1. Main conclusions of the assessment of Tenders
under Call for Tenders No 2
PFR Starter FIZ
Warsaw

2. Conclusions of the substantive evaluation - Call for Tenders No 2 (1/2)
PFR Starter FIZ
General Remarks
Carried Interest division should be more motivating for the members of the Management Body, as well as for the Investment Committee members, experts and consultants.
Time involvement of the team (including other activities) should ensure a proper management of the Fund.
Dependent Investment Committee compared to a private Investor or the Management team has a minority of votes in the Investment Committee
Capital ties between management team and a private investor
Existing conflict of interest between the fund and other activities of the Tenderer’s team members, as well as, lack of risk mitigation
Low smart money potential for start-ups
Poor economics of the Fund (e.g. low team members’ salary, external entities contribution in the remuneration for the management of the fund)
Poor knowledge of the offer (during meetings)
Low quality of the pipeline

3. Conclusions of the substantive evaluation - Call for Tenders No 2 (2/2)
PFR Starter FIZ
Existing Funds/ Management Teams
Negative track record or lack of transparent track record (omission of unprofitable investments)
Low own contribution of Team members, the Investment Committee
Lack of disinvestments
First Time Team
Lack or little investment experience (including own investments)
Lack or little experience in the development of products/services/companies at the early stage
Lack of experience connected to start-up industry profile
Non-complementary team
Too high capitalization of the Financial Intermediary
Lack of current cooperation between team members
Lack of knowledge about the functioning of venture capital market

4. Conclusions of formal evaluation - Call for Tenders No 2
PFR Starter FIZ
Lack of implementation in the Offer of limit values of the parameters specified in Term-sheet, e.g. management fee, length of investment period
Presentation in the Offer of various data regarding a given parameter (e.g. team’s time engagement, their declared own contribution)
Inconsistency of the management fee and the value of the investment with the fund's declared capitalization
The management feet does not cover costs of Fund’s activity
Change of forms of Appendixes to the Offer, including formulations in financial schedule
Lack of submission by a Tenderer information required within Appendixes (e.g. under Investment Policy)

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Legal disclaimer
The document has been drafted by PFR Ventures sp. z o.o. in good faith and with due diligence. The document is for information purposes only, and in particular it does not constitute legal, tax, business or investment advice and is not binding information or justification of PFR Ventures decisions or position and does not constitute a tender or a call for tenders within the meaning of Art. 66 of the Civil Code.
All opinions expressed reflect current views of the authors and are not binding, in particular, with regards to finished, current or future calls for tenders lead by PFR Ventures, and the opinions and views presented can be subject to change without notice. PFR Ventures cannot ensure that the opinions and expectations presented in the document will prove accurate and the situation on the market will not change, moreover PFR Ventures allows for the possibility that the opinions presented may differ from other materials and opinions published by PFR Ventures.
The presentation and its content constitute the property of PFR Ventures. Copying and dissemination of the Presentation, in part or in whole, is possible only with a written consent of the company. PFR Ventures is not responsible for the use of the information contained in the presentation and for possible consequences of any actions taken based on the information provided.