Can an agnostic (generalist) investment strategy be pursued?  

Yes, establishing a generalist fund is possible. It should be noted, however, that the investment strategy of the VC Fund should be aligned with the profile of the given Corporate Investor and its chosen areas of development. 

Does the CVC Programme assume only VC-type investments or also buy-outs?  

Under First Investments, the VC Fund may only acquire minority stakes in Portfolio Companies. This restriction does not apply to Follow-on Investments. Details are described in point 8 of the Term Sheet. 

Is this the only planned Call under the Programme?  

If the funds available under the Programme are not exhausted in the current Call, opening a further Call is planned. 

Should the management fee be deducted from the PFR CVC investment amount? 

The PFR CVC investment amount (commitment) covers both management fee contributions and investment contributions. In line with market standards, the commitment of all investors includes both the investment contribution and the management fee. 

What are the requirements regarding the allocation, use and settlement of funds by Portfolio Companies?  

The intended use of funds should be set outin the business plan constituting an annex to the investment agreement. The company is obliged to spend the funds in accordance with the business plan, while the Managing Entity is obliged to monitor the implementation of the investment financed from the funds originating from the VC Fund. The expenditure should reflect the implementation of the VC Fund's investment strategy, in particular with regard to directing the spending of funds towards development and innovative activity or international expansion.