The COVID-19 crisis had a significant impact on the private equity and venture capital market in Croatia, Slovenia and the Czech Republic. At the beginning of the crisis, investors became more cautious and slowed down new investments, which led to a decrease in market activity. Many companies faced financial difficulties and a drop in revenue, resulting in a reduction in investment capital and demand for new projects. However, over time, the market began to recover, and private capital again showed interest in investments in sectors that proved resistant to the crisis, such as technology, healthcare and e- commerce. Digital transformation and technological innovation gained importance during the crisis, attracting the attention of investors and driving growth in these sectors. State incentives and support programs, such as subsidies and credit lines, played an important role in maintaining company liquidity and supporting investment activity. Investors focused more on supporting existing portfolio companies to help them weather the difficulties caused by the pandemic. The crisis also prompted changes in investment priorities, with an emphasis on the resilience of business models and long-term growth potential. The recovery of the venture capital and private equity markets is expected to be gradual, but the potential for investment remains, especially in sectors with high innovation and digital transformation. Despite the challenges brought by the crisis, private equity and venture capital continue to play a key role in stimulating economic growth, supporting the development of innovative companies and creating new jobs.