The Balkan Accession Fund is a private equity fund specifically designed to take advantage of investment opportunities related to the accession of Romania and Bulgaria to the European Union.

The Fund is managed by the Balkan Accession Management Company, which was founded in January 2005 as a joint venture between managers from the Romanian-American Enterprise Fund (RAEF) and the Bulgarian-American Enterprise Fund (BAEF). In October 2006, the Balkan Accession Management Company announced the successful completion of fund raising for the Balkan Accession Fund (BAF), with total investor commitments reaching EUR 110 million.

The Fund focuses on investing especially in Romania and Bulgaria. Both nations have achieved substantial GDP growth in recent years and both are making substantial progress in aligning their legal systems and business practices with those of other countries in the EU. The Fund may also expand its geographic coverage to include Western Balkan countries (e.g. Croatia, Serbia, Albania), Moldova and Ukraine.

BAF typically invests, through equity and/or mezzanine financing, in industry leaders active in double digit growth sectors and/or fragmented industries with consolidation potential and clear domestic and/or regional expansion strategy through M&A/organic growth.

BAF focuses on investing in: financial services, retail, logistics and distribution, consumer products, information technology and telecommunications, healthcare, selected industrial, media and other consumer-related services.