The Association was founded to promote the social impact investment approach in Hungary and the region, so every investment shall be made with the intention to generate measurable societal impact alongside financial return.

We are a community of investors committed to contribute to positive societal change. We strive to stimulate the impact ecosystem and increase the number of social impact investments by developing the sector through knowledge-sharing and professional networking events.

  • We organize regular meetings and events allowing knowledge-sharing, networking, and cooperation for our members and for those who are interested in SII.

  • By collecting and disseminating the international knowledge and best practice in SII, and with the involvement of professional experts, we create and operate a live knowledge centre to support and develop the sector.

  • We cooperate with the key-players of the Hungarian and international impact ecosystem to stimulate capital flow into the sector.


Elemér Eszter



Elemér Eszter is Chairman of the Board at PBG FMC and Impact Ventures fund management companies. With decades of investment and entrepreneurial experience, he is directing the first social impact fund in Hungary.

Szabolcs Varga



Szabolcs Varga joined Gutmann in 2004. He is a partner in the Bank and director of the Bank’s Hungarian office. Szabolcs Varga studied finance and business management at the Corvinus University of Budapest, law at ELTE, Budapest and holds an AMP Diploma from IESE Business School, Barcelona.

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Nora Bogsch



Nora Bogsch fulfils the position of head of secretariat since November 2020. With her background and experience in tourism and event organisation she wishes to add an asset to the group. Fell free to contact her with questions ralated to operations, trainings, knowledge sharing, workshops and conferences.

Károly Fehérgyarmati-Tóth

Supervisory Board member


Karoly is Chief Operating Officer at IMPACT VENTURES Ltd. He has more than 20 years of banking and investment experience. Throughout his career he extended his knowledge in consortium-, syndicated loan-, project-, and enterprise financing, and gained experience on the field of investing. In 2016, he has taken the role of COO at PBG FMC Venture Capital Fund Management Ltd.

Dr. Tibor Héjj

Chairman of the Supervisory Board


His whole life can be considered as International. After having graduated at the Hungarian Electric Engineer University (BME), he gained an MBA degree at one of USA’s top 20 Universities, whilst his doctoral degree in Italy. Furthermore, his publications are available in English and German.
He has worked, founded and directed companies in all of the German-speaking countries, in the USA and in the Far East (Taiwan, Singapore, etc.). Formerly he had worked at tier-1 strategic consultancy firms (BCG, A.T. Kearney), where he had reached partner level, followed by establishing his own group of companies (Proactive Group). As a way of showing his commitment to innovation, he first developed a strategy for the renewal of the innovation ecosystem, and wishing to put this into practice, he accepted the position of strategic and business deputy general manager of the National Innovation Agency.
He is particularly interested in the theory and practice of impact investment, all of which is implemented in the form of theoretical works and investments.

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mihály fodor

Supervisory Board member


In the last two decades, Mihály Fodor worked primarily in the real estate market, gaining knowledge and many years of management experience at big companies (MÁV, OTP, FUTUREAL). He has been active as an entrepreneur since 2014. Since 2021, he has been the operational director of PBG FMC Venture Capital Fund Management Ltd., and since 2019 he has been a board member of Impact Ventures Zrt.

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dr eszter hubbes

Member of the Board


Dr. Eszter Hubbes is partner of Hubbes & Kovács Attorneys at Law and registered attorney-at-law at the Budapest Bar Association. She is mostly specialized in investment, corporate, financial, tax and real property law, and developed strong practice in business acquisitions and venture capital investments. Besides her main clientele of venture capital and private equity funds she is happy to help with legal advisory the development of startup companies. She is the chair of the legal committee of the HVCA since September 2019 and has been elected member of the board of the association in April 2021. In 2022 Hubbes & Kovács Attorneys-at-law joined THBE as a supporting member. Fluent in English and Spanish.

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Dr. farkas bársony

Member of the Board


Farkas Bársony, Co-founder, President and CEO of Sharity Zrt. Board member of KONDOR Global. Former MD of GE Hungary (1999-2017), President of AmCham Hungary (2016-202) and Partner of PwC Magyarország (2017-2019). Lawyer and economist, MBA (graduated in Pécs, PTE 1992,1994) and LL.M. in International Taxation (Wien, 2003). Studied business law, economics and marketing in a US scholarship (IUP, 1989/90). Member of the National Competitiveness Council led by the Minister of Finance (2016-2021). Received the Knight’s Cross of the Order of Merit of the Republic of Hungary (2017) for his outstanding contributions to improving the Hungarian-US business relationship.


ágost balázs wildner

Member of the Board


Since the turn of the Millennium, he has held senior management positions in the fields of media, real estate development and venture capital fund management, as well as the founder of several social enterprises. He currently uses his acquired experience as a consultant. Founding member of THBE.

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