PFR CVC
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The PFR CVC programme is a Fund of Funds that will allocate PLN 370 million for investment in independent CVC funds. An additional PLN 250 million will be added to this budget by corporations. It is the first and only Polish and one of the few Funds of Funds in Europe providing financing in the CVC segment.
PFR CVC is the first Polish fund of funds dedicated to corporations which wish to invest in innovations with the help of professional and independent management teams.
PFR CVC enables the establishment of funds in which corporations are also involved as capital contributors. The corporation then joins the fund directly and participates in each of its investments.
The maximum PFR CVC investment in a single CVC fund amounts to PLN 110 million (up to 60% of the fund's capitalisation).
⚠️ Please note that we made the following changes to the CVC program in May 2026:
- Increase of the investment limit in companies domiciled outside Poland from 15% to 40%, subject to additional conditions being met, along with an expansion of the list of eligible countries
- Removal of size requirements for companies acting as corporate investors
- Discontinuation of the co-investment model
- Discontinuation of the option to issue a Letter of Intent to the Applicant, i.e. a return to the requirement for private/corporate investors to submit declarations of capital commitment to the fund
- Expansion of the management fee calculation model during the investment period to include a variable component
- Shortening of the investment period from 5 to 4 years, with the possibility of a one-year extension
Documentation
FAQ
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.
First edition of PFR NCBR CVC
See a summary of the first edition of programmes based on SGOP (Smart Growth Operational Programme) funds here. You will also find archived programme documentation, investment data and portfolio funds.
