Digital DNA
Private Equity


MCI Funds earned more than PLN 240 million in 2017

11.01.2018 Download PDF
  • In 2017, the MCI Group funds received over PLN 240 million from asset disposals and similar transactions, PLN 75 million more than the worth of its investments.
  • This year was again marked by a high investment portfolio turnover of the Funds, which confirmed the liquidity of the portfolio.
  • Further asset disposals are expected in 2018.

The Funds, having MCI Capital SA as its majority participant (the MCI Funds), have strongly diversified the sources of operational funding. Aside from receipts from disposals of portfolio companies, they include recapitalisations and dividends.

“The disposal transactions mark the beginning of realisation of profits on previous years’ investments, to be continued in 2018. Fund managers are negotiating several sales transactions,” said Ewa Ogryczak, Director at MCI Capital TFI and CFO Private Equity Managers.

In 2017, three major sales transactions occurred, totalling more than PLN 110 million. We completed the first full exit from PLN 44.5 million debt financing extended to Spearhead by MCI.CreditVentures. The second deal, finalised by the MCI.EuroVentures sub-fund, involved the disposal of a portion of its shareholding in Index, a company listed on the Istanbul Stock Exchange for more than PLN 36 million. The third one was the disposal of shares in Wirtualna Polska for more than PLN 31 million.

The funds gained almost PLN 100 million on the recapitalisation of eCard/Dotpay and Naviexpert. They also received PLN 14.4 million in dividends.

Owing to their liquidity buffer, the MCI funds are capable of prompt reactions whenever appealing investment projects emerge. An example of such a transaction is the acquisition of Netrisk, a Hungarian company, in December 2017. MCI.EuroVentures paid PLN 79 million for its shares. Beforehand, it purchased more ATM shares for PLN 37 million. In 2018, the sub-fund, which focuses on mature companies dealing with digital economy or with a potential for business model digitalisation, should continue an active policy of asset disposals and new investments.

11.01.2018 Download PDF