PFR NCBR CVC Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych
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.
Who may benefit from the Fund?
- Corporations
- Venture Capital funds
What purposes or projects are implemented by the fund?
- Supporting research on commercial application of new ideas
- Development of innovativeness and competitiveness of the Polish economy through supporting technological companies from the SME sector
- Including corporations in the process of innovation stimulation
How does the financing by PFR NCBR CVC FIZ function?
The fund may grant a single company two types of financing:
- first investment in a company – the amount constituting a maximum of the equivalent of EUR 15 million, half of which is the PFR NCBR CVC FIZAN contribution, and the other half the resources of Private and Corporate Investors. The amount may constitute a maximum of 20% of the Capital Fund’s capitalisation.
- follow-on investment – if the limits in the above point have not been reached and provided that additional requirements determined by law and the Programme rules are met.
Structure of shares after the investment by the fund
The Managing Entity may acquire a maximum of 49% of the company's ownership rights.
- The preferred form is an investment through the increase in the companies’ capital.
- It is possible to repurchase shares from existing owners in particularly justified cases up to 50% of the value of the investment in the company. Repurchasing must be combined with the acquisition by the Capital Fund of the Special Purpose Entity’s new equity or quasi-equity instruments of the same value.
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.
PFR NCBR CVC FIZAN w skrócie
Fund of Funds
Approx. EUR 200 million
Financing of investments in independent CVC and VC funds, which over years will invest in small and medium technological companies.
The value of investment in a company may be up to EUR 15 million
5 years
Open process of the selection of VC/CVC funds until approx. EUR 200 million is used up
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.
Management of the fund
Record of Investment Funds
RFI 1502
Abbreviated name of the fund
PFR NCBR CVC FIZAN
Contact us
We are at your disposal
