What we do
Institutional investors
Equity products
AI Co-Investment Facility
Cleantech Co-Investment Facility
Impact investing at the EIF
Climate & Infrastructure Funds
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
ESCALAR Programme
Debt products
New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
EaSI Funded Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Normandie Garantie Agri
FAIRE - La Réunion
Auvergne Rhône-Alpes FEADER
Recovery Equity Fund of Funds of Bulgaria
Fons d’Inversió en Tecnologia Avançada (FITA) Catalonia
Dutch Future Fund (DFF)
Dutch Alternative Credit Instrument (DACI)
PORTUGAL BLUE: a new initiative for blue economy investments
JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument
German Corona Matching Facility (CMF)
Portugal Growth programme
Central and Eastern European Technology Transfer (CEETT)
Croatian Growth Investment Programme (CROGIP) II
Croatian Growth Investment Programme (CROGIP)
Croatian Venture Capital Initiative 2 (CVCi 2)
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
The Cyprus Entrepreneurship Fund (CYPEF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
EU4Business Capped Guarantee
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
ESIF Fund-of-Funds Greece
EAFRD FoF Portugal
EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
The LfA-EIF Facilities
The German Future Fund (GFF) - EIF Growth Facility
INAF – French National Agricultural Initiative
ESIF Energy Efficiency and Renewable Energy Malta
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
Call for Expression of Interest for FOSTER II
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
InvestBG Equity Instrument
Romania Recovery Equity Fund of Funds
JEREMIE Romania Reflows – Equity Instrument
Luxembourg Future Fund 1 (LFF)
Luxembourg Future Fund 2
Mezzanine 'Fund of Fund' for Germany (MDD)
NEOTEC resources
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)
EAFRD FoF Greece
Irish Innovation Seed Fund (IISF)
RRF Czech Republic Fund of Funds

Polish Growth Fund of Funds (PGFF)

The Polish Growth Fund of Funds (PGFF) is a EUR 90 million Fund-of-Fund initiative launched in April 2013 by the EIF in close co-operation with Bank Gospodarstwa Krajowego (BGK) to stimulate equity investments into growth-focussed enterprises in Poland. Locally, the initiative is named Polski Fundusz-funduszy Wzrostu (PFFW). At the initial stage, PGFF combines a EUR 30 million commitment from EIF with EUR 60 million from BGK.

In the future, additional commitment from EIF and BGK will be considered to maximise the impact of the initiative, subject to the development of PGFF’s portfolio and market demand.

To implement the PGFF activities, EIF utilises its experience and expertise in managing similar initiatives in close collaboration with national and regional partners across Europe.

What is the Polish Growth Fund of Fund’s Investment Strategy?

The Polish Growth Fund of Funds intends to build a balanced portfolio of Venture Capital, Private Equity and Mezzanine funds with an investment focus on Poland, over an investment period of 5 years. The investment period began on June 1st 2013, when EIF opened discussions with eligible fund managers.

EIF, as manager of PGFF, openly considers the following investment opportunities:

  • Investments into Venture Capital, Private Equity and Mezzanine funds with proven experience and insight into the Polish market;
  • Co-investments alongside institutional investors into early to growth phase SMEs. PGFF co-invests with selected investors which are either domiciled in Poland or in a Central and Eastern European Country, or can consider investments into this area.

Are you a fund manager interested in partnering with us under the Polish Growth Fund of Funds? 

Both funds and direct co-investments need to satisfy a strict set of investment criteria applied under PGFF’s normal investment process. In terms of direct co-investments, we look for a qualified and credible partner, with extensive experience in the specific deal and whose reputation is at stake when undertaking any single investment.

You are eligible to apply for PGFF financing provided you fulfil, amongst others, the following criteria:

  • Your investment strategy is focused on Poland (but could include other Central and Eastern European Countries). Please outline how the proposal fits in the current competitive landscape, what sector and stage is the fund targeting and why, how does it take into account the know-how of the team;
  • Your team is well-balanced, with team members complementing each other in terms of skills and experience, with a proven ability to work together. Emerging and/or first time teams would be also considered;
Furthermore, your team should be :
  • located/domiciled in Poland or in a Central and Eastern European Country;
  • or,in case of international venture capital/private equity funds focusing on this region, a local team should be based or should be established in Poland or in a Central and Eastern European Country.
  • Your track record proves adequate experience in the targeted investment area; previous investment successes and failures will be carefully analysed in order to understand the investment capabilities of the team;
  • The fund is capable to attract further private finance from  other investors, e.g. pension funds, which will at least double the amount of investment capital required;
  • The fund size is commercially viable to ensure the team’s stability and the fund’s investment capacity;
  • The legal and tax structure of the fund should be clear and include market standard terms and conditions;
  • All stakeholders in a fund have their interests aligned.
    Read more about the details to include in your investment proposal

How does the Polish Growth Fund of Fund Investment Process work?

A range of eligible Fund Managers, across a 5-year-investment period, can receive resources from PGFF to be invested into growth enterprises. The interested Fund Managers shall submit investment proposals to EIF, as manager of PGFF. Should the investment proposal meet the criteria listed above, your team will pass several screenings before the EIF undertakes to start a full due diligence process and brings the proposal further through EIF’s approval steps.


We use cookies to give the best browser experience on our website. or change cookie settings.

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


Copyright ©

 European Investment Fund   – The European Investment Fund is not responsible for the content of external internet sites.