Investment funds in Poland

Clifford Chance

As well as a stellar track record advising on issues arising during launch, registration and marketing, Clifford Chance is also valued by clients for providing ongoing assistance with all operational and investment matters relating to a fund's day-to day operations. The team comprises both highly regarded banking and finance experts - including Andrzej Stosio, whose expertise is equally balanced between transactional and regulatory mandates, and counsel Anna Biała - and corporate and M&A specialists - including Wojciech Polz. Leading domestic financial institutions, ranging from state-owned banks to sovereign wealth funds, regularly instruct the group.

Responsables de la pratique:

Andrzej Stosio

Autres avocats clés:

Grzegorz Namiotkiewicz; Wojciech Polz; Anna Biała

Principaux clients


NN Investment Partners TFI

Agencja Rozwoju Przemysłu S.A.– ARP (Industrial Development Agency)

Bank Gospodarstwa Krajowego – BGK (the State Development Bank of Poland)

Polski Fundusz Rozwoju S.A. – PFR (the first Polish sovereign wealth fund)

Macquarie Infrastructure and Real Assets (MIRA)


DNB Bank ASA – a facility agent and security agent for a syndicated financing for Kruk S.A.

Raiffeisen Bank International AG

Principaux dossiers

  • Representing Raiffeisen Bank in proceedings before the Polish Financial Supervision Authority and the administrative courts concerning the penalties of €12m imposed in mid-September 2018 on the client in its capacity as the depositary of four closed-end investment funds previously managed by the FinCrea Investment Fund Manager and then by W Investments.

CMS Cameron McKenna Nabarro Olswang Posniak i Bejm sp.k.

At CMS Cameron McKenna Nabarro Olswang Posniak i Bejm sp.k., a multi-disciplinary team comprising practitioners from the corporate, tax, projects, and banking and finance groups handles mandates relating to investment funds. Błażej Zagórski and Rafał Zwierz bring significant M&A expertise to the group; the former has a strong focus on German-speaking clients, while the latter is also qualified in the US and the UK. Marcin Bejm and Piotr Ciołkowski focus particularly on issues concerning infrastructure and energy assets, respectively. The firm is able to assist throughought the investment cycle, including on integration, restructurings, and implementation of growth strategies.

Responsables de la pratique:

Błażej Zagórski

Autres avocats clés:

Marcin Bejm; Rafał Zwierz; Piotr Ciołkowski

Principaux clients

PFR Ventures

Polish Development Fund S.A. (Polski Fundusz Rozwoju S.A.)

Macquarie’s Green Investment Group

PFR Nieruchomości

Fundusz Inwestycji Samorządowych


Syntaxis Capital

Advent International

Abris Capital Partners

Montagu Private Equity


MidEuropa (former Mid Europa Partners)

The Apax’s PIB Group Limited


CEE Equity Partners

Innova Capital

Principaux dossiers

  • Advised Polski Fundusz Rozwoju and a closed-end fund which it manages on the zł1bn sale of all the shares in Nowe Jaworzno Grupa TAURON to TAURON Polska Energia.
  • Advised Bank Pekao on the sale of 100% of the shares in Dom Inwestycyjny Xelion to Quercus TFI.
  • Advised Abris Capital Partners on the acquisition of the controlling stake of the shares in Orbitvu from its founders and Polish VC fund Capital Partners.

DLA Piper Giziński Kycia sp.

DLA Piper Giziński Kycia sp. utilises a multi-disciplinary approach to assist with the full range of transactional, regulatory and tax issues which may arise during the life cycle of a fund. Jacek Giziński, who has been instrumental in developing the firm’s real estate expertise, is a go-to advisor for funds operating in that space. Marta Frąckowiak, Jakub Marcinkowski and Jakub Domalik-Plakwicz are the team’s M&A specialists. Mariusz Hyla is the name to note for mandates relating to project finance.

