Hungarian financial market regulator PSzÁF has approved the establishment of Primus III Venture Capital Fund, which intends to invest HUF 6.2 billion in Hungarian SMEs over the next three years, Primus Capital Venture Capital Management told MTI on Thursday.
The fund's startup capital of HUF 6.2 billion, includes HUF 4.34 billion from the New Hungary Venture Capital Program. The rest comes from Hungarian and foreign institutional and private investors.
Primus Fund focuses on innovative businesses in their early growth phases, with investments between HUF 50 million and HUF 1 billion.
"Primus Capital has recently signed its second investment offer with a company that applied, and plans to conclude at least two investments before the summer in the technology and service sectors", chairman of the board Zoltán Bruckner said. He added that the fund manager had invested in a number of companies over the past five years and several had become market leaders and even entered foreign markets.
Primus Capital is one of the eight fund management companies that won a tender called by the National Development Agency (NFÜ) to manage about HUF 45 billion in funds to be part of the New Hungary Venture Capital Program, Econews reported in October.
The New Hungary Venture Capital Program will make HUF 31.5 billion in EU and state funding as well as HUF 13.4 billion in private capital available to micro-, small and medium-sized businesses in their start-up or early growth phases. (MTI-ECONEWS)