PPF was founded in the Czech Republic in 1991 as an investment fund and participated in the privatization of the country's economy following the major social change that took place after 1989. PPF Group invests into multiple market segments, such as banking and financial services, telecommunications, real estate, retail, insurance, agriculture and biotechnology. Its reach spans from Europe to Russia, the USA and across Asia. PPF owns €21.6 billion in assets (as at 31 December 2015).