About the Fund

We support best VC fund management teams so that they can reach their business goals and that their capital invested in SMEs and business support could create favourable conditions for smaller enterprises to transform them into serious global companies.

The National Capital Fund is the central fund of venture capital/private equity funds (VC/PE) in Poland. The NCF provides VC funds with financial support for their investments in SMEs of innovative character showing vast development potential operating in Poland.

The NCF was established by the Polish Government on July 1st, 2005 in accordance with the National Capital Fund Act with the aim of filling in the equity gap on the Polish SME market.

100-percent shareholder of the Fund is Bank Gospodarstwa Krajowego.

Equity gap

Equity gap appears when demand for capital raised by entrepreneurs, especially when their companies are at early stage of development, is much greater than financial resources offered by private investors. It is mainly caused by the fact that small projects have relatively high cost of preparing and monitoring. This is the reason why some entrepreneurs with innovative ideas for making business encounter difficulties with raising funds.

Our aim is to reduce the equity gap persistent on the Polish market by creating in close cooperation with private investors venture capital funds. Thanks to this funding, VC funds can invest in Polish start-up companies of huge development potential.

Fund of Funds

The NCF is an investment vehicle that invests in VC funds. NCF’s goal is to select best managers who will increase portfolio companies’ value which will result in high rate of return for fund’s investors.

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