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Michał Łukasz Kamiński and Constantin Marek have established Lynx Trail Capital in Poland, where the market offers a blend of highly attractive business opportunities and succession challenges. Lynx Trail Capital has been supported by experienced SF investors, including Moonbase Capital, Lineage Partners, Secways, Tres Coronas Capital, Heritage Search Partners, AIJ Global, Cromwell Harbor, Mazal Capital, Bietou Capital, Lexington Search Fund Capital, James Simmons, and Claus von Looper.
Michał, who holds an EMBA from Kellogg-WHU, began his career as a policy-maker focusing on innovation policy in the Polish Ministry of Economy and the Prime Minister’s Office, before founding 300Gospodarka, Poland’s leading economic news platform. His passion for fostering international connections led to the creation of the Stern Foundation, which aims to strengthen ties between Poland, Israel, and the USA. In collaboration with Stanford Graduate School of Business, the foundation annually runs a leadership academy for 40 high achievers from various sectors across the CEE region. Constantin is a Quantitative Analyst with seven years of experience in finance, including leadership roles at HSBC and UBS. He also has extensive entrepreneurial experience, having developed two platforms for the residential real estate rental market in Poland and founded a company focused on identifying sites suitable for photovoltaic farms. During his MBA at INSEAD, he spent two months as a PE analyst with the French SF Mors Transmission.
Lynx Trail Capital will seek businesses in growing industries, fragmented markets, and sectors with high barriers to entry, targeting companies with revenues of €20-30M and an EBITDA of €3-5M. While their initial focus will be on the Dual-Use and Green Energy sectors, they maintain a fundamentally sector-agnostic approach.
Michał explains: “Poland’s dual-use market, which encompasses goods and technologies with both civilian and military applications, is growing rapidly. The country’s 2023 defense budget stands at $20 billion and is projected to grow by over 10% CAGR through 2028. Key products in this sector include robotics, lasers, telecommunications, cryptographic devices, and advanced materials. However, entering this sector is challenging due to high R&D costs, regulatory barriers, and the need for expertise and government connections. The war in Ukraine has driven an increase in Poland’s defense budget, creating opportunities for dual-use products and reshaping defense export policies. This allows Polish contractors to strengthen regional defense partnerships and boost export growth.”
Regarding green energy, Michał adds, “Poland’s green energy market is expanding, with a strong focus on solar, wind, biomass, and hydropower. Solar capacity is expected to reach 13 GW by year-end, with wind energy targets set at 11 GW by 2030 and 28 GW by 2040. Biomass and small hydropower are also growing. This expansion aligns with the EU’s directive for 32% renewable energy consumption by 2030. While challenges remain, including regulatory barriers and grid connectivity, Poland’s commitment to reducing its carbon footprint and promoting sustainable energy sources offers significant growth opportunities in the sector.”
