Does the lack of additional support from public funds mean greater risk for private investors? 

Simple answer. Yes, that’s true, but our experience and results have shown that we can successfully select companies and perform well even without such support. The presence of public funds can significantly slow down the operation of the startup or the fund. Delay or lack of decisions can block subsequent rounds, thereby limiting efficiency, which is particularly important when collaborating with renowned foreign VCs. Ultimately, we decided that the BB2 fund operates exclusively with private capital. We believe that our experience and ambitious balances the potential benefits of collaborating with public investors, even though private investors usually have a preferential return compared to funds from PFR or BGK.