COVENANT BUSINESS VENTURES Sp. z o.o. acts as an entity managing a Venture Capital fund and as a Corporate Finance advisory firm (company acquisitions/disposals, fund raising in debt, loan and capital markets).

An idea behind the COVENANT BUSINESS VENTURES fund is to use our transactional experience, as well as our understanding of credit and investment work, in order to achieve over average returns for investors affiliated with us.

Acting as a financial advisor, we organise and coordinate a transaction process and a fee charged by us is usually dependant upon a final success.

COVENANT BUSINESS VENTURES operates on an „investment club” basis, being associated with a group of reputable private investors.

Transactions are identified and assessed by a management team and are afterwards recommended to investors, who join selected projects through the fund.

We invest in dynamically expanding medium-, small- and micro-businesses at an early stage of growth.

Our potential investments are sought among companies with similar characteristics that we are after, including: unique product/service, potential to grow/expand into foreign markets, competitive advantage, critical stage of business, management quality.

The fund cooperates with a reputable operational advisor/management consultancy, whose role is to perform periodical analyses of operational/market/strategic aspects of the portfolio companies’ businesses and to supervise an implementation of recommended changes.

Maciej Morawski is a founder and leader of the COVENANT BUSINESS VENTURES team.

Maciej returned to Poland in mid-2010, after over six years in London, where he worked in investment banking (ABN AMRO, HSBC). COVENANT BUSINESS VENTURES is his second project being implemented in the Polish Venture Capital market. Prior to that, Maciej worked in the Warsaw’s office of ABN AMRO and for a brokerage house EASTBROKERS Warszawski Dom Maklerski.

Maciej has a multi-year work experience in investment banking, where he was mainly involved in coordination of fund raising transactions related to large business ventures, corporate mergers, acquisitions and privatisations. Those transactions were executed in cooperation with financial clients (Private Equity Funds, Sovereign Wealth Funds) as well as with corporate ones, with their origin in Europe (Great Britain, Italy, France) and in Emerging Markets (Middle East, Eastern Europe, Poland).

Maciej graduated from the University of St Andrews in Scotland (M.Litt: Management, Economics, International Relations) and from the University of Warsaw, Faculty of Management.

Main area of interest of the COVENANT BUSINESS VENTURES fund are medium-, small- and micro-businesses operating in production, services and b-to-b industries, with similar characteristics that we are after, including: unique product/service, potential to grow/expand into foreign markets, competitive advantage, critical stage of business, management quality.

Fund’s objective is usually to take up a minority capital stake in companies selected by us for a period of 3-7 years, provision of a support in financial and strategic decision making, as well as building up healthy business relationships with entrepreneurs working with us.

CBV’s investment is usually preceded by a comprehensive market, economic, operational and legal due diligence, whose objective is to identify and address potential areas of risk for the company and its investors going forward.

Time frame between a first meeting with a company and execution of an investment contract is usually 2-4 months, during which our goal is to agree with an entrepreneur on: future development plans, cooperation principles, fund’s exit strategy and other details related to the investment.

Objective of the COVENANT BUSINESS VENTURES fund is to achieve over average returns for investors through: (i) consistent implementation of a deliberate investment strategy, (ii) conservative selection of projects, (iii) utilisation of professional partners and advisors in investment selection, value adding in portfolio companies and in their supervision, and (iv) application of professional documentation tools, based on which transactions are being structured.

Uncertainty and changeability of moods in financial markets is a cause for a frustration and helplessness for many investors. By accessing the COVENANT BUSINESS VENTURES fund an investor makes his own decision regarding a project being financed by him and has a greater influence over a final rate of return.

Potential investments are sought among young, dynamically developing companies, operating in sectors with high growth potential, actively looking for new sources of financing. Taking into account tightened credit procedures of banks, entrepreneurs like that are usually unable to obtain an alternative funding. That enables entering into interesting projects based on attractive valuations.

More information – Fund’s concept

Utilising an international transactional experience obtained through work in investment banking, the COVENANT BUSINESS VENTURES team is able to efficiently lead transactions aiming at:

• identifying potential buyers for a company and its subsequent disposal;
• short-listing a group of companies from a given region and sector, followed by a take-over process of a selected one or few of them;
• obtaining a structured external financing in local and foreign markets, comprising loan, debt (bond) and equity components.

Mandates listed out above are usually executed based on a success fee, charged upon a positive conclusion of a given transaction.

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