Autres avocats clés:

Jacek Giziński; Mariusz Hyla; Marta Frąckowiak; Jakub Marcinkowski; Jakub Domalik-Plakwicz

Principaux clients


Corestate Capital Holding

Elite Partners Capital

Estlin Investments

KGAL Investment Management

Kuwait Financial Center ‘Markaz’


Mid Europa Partners

PFR (Polish Development Fund)

Polish Enterprise Fund VIII (managed by Enterprise Investors)

Stena Fastigheter

Principaux dossiers

  • Advising KGAL Investment Management on the acquisition of a destination complex located in Łódź from Echo Investment for €56.4 million.
  • Advised Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors, on its acquisition of a significant minority stake in Ekoenergetyka-Polska.
  • Advising Aquila Capital Investmentgesellshaft on its plans to invest into the renewable energy sector in Poland.

SSW Pragmatic Solutions

A wide range of investment fund participants - including financial institutions, investors, and asset management companies - comprise the client roster at SSW Pragmatic Solutions. The firm typically advises on the establishment and liquidation of funds, including any regulatory and compliance issues which may arise. The group is also known for its contentious strenght, and regularly represents investment funds in all types of proceedings before courts and public authorities, including the KNF. Wojciech Szczepaniak and Szymon Okoń are the key senior contacts.

Responsables de la pratique:

Wojciech Szczepaniak; Szymon Okoń

Autres avocats clés:

Tomasz Wickel; Tomasz Kwaśniewski; Dawid Brudzisz

Les références

‘Professional approach.’

‘SSW has a unique combination of understanding both legal and tax aspects of investment funds. Therefore, they are able to provide comprehensive advice to the client covering all major aspects of transactions and operations relating to investment funds.’

‘They are very proactive – not only solving problems reported by a client but also anticipating other potential obstacles and providing the right tools to solve them.’

Principaux clients


UBS AG Group

Ipopema Securities S.A.

MM Prime TFI S.A.

Santander Bank Polska S.A. and Santander TFI S.A.

Royal Investments sp. z o.o.

VOX capital group

Alior Bank S.A.

Firlej Kastory sp. z o.o.

Principaux dossiers

  • Assisted BPS TFI with the diversification of assets of selected regulated investment funds to meet regulatory requirements.
  • Assisted AllianceBernstein with the necessary preparations for the fund to notify the KNF of its intention to sell units of foreign funds within Poland.
  • Advising Santander Bank Polska and its subsidiary, Santander Towarzystwo Funduszy Inwestycyjnych, on the sale of the transfer agent division to ProService.

White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k.

Leveraging the strength of its global private equity and venture capital expertise, White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k. is well placed to assist clients ranging from domestic and regional funds, family offices and investment banks, to the largest public and private companies. Aside from Polish law experts, the team also fields several US-qualified practitioners, including Michał Petz and associate Michał Szczepański. M&A practice head, Marcin Studniarek, oversees the work.

Responsables de la pratique:

Marcin Studniarek

Autres avocats clés:

Michał Petz; Michał Szczepański; Artur Kloc

Principaux clients

PPF Group

EC Investments

Rockaway Capital

Aquiline Capital Partners Limited


PKN Orlen S.A.

Orlen VC


Towarzystwo Funduszy Inwestycyjnych PZU S.A.


Invest Line E S.A

Metric Capital Partners LLP

BEKaP Fundusz Inwestycyjny Zamknięty

Octopus Renewables

Principaux dossiers

  • Advising PPF Group, EC Investments and Rockaway Capital on the €975m sale of the e-commerce assets of Mall Group and the logistics assets of WE|DO to Allegro.
  • Advising Aquiline Capital Partners, a private investment firm based in New York and London, on the acquisition of Virtus Lab Group, a software development company.
  • Assisting PKN Orlen with the establishment and launch of Orlen VC.


The team at CRIDO LEGAL is lauded for its 'very creative and innovative approach'; Mateusz Baran oversees a sizeable sub-team, formed of corporate and M&A specialists, responsible for handling the gamut of funds-related mandates. Issues relating to securitisation funds are an area of particular expertise. Recently, the firm has also assisted with numerous reorganisations of structures using investment funds as the holding entities for portfolio companies.

Responsables de la pratique:

Mateusz Baran

Autres avocats clés:

Katarzyna Żółcińska; Michał Klimowicz; Marzena Lau

Les références

‘High quality service, responsive, proactive.’

