EI will use the fund to extend its investment portfolio beyond its native Poland, where it has made a total of 70 investments worth $520m.
The Polish venture capital firm has its eye of opportunities across Central Europe. EI's only foreign deal to date was struck in Romania in December last year.
Heading up its investment team to implement the expansion strategy are two leading figures from Poland's business and political elite – Jacek Siwicki (as managing partner) and Ryszard Wojtkowski (partner).
Mr Siwicki joined EI in 1992 after stints as a government minister and as an adviser to the International Finance Corporation.
Mr Wojtkowski will join the firm with over seventeen years of government, operations and industry experience. He was previously chief of staff for successive Polish prime ministers and more recently as senior executive with Coca-Cola and Novartis/Gerber.
An EI spokesperson declined to identify possible investors in the new fund, but said management expected to the bulk of capital to be committed by West European, US and Canadian investors.
She said the new fund, when closed, will consider investments in all sectors and at all stages, from seed funding to buyout.