What does the fund do?
The NCBR CVC Fund is the first Polish Corporate Venture Capital fund. It is intended for Funds with capitalisation of up to PLN 320 million, investing in innovative technological companies.
The fund was created within the POIR PFR programme (Smart Growth Operational Programme). The NCBR CVC Fund is the first Polish Fund of Funds focussed on the model of new idea generation and research and the creation of new undertakings within existing corporations.
Financing takes place by the combination of public funds (NCBR contribution) and private funds (Corporate Private Investors). The fund may also cooperate with Venture Capital investors in processes typical for these investors. An important component of each investment in the target undertaking is the “Polish element” of the works conducted, i.e. in connection with the Polish economy.
Area of operation and legal requirements
The fund supports Polish companies in the territory of Poland or abroad – on the condition that their projects constitute a significant added value in the context of the implementation of the fund’s purposes.
Investment period
The Capital Fund’s investment period may last 5 years, until no later than 31/12/2023.
The divestment period also lasts 5 years and may be extended, but until no later than 31/12/2029.
How does the financing model function?
PFR NCBR CVC programme is constantly open until the fund’s resources are used up.
The existing capital funds or management teams which plan to create a capital fund are invited to apply to the programme.
How to become a managing entity?
The PFR NCBR CVC Fund’s programme is constantly open, and companies may submit their applications on the Fund’s website.
The selection process consists of two stages:
- an analysis of the level of the fulfilment of the call procedure criteria and the substantive criteria, and
- an economic and legal analysis of the entity.Proces selekcji składa się z dwóch etapów:
- The application should include profiles of the management team’s members, investment strategy and information about the corporate governance.
- In the course of a detailed examination, potential managing entities participate in direct meetings with the investment committee.
- On the basis of the initial detailed assessment, the Investment Committee chooses managing entities.
Important information
More information about the PFR NCBR CVC FIZAN fund is available on PFR Ventures.
SFDR Classification
The fund is classified as an Article 6 fund under the EU Sustainable Funding Disclosure Regulation (SFDR), which means that sustainability risk is taken into account in the investment decision-making process.
Sustainability risk in the SFDR is defined as: an environmental, social, or governance event, or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment arising from an adverse sustainability impact.
The principles for for considering sustainability risks in investment decisions are set out in the "Strategy for incorporating sustainability risks into PFR TFI S.A.'s investment decision-making process." which is available on that page.
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