Day One Capital started offering the certificates of its first venture capital fund, the company announced on Tuesday.
The subscription period for the six-year fund will be closed on September 30. The minimum investment amount is HUF 15 million. The certificates can be purchased at Equilor Investment Zrt.
This is the first institutional business angel fund ever to operate in Hungary. The fund aims to invest primarily in businesses in the fields of IT, internet, telecommunications, energy, biotech and finance. Fund managers are already in talks with potential investment targets.
The founders of the company include former Magyar Telecom chief executive Elek Straub, former Minister of Economy and Transport Csaba Kákosy, György Simó, who held executive positions at Magyar Telekom as well as András Molnár, investment director of PortfoLion Ventures, the venture capital arm of the OTP Group. The founders have invested HUF 80 million in the first six-year fund, which is expected to manage assets at a value of at least HUF 400 million. The company will charge a 5% annual management fee and it is entitled to a performance incentive from profits above an annual 17%.
Day One strives to aid entrepreneurs at the very early stages of business development to help them grow into internationally competitive businesses with investments at a value of HUF 20-80 million.