On 2 November 2026, the Government submitted Bill No. T/961 to the Hungarian National Assembly (“on the amendment of certain acts necessary for the protection and strengthening of state-related assets and state-backed financing”).
Under the bill, the manager of a privately placed investment fund (including venture capital and private equity funds) must transfer the management of the fund to another fund manager capable of taking it over, if at least 60% of the investment unit holders initiate the transfer. If no transfer agreement is concluded within 20 days, the Magyar Nemzeti Bank (MNB) will order the transfer by decision within 15 days, at the request of 60% of the unit holders. The transfer must take place no later than the 60th day after the initiation. For 90 days after the law enters into force, the fund manager may not call for capital contributions unless at least 60% of the unit holders consent. According to Portfolio, a significant share of state equity investments has been made through such funds, most often with a 70% state (e.g. MFB) and 30% private capital ratio.
According to the bill, the law will, as a general rule, enter into force on the day following its promulgation.