VRIJEME JE ZA GOSPODARSTVO Dinko Novoselec

Guest Dinko NovoselecHosted by Darko BukovićMay 3, 2026

Dinko Novoselec

About this episode

What you'll hear in this conversation

Can a fund truly chase profit and purpose with equal rigor? Dinko Novoselec, a seasoned fund manager who led AZ Fund for over thirteen years, is now one of three partners at Feelgood Social Impact Fund, which aims to do exactly that. This isn't philanthropy; it's a new model of investing where financial returns are just one half of the equation. The other half is a rigorously measured, positive societal impact. Novoselec explains the subtle but crucial distinction between 'social' and 'societal' impact, a nuance often lost in translation. His fund seeks to invest in projects that don't just have a good side effect, but actively increase their positive footprint in a quantifiable way. He details the fund's structure, its ambitious fundraising targets, and the unique criteria they apply to investment decisions. You will leave this conversation with a clearer understanding of what it means to build a business where impact isn't a bonus, but a core, measurable mandate.

Insights from the conversation

What to take from this episode

Dinko Novoselec highlights the common misunderstanding of 'social impact' in Croatian, where 'socijalni učinak' often implies aid for vulnerable groups. The nuance of language can misdirect an entire investment thesis; the English 'social' here means 'societal,' not 'social welfare'.

'We are not philanthropists,' Novoselec states plainly, distinguishing Feelgood from charity. The fund's mandate is to earn money while simultaneously increasing positive societal impact. True impact investing isn't a trade-off between profit and purpose, but a mandate to achieve both, with equal rigor.

The core novelty of Feelgood's approach isn't just investing in projects with a social effect, but measurably *increasing* that effect, moving a metric 'from 100 to 110 or 120.' If you can't quantify the improvement, you haven't made an impact investment; you've merely invested in something with a nice side effect.

The European Investment Fund committed €15 million to Feelgood, but the team chose to set up the entire fund structure 'according to Croatian legislation.' When you're asking for local investment, you show commitment by putting your own legal and operational roots down in the same place.

With the European Investment Fund's €15 million commitment secured, Feelgood's next task is to raise another €15 million from institutional investors to reach its €30 million target. The initial commitment isn't the finish line; it's the anchor that lets you credibly approach other institutional money.

While Feelgood talks to international investors, the 'bulk of investors' are expected from Croatia and Slovenia, with pension funds being a natural partner. For a regional fund, the first money you chase should be the most obvious, closest capital that shares your geographic focus.

In its investment process, Feelgood will combine 'standard financial metrics' with a 'metric of measurable social impact' when evaluating potential projects. The decision to invest requires both to align; one without the other is not enough.

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