The Management Team


Rafał Błędowski – Partner
Rafał Błędowski started his professional career in the structured finance department of ABN Amro in the bank’s Warsaw and Amsterdam offices, then went on to the corporate finance department in the London branch. In 1999 Rafał started working at Central Europe’s leading private equity player – AIG New Europe Fund, where he managed several investment projects in Poland, Romania, and Hungary.
In 2001 Rafał founded the advisory company Capital Investment Consulting (currently CIC Corporate Finance). At first, he maintained shareholder supervision over the portfolio companies of investment funds. At CIC Corporate Finance, Rafał has managed numerous capital transactions for Clients such as international corporations, global financial institutions, and Polish businesses.
Rafał is a graduate of the Banking and Finance Faculty at the Warsaw School of Economics, and Capital Market Faculty at Staffordshire University.


Zbigniew Wójcik – Partner
Zbigniew Wójcik started his advisory career in 1995 in the legal and tax department of PwC. In 2000-2008 he worked for a private equity fund, where his functions included board membership in the company managing the funds of the AIG New Europe Fund in Central and Eastern Europe, as well as membership of the fund’s Investment Committee. Since 2009 he has been running an independent advisory and investment business.
Zbigniew Wójcik has in-depth experience in conducting capital transactions in Poland, Hungary, Slovakia, Romania, and Bulgaria, where he has cooperated with leading international financial institutions, private equity funds, and key enterprises.
Zbigniew Wójcik graduated from the Faculty of Law and Administration at the University of Łódź. He has also studied at Maastricht University, and holds a PhD degree in legal sciences.


Hanna Orłowska – Partner
Hanna Orłowska specializes in capital transactions. She has managed numerous projects, including company sales, development capital sourcing, and company acquisitions. The transactions she has managed originated in sectors such as medicine, pharmaceuticals, food production, retail chains, telecommunications, and B2B production and services.
Hanna’s career started in the finance department of Forth Group – a real estate management company based in Chicago. She then worked in the Transaction Advisory department at PwC Poland and the investment boutique HOLON. Hanna has been part of the CIC team for 8 years.
Hanna is a graduate of the Warsaw School of Economics, Faculty of Capital Markets, with specialization in Investment Banking. She has also studied at Northeastern Illinois University in Chicago. She then completed a PhD studies at the Faculty of Economic Studies of the University of Warsaw. She holds a Chartered Financial Analyst (CFA) title.


Adam Jarmicki – Managing Director
Adam has years of experience in direct equity investments, merger and acquisitions advisory. Adam spent nearly 12 years working for private equity funds operating in Central and Eastern Europe. He began his career in AIG New Europe Fund, where he work on investment projects in Poland, Romania and Hungary. In 2008 he became the first member of the investment team of Penta Investments in Warsaw, where he took part and led buyout projects. After nearly 7 years, he decided to go forward and develop his investment experience and joint the team of MCI Capital and Private Equity Managers (leading CEE tech venture investment fund). Till now Adam took part in more than a billion euro worth of transactions of purchase and disposals. He has experience and track record in equity investments in various stages i.e. growth equity and venture capital, buyout and restructurings. Further to that Adam has particular expertise in retail (including e-commerce), industrial production, education and medical services. Adam was a member of numerous supervisory boards of public and private companies and is currently chairman of the supervisory board of Merlin Group SA and Arteria SA (both listed on the Warsaw Stock Exchange). Adam graduated from Warsaw School of Economics.