The Supervisory Board of the Polish Development Fund (PFR) has appointed Mikołaj Raczyński as the new president of its management board.
Raczyński, who has served as the vice president of PFR, will take over the presidency effective September 15, 2026. His appointment comes as part of the ongoing joint five-year term of the management board, which began in July 2024.
Previous president Piotr Matczuk decided to transition to the board of PZU despite having three years left in his term, a move that surprised many in both state-controlled companies.
Upon his appointment, Mikołaj Raczyński expressed gratitude to the supervisory board for their trust, stating, “I assume this role during significant changes in the Polish economy and the international landscape, which present us with new challenges but also open up development opportunities.” He emphasized the commitment to executing PFR’s strategy, reinforcing its role as a partner for enterprises, investors, and institutions that support Poland’s economic competitiveness and resilience.
Mikołaj Raczyński: Background and Expertise
Mikołaj Raczyński is a seasoned manager, economist, and capital market expert with over a decade of experience in the financial sector, as noted on PFR’s website. He has specialized in investment management and capital management in both public and private markets.
Since 2024, Raczyński has overseen investment operations at PFR as vice president and Chief Investment Officer, managing investment decisions, capital allocation, and a portfolio valued at nearly 25 billion PLN. He has been responsible for supervising investment teams and executing key transactions and projects for the fund.
Before joining PFR, he spent almost a decade at Noble Funds TFI and later worked at WOOD & Company, where he held managerial and investment roles across several regional markets.
Raczyński is a member of the Future Council under the Prime Minister and holds a CFA designation and investment advisor license. He graduated from the Warsaw School of Economics and Warsaw University of Technology, and is currently pursuing an Executive Education program at Columbia Business School. He has received the “Golden Portfolio” award twice for investment performance and has been recognized as “Best Macroeconomic Analyst” on two occasions.
The Polish Development Fund S.A. is a commercial law company with state treasury participation.
