PFR Otwarte Innowacje is a program operating within the fund-of-funds model addressed to teams which want to manage a Venture Capital fund focusing on investments in technological projects, with a R&D component, which create technologies based on the open innovation formula.
The programme is dedicated to teams managing VC funds that invest in SMEs involved in R&D projects, including advanced defense and dual-use technologies.
The programme involves supporting venture capital funds whose investment ticket in technology companies ranges from PLN 5 million up to 15% of the investment budget. Throughout the fund's lifecycle, managers receive a management fee, and once investors' capital is returned, also carried interest.
Funds may invest up to 40% of their portfolio value in foreign-registered companies with Polish founders, provided that the capital entirely supports the development of their operations in Poland.
Both a standard fund structure and a co-investment model are acceptable. Under the co-investment model, private investors are selected on a deal-by-deal basis, meaning they do not invest through the fund structure, but directly alongside the fund into portfolio companies.
Standard structure:
- Contribution of PFR OI (between PLN 45 and PLN 80 million) on the fund level, but not more than 60% of the fund capitalization.
- Private contribution: min. 40% of the capitalization (including 1-20% from the managing entity).
- Fund capitalization: from PLN 75 million
Co-investment model:
- Contribution of PFR OI (between PLN 45 and PLN 80 million) on the fund level, but not more than maximum 97% of the fund capitalization.
- Contribution of the managing entity: 3-20% of the fund capitalization.
- Private contribution on the level of investments in portfolio companies: minimum 40% (a managing entity is responsible for acquiring private investors on a deal-by-deal basis).
- Fund capitalization: from PLN 46 million
