National Capital Fund

Project completed
Information board
Switzerland also benefits from the continued development of the Polish private sector, not least because it becomes an ever more interesting market for the Swiss export sector. © SECO

Small and medium enterprises (SME) in Poland face great difficulties in accessing external long-term finance. The National Capital Fund (Polish: Krajowy Fundusz Kapitalowy – ‘KFK’) is a fund-of-funds which provides venture capital for innovative and R&D oriented SME, particularly in four structurally-weak provinces in the southwest of Poland.

Country/region Topic Period Budget
Promoting economic growth and improving working conditions
Access to external financing for micro-enterprises and SMEs
01.05.2009 - 31.12.2016
CHF 53'000'000

Note: the texts under all the headings, with the exception of 'Results achieved', describe the situation before the start of the project.


A fundamental problem for SME development in Poland is shortage of internal capital as well as lack of access to external sources of financing. Due to high credit risk and lack of collateral, debt instruments are only scarcely available to SMEs. Supply of venture capital for such enterprises is even lower.

  • Positive impact on the venture capital sector, mainly due to the lack of investment alternatives for private investors and significant funds waiting on the sidelines for viable investment opportunities.
  • Positive effect on the quality of investments and transparency of the whole sector.
Target groups

Polish SMEs


KFK is an institutional SME investor based in Warsaw specialising in venture capital. It has an important role in business promotion in Poland. KFK has the task of facilitating financial intermediation in the field of venture capital. The investment model is consequently based on a public-private partnership. This means that KFK uses public funds as a leverage to mobilise private resources. KFK and private investors (e.g. pension funds, insurance companies) invest equal shares in venture capital funds, which are selected by means of public tenders. The fund companies in turn participate in the equity of promising SME. Capital and returns on successful investments are subsequently reinvested by KFK.


Achieved results:  


Considering the project and the market developments, it was decided to enlarge the scope of the project and to introduce an instrument supporting SMEs in accessing capital through a loan guarantee scheme for commercial banks implemented following the de minimis rules. By the end of 2017 35 Polish SMEs had received investment from venture capital funds and 1,224 enterprises had obtained guarantees. This helped to create 1,107 jobs. The funds will remain active as revolving funds.

Directorate/federal office responsible SECO
Credit area Swiss Contribution to the enlarged EU
Project partners Contract partner
  • National Capital Fund Poland
  • Polish Ministry of Regional Development

Implementing partner
National Capital Fund (Polish: Krajowy Fundusz
Kapitalowy – KFK)

Budget Current phase Swiss budget CHF   53'000'000 Swiss disbursement to date CHF   53'000'000
Project phases

Phase 1 01.05.2009 - 31.12.2016   (Completed)