PFR Ventures doubles the budget of PFR Private Equity programme

PFR Ventures extends its PFR Private Equity programme. The investing arm of Polish Development Fund will invest over EUR 110 million in new private equity funds, growing the overall budget of the programme to EUR 240 million. PFR Ventures has already invested capital from the newest pool closing on a new partnership.

PFR Private Equity (PFR PE) is a programme with the goals of investing in local private equity firms to support development of a local ecosystem, and joining international teams, to increase Poland’s exposure to them. PFR Ventures has already invested EUR 130 million in three local and four international private equity funds. Allocation of additional EUR 110 million, is a result of continuous interest from investment funds. The capital is provided solely from the budget of Polish Development Fund (PFR).

We see continuous interest in our programme among local funds and lots of investment opportunities on the international markets. In order to address that, we are increasing the budget of PFR Private Equity programme.

said Paweł Borys, President of the Management Board of Polish Development Fund.

PFR Private Equity programme has been extended just before the summer vacations. PFR Ventures team has already signed first deal, investing funds from the newest pool in Syntaxis New Europe Fund III. The team has been active on the market since 2006 and invests in fast-growing companies from the CEE countries, typically via non-amortizing long-term loans with equity linked instruments. Syntaxis plans to invest two thirds of its newest fund in Poland, which is also a home for company’s biggest office.

We are constantly balancing our investment portfolio, to support local teams, while increasing our exposures in the international ones. Our investment in Syntaxis sets the proportions for the number of investment deals to 50/50. We’d like to keep the number of our foreign investments in line with the local ones

says Michał Gładyś, investment director at PFR Ventures.

All the other principles of the programme remain unchanged. PFR Ventures will invest up to EUR 25 million in a single fund, and its participation can’t exceed 25% of the fund. The programme has no time limit, and PFR Ventures will take and review applications until the complete allocation of the funds.

PFR Ventures also plans to expand its investment programmes for private equity and venture capital. Recently, PFR GreenHub FoF was introduced, an EUR 45 million fund with a goal of facilitating the process of transforming the Polish energy sector through investments.