Druga fundacija SPV d.o.o. (Second Foundation SPV) is a Croatian special purpose vehicle established in 2022. for a single mission: recovering compensation for consumers and businesses overcharged on loans and leasing agreements by credit institutions operating in Croatia.
We are the largest private litigant against banks in Croatia. As of June 2026., we manage more than 2000 claims, have obtained more than 500 final judgments against credit institutions, and have paid out millions of euro to our clients. We work with six cooperating law firms managing proceedings before courts at every level of the Croatian judiciary.
The case, briefly
Between roughly 2004. and 2008., Croatian banks placed tens of thousands of loans indexed to the Swiss franc, combining a foreign-currency clause with unilaterally variable interest rates. Croatian courts, in collective proceedings running since 2012., have found both contractual mechanisms unfair and null and void. A 2015. statutory conversion (the “Lex CHF”) converted outstanding CHF loans into euro-indexed loans, but in our analysis, and in the analysis confirmed by court-appointed financial experts in thousands of individual proceedings, conversion did not amount to restitution: overpaid amounts and statutory default interest were never returned to consumers.
This is the central contested question of the Croatian CHF saga, and the foundation of our portfolio.
What We Do
Druga fundacija operates as a sophisticated intermediary and claim enforcement specialist. Through a proprietary business model developed over years of interdisciplinary research, we manage the entire lifecycle of a claim:
- Claim Acquisition: Clients transfer their claims to us through a commission-based assignment (komisijski prijenos tražbine) under the Croatian Obligations Act – a fiduciary assignment for the purpose of collection. The structure is contractually settled, not improvised: the client’s economics, our fee, and the allocation of risk are fixed in a contract with no fine print.
- Client economics, stated plainly. Our clients receive 75% of the net recovered amount; 25% is our fee, payable exclusively out of a successful recovery. Clients pay nothing up front, nothing during proceedings, and nothing if we lose. If a case fails, every cost – court fees, expert witnesses, legal representation – is ours alone, with a contractual waiver of any recourse against the client. We publish these terms because we apply the same standard to ourselves that we demand from banks: no small print.
- Litigation and settlement. Our methodology combines financial forensics, econometric modeling of loan repayment flows, and domestic and EU case law. Claim valuations are produced by a proprietary mathematical model calibrated on several thousand adjudicated cases.
- Funding. Operations are financed by our own capital and by dedicated investor capital raised through a registered debt instrument (ISIN HRIIF0O292A3, registered and freely traded with the Central Depository & Clearing Company – SKDD). We are never financed by our clients. Details for investors are available on our Investors page.
Leadership
Marko Rakar, Director. Rakar is a data analyst and transparency advocate with three decades of experience at the intersection of technology, media, and public policy, a member of the Association of Certified Fraud Examiners and secretary of its Croatian chapter. He has consulted for the Council of Europe, the World Bank, the OSCE, UNDP, Transparency International, and the U.S. State Department, and was among the original founders of the Open Government Partnership. In 2017-2018 he served as lead financial forensics expert for the Croatian State Attorney’s Office in the criminal investigation of Agrokor, the largest corporate collapse in the history of the European Union – and he brings the same forensic methodology to Druga fundacija’s claims against credit institutions.
Our team spans law, economics, mathematics, and financial forensics, supported by six external law firms.
For journalists
We respond quickly and on the record. A one-page English fact sheet with key figures and case chronology is available. Selected coverage: Bloomberg Adria interview. Press contact: [email protected].
For investors
Information on our funding structure, the registered instrument (ISIN HRIIF0O292A3), and portfolio metrics: Investors page. Contact: [email protected].
For law firms
We cooperate with Croatian and international counsel on referrals, co-counseling, and portfolio matters, and we are glad to share our legal analyses of the Croatian CHF jurisprudence and its EU law dimension.
Druga fundacija SPV d.o.o.
Lonjička ulica 2a
10000 Zagreb
OIB: 25132169807
VAT ID: HR25132169807
MB: 5212608
Company registration (MBS): 081446327, Commercial Court in Zagreb
ISIN: HRIIF0O292A3 (registered debt instrument, SKDD)
Phone: +385 97 757 7086