Between the two positions, I had just one weekend off, so the transition was very intense. In terms of my career, I see it as a natural progression. I lived in France for six years, then ten in London and for the last seven years, I’ve been back in the Czech Republic. Although I was loyal to one brand, I always tried to move to places where something new was happening, where my work had meaning, and ideally where I could learn something. It was great that the people I worked with enabled this for me. Even if it meant moving to another country, changing teams, or expanding one’s specialization. It was no different in the case of Penta Fund. This project has the potential to represent an entirely new chapter in the Penta group’s story. And that’s why I didn’t hesitate for long. 

In a large international bank, you have the advantage of a strong background, robust teams deployed around the world, and IT infrastructure. On the other hand, as a manager, you often deal more with processes than the actual business. At the Fund, it’s the opposite – less comfort, but closer proximity to real assets and the management of companies in the portfolio. At Penta, I appreciate its strong ability to act. It’s managed by just a few partners who also own it. The time from initial thought to decision and subsequent implementation is very short. Everything has an immediate impact on investors, companies, and the fund’s reputation. It’s both very motivating and also committing. 

I aim to support the Penta group’s growth and, through our funds, to enable external investors to participate in this growth. Last year, we focused much effort on promoting the sale of our new funds. Of course we’ll continue on that path, whilst we also prepare for the future. We’ve applied to the ČNB (Czech National Bank) for a license to establish our own investment company, we’re considering launching additional funds, and we want Penta to reach markets outside the Czech Republic. For this strategy, we are building a small yet strong and experienced team. 

Through the newly established Penta funds, for the first time ever we have enabled direct investment into the Penta group and Penta Real Estate. This facilitates participation in the results of our companies. This means sharing profits with external investors, and having the opportunity to greatly accelerate implementation of Penta’s planned growth strategy thanks to external capital. 

They differ in their investment strategy and assets. Our flagship Penta Equity Fund allows investment in the entire portfolio of Penta Group companies and participation in the overall group’s returns, including real estate. Penta Real Estate Fund offers investment only in the real estate part of Penta’s business. Investors participate in all the revenue from the group’s development and the rental of several premium projects, such as Masaryčka and The Cloud One Prague hotel. 

Penta funds now have over 7,500 external investors, who invested nearly CZK 15 billion in 2025. Together with the founding partners, who are still the largest investors in the funds, Penta funds manage assets worth over CZK 35 billion. 

This new external capital has enabled us to greatly expand the Penta Hospitals network, for example with Klinika Dr. Pírka in Mladá Boleslav, and strengthen the social services portfolio segment by purchasing the SeneCura network. Penta Hospitals owns 47 hospitals, 60 polyclinics and 50 senior facilities in three countries. Dr. Max has expanded by 170 new pharmacies to over 3,200 high street pharmacies. And it has also increased e-shop sales by 16.2 percent. Dr. Max plans to further strengthen its position in all CEE countries and in Italy, and over the next five years we expect investments exceeding EUR 1.8 billion. 

Penta Real Estate has launched 10 new development projects in the Czech Republic and Slovakia, and primarily an expansion into the British real estate market through the construction of more than 680 new apartments in two locations in the wider centre of London. Privatbanka has a new management team. In 2025, Fortuna signed an agreement to acquire a 51% stake in Lob, the second-largest sports betting operator in Montenegro. This acquisition represents one of the largest direct foreign investments in Montenegro in recent years. 

Most of our clients are individuals or entrepreneurs looking for ways to invest a portion of their savings in the long term. We also have a number of institutional investors from pension funds, asset managers and family offices. 

The average annual performance of the diversified portfolio of all Penta Group companies over the last decade is 14.8 percent. An investor can therefore expect a long-term net return of the Penta Equity Fund of 12 to 13 percent annually, depending on the investment class and investment currency. 

Preliminary unaudited results for 2025 – from the end of the subscription period and full investment of funds at the end of March – indicate the achievement of this goal in both Czech crowns and euro classes. 

The Penta Real Estate Fund performed excellently last year due to its high share in development (typically the most profitable part of the real estate investment process), and for 2025 we expect a return on the Czech crowns class above 16 percent. 

Both funds are aimed only at qualified investors. So the minimum initial investment is CZK 1 million or EUR 50,000. The institutional class requires a minimum investment of EUR 1 million. Investing in funds can be done through several banking houses or through financial advisory networks in both the Czech Republic and Slovakia. 

We’d like to launch a new fund in the autumn from the Penta Fund family – with a healthcare and real estate focus. We want to continue focusing on investment areas where Penta is strong and has long-term confidence. We have strong expertise in healthcare and real estate. 

In the Czech Republic, we are in a situation where if we want to continue expanding the network of hospitals and senior care facilities, it will be necessary to increasingly build these facilities from scratch or expand existing premises. It’s not just about operating the equipment, but also managing their buildings. In this segment, we already have a broad and unique portfolio – owning the Penta Hospitals network and Alzheimer Home social care facilities network. Investors can get attractive returns from long-term leased existing facilities, and by participating in the management and appreciation of future facilities. There is a current shortfall of 60,000 long-term care beds in the Czech Republic, and the demographic outlook means that this shortage will worsen. This gap could be partially covered by the new fund together with Penta Hospitals. Most people identity Penta with Masaryčka and other large commercial real estate projects, but these represent only seven percent of our portfolio. The larger part of the group comprises activities related to health – such as a network of pharmacies, hospitals and long-term care centres. 

This article was created in collaboration with Penta.   

TOMÁŠ HOCHMEISTER 

■ He graduated from the Institute of Economic Studies at Charles University in Prague 

and Lycée Carnot in Dijon. He completed his postgraduate studies at the College des Ingenieurs in Paris. 

■ He joined Penta Fund from Komerční banka, where he was executive 

director of investment banking. He was responsible for the development and transformation of the financial and capital markets department. He had previously worked for twelve years at Société Générale Corporate & Investment Banking in London and Paris. 

■ He’s married, has three children and lives in Prague. 

Interview: BeNative, Hospodářské Noviny, Zuzana Keményová