No alt text available for image

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.

What does the fund do?

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.

Who may benefit from the Fund?

  • Corporations

  • Venture Capital funds

ul. Krucza 50  |  00-025 Warszawa


Skontaktuj się z nami - nasi eksperci czekają na Twoje pytania:

What purposes or projects are implemented by the fund?


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

How does the financing by PFR NCBR CVC FIZ function?

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.

Area of operation:

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.

No alt text available for image

Investment period:

The Capital Fund’s investment period may last 5 years, until no later than 31/12/2023.

The divestment period also lasts 5 years and may be extended, but until no later than 31/12/2029.

Structure of shares after the investment by the fund

  • 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.

How does the financing model function?

  • 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.

How to become a managing entity

  • 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.


Fund type:

Fund of Funds with capitalisation up to PLN 320 million

Fund profile:

Financing of investments in independent CVC and VC funds, which over years will invest in small and medium technological companies.

Available resources:

Approx. EUR 200 million

Capital entries:

The value of investment in a company may be up to EUR 15 million

Investment period:

5 years (from 2017 to 2023)

Investment process:

Open process of the selection of VC/CVC funds until approx. EUR 200 million is used up

no alternative text available


More information about the PFR NCBR CVC FIZAN fund is available in downloadable documents:

Management of the fund
Record of Investment Funds

RFI 1502

Abbreviated name of the fund


Scroll Up

Irregularity reporting form (anonymous)

Providing your personal data is not required

Complaint form