Pale Fire Financing, a.s., a member of the Pale Fire Capital Group, is launching a new bond issue with an aggregate principal amount of CZK 750 million, with an option to increase the issue size to up to CZK 1.5 billion. J&T BANKA, a.s. is acting as the issue manager, and the public offering commences on 17 August 2026.
“Our first bond issue in 2021 sent us a strong signal from the market that investors were interested in participating in what we are building at Pale Fire Capital. Since then, both the size and the nature of our portfolio have changed substantially, and we are now entering another important stage of our development. We therefore want to once again give investors the opportunity to invest in Pale Fire Capital through bonds. We deliberately set the nominal value at CZK 10,000 to avoid creating an unnecessarily high entry threshold and to make Pale Fire accessible to retail investors as well. Equity, however, remains the cornerstone of our investment model. Over the next five years, we plan to invest EUR 400 million of our own capital in the development of our private equity portfolio,” says Jan Barta, Partner at Pale Fire Capital.
“We currently see significant opportunities at the intersection of digital technologies and traditional industries and services, which will undergo profound transformation in the coming years. This is precisely where our experience in technology, operations and international expansion can provide a genuine competitive advantage. Over the next five years, we therefore intend to significantly expand our investment activities and double the amount of our own capital deployed. Our ambition is to invest in outstanding Czech and European companies and help them succeed globally, as we have done, for example, with ROUVY,” adds Jan Černý, Managing Partner.
The bonds are being issued by Pale Fire Financing, a.s., which is wholly owned by its parent company, Pale Fire Capital SE. Pale Fire Capital SE provides a financial guarantee for the obligations arising from the bonds. The bonds mature in October 2031, i.e. in five years, and will bear a fixed interest rate of 7.25% per annum, payable semi-annually. The issuer will provide the proceeds of the bond issue to its parent company in the form of a loan to finance new business opportunities for the Group, further develop its private equity portfolio and refinance the outstanding 2021 bond issue.
The bonds will also be secured by pledges over the shares of both the issuer and the guarantor, as well as investment shares in the sub-funds, to the extent and according to the timetable described in the Prospectus. The issuer has also undertaken to maintain its LTV ratio (debt relative to asset value) below 50%, while the current leverage ratio stands at only 10%. As of 31 December 2025, the fair value of the PFC Group’s assets was CZK 10.5 billion. As of the date of the Prospectus, the Guarantor estimates the value of the PFC Group’s portfolio at approximately CZK 12 billion.
The Group placed its first bond issue through Pale Fire Financing in September 2021. The initially planned issue size of CZK 500 million was increased to CZK 750 million due to strong investor demand. The bonds from the first issue mature on 12 October 2026.
This is an advertisement within the meaning of Article 22 of Regulation (EU) 2017/1129 of the European Parliament and of the Council on the prospectus. It is neither a prospectus nor an offer to purchase securities. The public offering of the bonds is made exclusively on the basis of a prospectus approved by the Czech National Bank, which, together with the terms and conditions of the bonds, is available at www.palefirecapital.com in the For Investors section and for inspection at the registered office of the issuer. Approval of the prospectus by the Czech National Bank should not be understood as an endorsement of the bonds offered or as a recommendation to invest. Investment in the bonds involves risks, and repayment of the invested amount is not guaranteed. Prospective investors should read the prospectus before making an investment decision and should base their decision solely on the information contained therein.