How VCs are using secondaries and continuation funds to manage zombie portfolios in CEE

As a partner of the CEE VC Summit, we are pleased to share a summary of the panel discussion featuring Iga Wojtczak-Opala, Senior Associate.

The session addressed some of the most pressing issues in today’s venture capital market: managing liquidity and “zombie portfolios” in the aftermath of the 2018–2022 investment cycle.

Alongside experts from Finch Capital, Acurio Ventures, SMOK Ventures, and 500 Global, we explored how the regional ecosystem is adapting to the current environment.

Key insights from the discussion

🟩 Market shift: Why secondaries are becoming a permanent tool for portfolio management in CEE.
🟩 Legal governance: The importance of transparency and independent valuations in continuation funds.
🟩 Regional challenges: Addressing the liquidity gap and the need for standardized market practices.

As Iga noted during the panel, navigating the “sensitive territory” of valuations and potential conflicts of interest is critical for maintaining trust between GPs and LPs as these structures mature.

The full summary of the panel is now available on Vestbee: LINK