The project will be implemented under Priority 2 "Environment conducive to innovation", Specific Objective (iii) "Strengthening sustainable growth and competitiveness of SMEs and job creation in SMEs, including through productive investment" of the group of instruments entitled: ‘Financing innovative business activities using financial instruments and blended instruments’ of the European Funds for Modern Economy (‘FENG’) Programme, measure 2.30 – Equity instruments. Bank Gospodarstwa Krajowego in an open call, in accordance with Article 39 of the Implementation Act, selected a Partner - PFR Ventures. The aim of the project will be to implement capital instruments aimed at supporting innovative micro, small and medium-sized enterprises, in particular at an early stage of development, which implement or intend to implement or develop innovative solutions (product, service, process, organizational and marketing). These companies, due to the high risk associated with the early stage of development, need venture capital financing with a smart money component. These companies will receive funds for the development of their activities in the form of equity in exchange for the transfer of part of the equity rights in their companies to investors. As part of the project, the following instruments will be implemented together with the Partner: 1. Starter - capital investments in companies at an early stage of development, including companies not yet earning revenues; 2. Business - capital investments in companies at an early stage of development, with the participation of business angels, 3. Open Innovations - capital investments in companies that implement or intend to implement projects implemented in the open innovation formula, 4. KOFFI - capital investments in companies at the stage of development and expansion, 5. CVC - capital investments in companies carried out with the participation of capital of corporate investors. The project will be implemented in the form of a trust fund within the meaning of Regulation (EU) 2021/1060 of the European Parliament and of the Council, where Bank Gospodarstwa Krajowego, acting in partnership with PFR Ventures Sp. z o.o. (‘Partner’), will act as the Manager of the Trust Fund (‘MFP’) in accordance with Art. 1 of the Implementation Act. The Partner's task will be, in particular, to create five alternative investment companies (ASI) in accordance with Polish law, to manage these ASIs, including selecting entities – VC Funds, concluding appropriate agreements with them, and then investing in these Funds, so that they can then invest in the target group of companies. As manager of ASI, the partner will invest in VC Funds from FENG funds contributed through the Trust Fund Manager.