Investment committee

The Fund is managed by a Polish-Israeli team of experienced investment managers. The long-standing experience of the Israeli team on the global markets combined with the in-depth knowledge of the Polish team in the Polish market creates a unique set of competences which guarantees good performance of the fund.

Zeev Holtzman

Zeev Holtzman – Chairman of the Investment Committee

Founder and Chairman of the Giza Venture Capital Fund, 30 years of experience in VC and investment banking. Chairman of Giza Polish Ventures and Chairman of the Investment Committee. He founded the Giza Group in 1985 and Giza Venture Capital in 1992. Apart from investing, he was also a representative of Credit Suisse First Boston and Alex Brown in Israel and held top positions in the largest Israeli financial institutions and in Technion (Israel Institute of Technology). Zeev holds an MBA from Columbia University and a BA in economics from the Hebrew University of Jerusalem.


Zygmunt Grajkowski – Managing Partner

25 years of experience in corporate finance and new technology investments. In 1996-2002 he was a Partner in Enterprise Investors – a company managing the largest VC/PE funds in Central Europe. Previously, he was a director of the M&A department in Price Waterhouse Poland. Since 2003 as part of his company Value Based Management Consulting he has completed a few dozen of capital and strategic consulting transactions in Poland and Central Europe. Zygmunt graduated from the Faculty of Electronics at Wrocław University of Technology and holds a postgraduate diploma in Capital Investments and Financial Management from the Wrocław University of Economics.


Marek Borzestowski - Partner

Entrepreneur, founder of Internet companies. Over 15 years of experience as a co-owner and board member ofvWirtualna Polska, InteliWISE,, and Mind The Kids. Founder of the first Polish Think Tank, The Sobieski Institute. He will lead the Horizon project which is focused on the Internet, new media and software. Graduate of Gdańsk University of Technology, Marek also studied at the Swansea University (UK). He conducted research at Kernforschungszentrum in Karlsruhe, Germany.



Shmuel Chafets – Managing Director / Business Development

Over 5 years of experience in business development and creating enterprise strategies. Previously a VP in EBP, a Polish-based holding company focusing on infrastructure and alternative energy and in GCS, a leading Israeli consultancy dealing with Central Europe. Shmuel Chafets has also served in several positions in Israeli government and parliament.




Yuval Avni – Venture Partner

Dr Yuval Avni is a trained medical doctor and holds a Bachelor’s degree (with honors) from the Technion (Israeli Technology Institute) in medical science. For many years he worked as a general and vascular surgeon in the Carmel Medical Centre in Israel. He conducted broad clinical and academic research in the areas of human genetics, general surgery and vascular surgery. He is currently the VP in Giza Venture Capital. As a practitioner with long-standing experience in medical technologies, in Giza Polish Ventures Yuval will deal with analysis of investment projects in the fields of biotechnology and new medical equipment.


Andre Spark - Venture Partner

Andre has twenty years of experience on both the buy and sell side of emerging markets and technology investing. He co-managed Credit Suisse First Boston's investment banking operations in Warsaw, was a Director responsible for the European semiconductor and IT hardware industries at CSFB Technology Group in London and made technology and internet investments for Prokom Software. He is currently Senior Advisor to Bioton SA, the leading Central European biotechnology group. Andre is a graduate of Cornell, Harvard and the University of Michigan Law School, magna cum laude. He started his career as a corporate finance lawyer at the Cravath firm in New York.


Wojciech OlszenkaWojciech Olszenka – Investing Manager

Wojciech has 10 years of experience in strategic consulting, mergers and acquisitions, particularly in the new technology area. He specializes in business analyses of technological companies, including identification of key intellectual assets. Wojciech has performed a few dozen of due diligence analyses and has actively participated in the creation of long-term development strategies of several dozen companies, also including the innovative ones. In Giza Polish Ventures Wojciech is responsible for the analysis of investment projects and subsequent support in the management process of portfolio companies. He is a graduate of University of Economics in Katowice and holds a postgraduate diploma in IT studies from the Silesian University.

Ewa Abel - Junior Partner

Analyst in Giza Polish Ventures. Ewa holds a BS in Business and International Finance of Oxford Brookes in Great Britain as well as a MS in Finance from EDHEC Business School in France. She has previously worked as an analyst in the investment banking sales department of Diamond Capital in Nigeria. In Giza Polish Ventures Ewa is responsible for initial analysis of investment prospects and in the further stages of the investment process, for Business and Intellectual Capital Due Diligence.



Marcin ZajacMarcin Zając - Financial Controller

Over 10 years of experience in creation of financial models reflecting company operations, including large international stock-listed companies, as well as small innovative start-ups. Marcin prepared evaluation models of several dozen companies. In Giza Polish Ventures he is responsible for preparing financial models of the analyzed innovative companies and constructing on their basis evaluation instrument with the use of methodologies relevant to knowledge-based companies, that is evaluation of the intellectual assets enriching traditional methods like EVA, DCF or APV. He graduated from Private School of Business and Administration and holds a postgraduate diploma in Managing the Value of Company at Warsaw School of Economics.




Karolina Young - Executive Assistant

Warsaw University Graduate. Responsible for office administration, correspondence, documents, and any organisational matters at Giza Polish Ventures.