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“Given the relatively small size of companies in the region, you have to adopt a generalist rather than a sector-specific approach” Matjaz Peterman, KD Private Equity

A measly $100 million or so is the London-based firm’s best guess. “Private equity is still very much in its infancy in the region,” admits Zoran Mitic, director of South East Europe Capital Partners (Seecap), a Belgrade-based consultancy whose activities include identifying potential targets for private equity investment in Serbia.