How we think about investments.
Fewer deals, deeper knowledge, long holding periods. The rules we play by.
The old world of private equity is ending.
Traditional PE funds were built on the assumption that capital is scarce and know-how expensive. That companies are bought, restructured, and resold after five years. That value is created in the transaction, not in the holding.
None of these assumptions hold anymore.
Capital is in surplus today. Know-how is collapsing in price. And companies bought on a five-year horizon end up in funds that have to sell — even when it makes no sense.
Meanwhile, the gap remains.
Central Europe accounts for roughly 2 % of European PE investments. Yet a generational handover is maturing across thousands of profitable SMEs, and digital transformation is cheaper than ever thanks to AI.
Most funds don't reach this far. Mega-funds chase big-ticket deals. Mid-size funds compete on prices where they can no longer match strategic acquirers. And angel investors can't deliver the hands-on work these companies need.
Our thesis:
In CEE over the next ten years, the largest edge belongs to whoever combines capital, operational excellence, and a long horizon.
That's the gap Point FM was built into.
We build on three things. All pulling in one direction.
01 — Entry
Minority position, not a takeover. A 10–40 % stake, fair governance, capital protection. The founder doesn't lose speed. We gain structure and compounding.
02 — Work
Hands-on, not slide consultants. We help with pricing, GTM, product, data, and filling C-level roles. At Investown we helped triple AUM from CZK 2bn to CZK 6bn in a year.
03 — Time
Long horizon, not a forced exit. Point FM runs as an evergreen structure — no fixed investment horizon. We sell when the market and the company offer a better alternative than continuing to hold. Pressure to exit is expensive.
Marek Kříž — investor and operator.
Over the past 12 years I've helped companies grow across finance, technology, and marketing. I founded Zaloto and Devx — and took both to exit without outside capital. At Investown, in 2024–2025 I helped grow assets under management from CZK 2bn to CZK 6bn. I joined Able in 2023; the company has since grown 70 % in valuation.
I'm not an outside advisor. I get actively involved with companies, work alongside founders, and complement management. My absolute priority is to build a relationship with the team and be a long-term partner — one who doesn't disappear when things don't go to plan.
We work with people who've held positions where billions were on the line. And with software that works while we sleep.
Ota Čermák
15 years at Ernst & Young. At Point FM he runs finance, reporting, and transaction structuring.
Pavel Galuška jr.
Partner and founder of the BGTA tax firm.
AI agents
Our internal tools work alongside us. They scan the market, monitor the portfolio, and generate investment hypotheses. More about the tools →
Marek is a strong strategist who can also be extremely effective in the day-to-day running of a company. His sense for efficiency and order helped us grow from CZK 2bn to CZK 6bn in assets under management within a single year.
Marek is the kind of investor you want on your side. He listens, asks the right questions, and always looks for a path that makes sense.
With Marek I always knew I could rely on his professional approach and on building strategies on data, not assumptions.
In my next company I'd want him again as a partner or investor. He looks at situations with distance, decides rationally, and holds himself to a high standard of integrity.
Two sectors with the largest mispricing in the market today.
B2B services with room for an AI upgrade
Companies with a real customer base and repetitive processes that can be rewritten. Margins after AI integration don't shift in a year — they shift in three.
Vertical SaaS for regulated industries
Software for healthcare, finance, accounting, law, insurance. High switching costs, regulatory moat, slower growth — but compounding that holds.
Sector is not a dogma for us. It's a consequence of where the best ratio of quality and price sits today. Tomorrow it may be elsewhere.
Today we target companies with valuations up to ~CZK 150M.
That's where there's the most room for our type of work — below the radar of mega-funds, above the radar of angel investors. Minority, hands-on, long horizon.
Four attributes. All must hold at the same time.
01 — Real fundamentals
Product, revenue, profit. No three-year-out projections.
02 — Structural growth
A market that grows structurally, not cyclically. Ideally with a regulatory or technological barrier.
03 — High return on capital
A business that doesn't require constant refinancing. Good margins, better unit economics, best-in-class capital efficiency.
04 — Moat
Something competitors can't replicate in six months. Brand, distribution, regulation, switching costs, know-how.
A traditional PE fund has a 10-year life. By year eight it has to sell, whether it wants to or not. The pressure to exit is written into the contract — and investors pay for it in multiples, with companies leaving below their fair value.
Point FM is built as an evergreen structure — with no fixed life. Investors come in, we hold companies as long as continuing to hold makes sense, and exit is possible in predefined windows.
The mechanics are simple. The consequence is structural: the decision to sell a company is made based on the company, not on a calendar.
What we do after signing.
Entry
Minority stake of 10–40 %. Simple structures, no tranches through three SPVs in Luxembourg. Valuation with downside protection.
Governance
Board or advisory seat. Information rights, regular reporting. Veto over capital changes, large investments, strategy shifts. The rest stays with the founder.
Value creation
Pricing, GTM, product, retention, data, automation, C-level hiring. How much time goes into each company — that's set by the company, not by us.
Exit
Dividends as the primary return mechanism. Selective exit when it makes sense. Option to add more when the thesis is confirmed.
This is the strategy. What sets it apart in practice are the companies that fit into it.