About the program
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 for teams eager to manage VC funds focused on investments in to SMEs working on research and development projects
The program involves investing in venture capital funds, whose investment ticket in technological companies amounts to up to PLN 5 million up to 15% of the investment budget. Throughout the fund period, managers receive a management fee as well as carried interest after the fund has been settled.
It is allowed to adopt both the standard structure of the fund and the co-investment model in which private investors are selected on a deal-by-deal basis (they do not invest through the fund structure but directly together with the fund in 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
