in Western Europe and other Central and Eastern European countries continue to favor sectors such as technology, logistics and B2B services, and infrastructure, where structural growth trends and scaling opportunities remain key factors driving private equity funds’ interest.

At the same time, funds in more mature markets are continuing to specialize by sector. The majority of respondents in Western Europe expect to further concentrate their investments in specific industries this year, reflecting the increasing complexity of sectors and the growing need for specialized expertise to assess and develop portfolio companies.

Despite a significant deterioration in the macroeconomic environment compared with previous years and increased political uncertainty, private equity funds active in Romania continue to show an appetite for new investments, the report shows.

The industry is entering a new phase, in which competitive advantage is gradually shifting from access to capital towards execution capabilities and value creation, according to the report.

“Approximately 80% of respondents in Romania expect an economic slowdown in 2026, marking a significant shift from the optimism expressed in previous editions of the study. Nevertheless, investment appetite remains solid. Half of the funds based in Romania expect the number of private equity transactions carried out locally to increase in 2026 compared with the previous year, despite 2025 already being a very dynamic year with a high number of transactions,” Szabolcs Nemes, managing partner at Roland Berger Romania, explained.

“Investors see political instability, the challenging macroeconomic environment and increasingly intense competition for attractive companies as the main challenges for the period ahead. In this context, funds that can generate proprietary deal opportunities while maintaining investment discipline will have a significant competitive advantage,” he added.

According to the study, around 60% of funds active in Romania intend to expand their regional footprint in the period ahead by entering one or two new markets. They are targeting both direct investments and add-on acquisitions, with neighboring countries such as Bulgaria and Moldova among their priorities, as well as larger markets in the region such as Poland. The main objective of this regional expansion is to create regional champions by capitalizing on consolidation and scaling opportunities available across many sectors of the economy. Investors identify cultural integration, management team capabilities, and a lack of local expertise as the main challenges related to expansion, the study found.

“Given the relatively small size of local markets, regional expansion is no longer simply a growth opportunity but has become a strategic necessity for many funds in the region. However, levels of maturity vary, and the strategies adopted differ significantly,” Alina Florean, Senior Manager at Roland Berger Romania, said.

“Funds originating in Poland and the Czech Republic are already active across the region and are therefore primarily focused on consolidating their existing platforms. By contrast, many funds originating in Romania and Southeast Europe, including Bulgaria and Croatia, are only now taking their first steps towards international expansion,” she added.

The Romania & CEE Focus Report complements the 2026 edition of the Roland Berger European Private Equity Outlook. Around 3,500 industry professionals across Europe were invited to participate in this year's edition. In Romania, more than 80% of active funds participated, while the participation rate in the rest of the CEE region exceeded 50%.

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simona@romania-insider.com