Ivan Zec
Partner
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- Full Name
- Ivan Zec
- Firm
- Blue Sea Capital
- Firm Type
- Independent private equity company / asset manager
- Target Company Profile
- Established, EBITDA-profitable small and medium-sized private companies with strong growth potential, strong cash-flow generation, defensible market positions, and regional growth potential
- Sector Focus
- Healthcare services, FMCG, service businesses, niche manufacturing, retail; for co-investments, acyclical medium or large private companies including infrastructure
- Geographic Focus
- Former Yugoslavia region: Croatia, Slovenia, Serbia, Bosnia & Herzegovina, Montenegro, and North Macedonia; co-investments may also include developed countries
- Location
- Blue Sea Capital has offices in Belgrade, Serbia, and Zagreb, Croatia
Background
I could not verify from public web sources that Ivan Zec is currently or formerly listed as a Partner at Blue Sea Capital, nor could I verify the stub’s “Angel Investors” role, “Angel Investors” firm type, or “Seed Round” investment stage. Blue Sea Capital’s current team page lists Saša Galić, Vuk Vuković, and Mila Čiček, but does not list Ivan Zec.
The most relevant verified organization connected to the stub is Blue Sea Capital, whose website describes the firm as an asset manager based in the former Yugoslavia region. Blue Sea Capital invests through Blue Sea Capital Fund I and enables family-office co-investments in developed markets and in the former Yugoslavia region.
Blue Sea Capital’s stated activity is private equity, not seed-stage angel investing. Its investment approach explicitly says the firm invests in established EBITDA-profitable businesses and “does not invest in seed, early or later-stage start-up companies.”
Investment Thesis & Focus
- Blue Sea Capital Fund I invests in controlling stakes in small to medium-sized private companies with strong growth potential in the countries of former Yugoslavia.
- The firm targets SMEs in healthcare services, FMCG, service businesses, niche manufacturing, and retail.
- Blue Sea Capital focuses on established, EBITDA-profitable businesses; the firm states it “does not invest in seed, early or later-stage start-up companies.”
- The firm looks for defensive, acyclical sectors, structurally growing businesses, companies in fragmented markets that can benefit from acquisitive growth, and companies with strong, defensible market positions.
- For family-office co-investments, Blue Sea Capital enables minority co-investments alongside established lead GPs or private equity funds, including in medium or large private companies and acyclical investments such as infrastructure.
Notable Investments
- MediGroup - Serbia-based healthcare-services platform; Blue Sea Capital invested in 2012 and announced completion of sale to Mehiläinen alongside MidEuropa in December 2025.
- Miloš klinika - Serbia-based healthcare-services company; investment listed as 2014 with partial majority exit in 2018.
- Piramida - Croatia-based niche manufacturer of pharmaceutical packaging; investment listed as 2012 with exit in 2021.
- Imlek - Serbian FMCG dairy producer; Blue Sea Capital invested in 2015 and completed sale of its stake to a regional investor consortium in April 2026.
- Knjaz Miloš - Serbian FMCG beverage company; investment listed as 2015 with exit in 2019.
- Bambi - Serbian FMCG confectionery company; investment listed as 2015 with exit in 2019.
- Telekom Srbija macro tower portfolio - Blue Sea Capital announced in January 2024 that it was co-investing alongside Actis in the acquisition of the macro tower portfolio of Telekom Srbija.
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