The NCBR CVC Fund is the first Polish Corporate Venture Capital fund. It is intended for Funds with capitalisation of up to PLN 320 million, investing in innovative technological companies.
The fund was created within the POIR PFR programme (Smart Growth Operational Programme). The NCBR CVC Fund is the first Polish Fund of Funds focussed on the model of new idea generation and research and the creation of new undertakings within existing corporations.
Financing takes place by the combination of public funds (NCBR contribution) and private funds (Corporate Private Investors). The fund may also cooperate with Venture Capital investors in processes typical for these investors. An important component of each investment in the target undertaking is the “Polish element” of the works conducted, i.e. in connection with the Polish economy.
Venture Capital funds
Supporting research on commercial application of new ideas
Development of innovativeness and competitiveness of the Polish economy through supporting technological companies from the SME sector
Including corporations in the process of innovation stimulation
The fund may grant a single company two types of financing:
first investment in a company – the amount constituting a maximum of the equivalent of EUR 15 million, half of which is the PFR NCBR CVC FIZAN contribution, and the other half the resources of Private and Corporate Investors. The amount may constitute a maximum of 20% of the Capital Fund’s capitalisation.
follow-on investment – if the limits in the above point have not been reached and provided that additional requirements determined by law and the Programme rules are met.
The fund supports Polish companies in the territory of Poland or abroad – on the condition that their projects constitute a significant added value in the context of the implementation of the fund’s purposes.
The Managing Entity may acquire a maximum of 49% of the company's ownership rights.
The preferred form is an investment through the increase in the companies’ capital.
It is possible to repurchase shares from existing owners in particularly justified cases up to 50% of the value of the investment in the company. Repurchasing must be combined with the acquisition by the Capital Fund of the Special Purpose Entity’s new equity or quasi-equity instruments of the same value.
PFR NCBR CVC programme is constantly open until the fund’s resources are used up. The existing capital funds or management teams which plan to create a capital fund are invited to apply to the programme.
On the basis of applications, the Fund chooses managing entities.
After the selection of managing entities, a trilateral investment agreement is signed. Parties to this agreement are: CVC Fund, private corporate investor and the selected entity (capital fund or management team).
The task of the managing entity is to look for innovative companies and to assess their projects. On this basis, the fund can assign resources to a company.
The PFR NCBR CVC Fund’s programme is constantly open, and companies may submit their applications on the Fund’s website.
The application should include profiles of the management team’s members, investment strategy and information about the corporate governance.
The selection process consists of two stages:
an analysis of the level of the fulfilment of the call procedure criteria and the substantive criteria, and
an economic and legal analysis of the entity.
In the course of a detailed examination, potential managing entities participate in direct meetings with the investment committee.
On the basis of the initial detailed assessment, the Investment Committee chooses managing entities.