‘Crido Legal team has a very creative and innovative approach.’

‘I have particularly worked with Katarzyna Żółcińska and Mateusz Baran who I value for their work ethics and who are extremely dedicated to delivering their clients the best legal srvices.’

Principaux clients



Atrium Real Estate Management


Principaux dossiers

  • Advised Hungarian VC fund PortfoLion on its investment in Packhelp, a Polish technology start-up.
  • Advised Hungarian VC fund PortfoLion on its investment in Mindgram.

Krzysztof Rożko i Wspólnicy Kancelaria

Krzysztof Rożko i Wspólnicy Kancelaria fields a team of 'reliable experts', who are able to leverage their extensive experience working for both the private and public financial sectors to advise investment funds and managers on a wide range of transactional and regulatory issues. Alongside founding partner Krzysztof Rożko, the key noteworthy practitioners are Łukasz Zalewski, who has previously sat on the supervisory boards of multiple fund managers, and Mariusz Biały, whose client base predominantly consists of entities supervised by the Polish Financial Supervision Authority.

Responsables de la pratique:

Krzysztof Rożko

Autres avocats clés:

Łukasz Zalewski; Mariusz Biały

Les références

‘Has been active on the market for many years and is well known for its professional approach to clients and expertise in the area of investment funds.’

‘Regarding the strengths and key capabilities of the team, it should be highlighted that the firm has reliable experts.’

‘They always meet deadlines and seek to consider the large picture of clients’ needs. We highly recommend this law firm.’

Principaux clients

Opoka Towarzystwo Funduszy Inwestycyjnych S.A.

PCWO Energy S.A.

Centrum Finansowe S.A.

Panfil Gross Collection Sp. z o.o.

IB Towarzystwo Funduszy Inwestycyjnych S.A.

Fundusze Inwestycji Polskich Towarzystwo Funduszy Inwestycyjnych S.A.

BPS Towarzystwo Funduszy Inwestycyjnych S.A.

IPOPEMA Towarzystwo Funduszy Inwestycyjnych S.A.

former AVIVA Investors Towarzystwo Funduszy Inwestycyjnych S.A. (now Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. upon merger)

UNIQA Towarzystwo Funduszy Inwestycyjnych S.A.

Towarzystwo Funduszy Inwestycyjnych Allianz S.A.

Ultimo Towarzystwo Funduszy Inwestycyjnych S.A.

EVO Dom Maklerski S.A.

Financewell sp. z o.o.

Panda Med ASI Spółka z ograniczoną odpowiedzialnością

Project Energy ASI Sp. z o.o.

Green Investments ASI Spółka z ograniczoną odpowiedzialnością w organizacji

Principaux dossiers

  • Advised UNIQA TFI on the establishment of a sub-fund – UNIQA Akcji Europejskich ESG – and on compliance with disclosures based on Regulation (EU) 2019/2088 of the European Parliament.

LSW Bieńkowski, Laskowski, Leśnodorski, Melzacki and Partners sp.k.

Venture capital funds make up a large proportion of LSW Bieńkowski, Laskowski, Leśnodorski, Melzacki and Partners sp.k.‘s client base; the firm is particularly well regarded for its strength this space. Recently, the team has also been developing a reputation for its work in the field of establishing and operating alternative investment companies. At leadership level, the names to note are M&A expert Krzysztof Laskowski, managing partner Bogusław Leśnodorski, and Marcin Melzacki, whose expertise in procedural law bolsters the group’s contentious capabilities.

Responsables de la pratique:

Krzysztof Laskowski; Bogusław Leśnodorski; Marcin Melzacki

Autres avocats clés:

Michał Klimowicz

Principaux clients

4Growth VC

Montic Capital

Experior Venture Fund

Joint Polish Investment Fund

Talkin’ Things

Principaux dossiers

  • Advised Talkin’ Things on an investment round led by Polish PE/VC fund TDJ, and co-investors Spanish Prosegur and Piotr Debicki.
  • Advised 4Growth on an investment round.
  • Advised Montis Capital Venture Fund on an investment into a company which has developed a technology for prolonging the freshness of fruit and vegetables based on 1-MCP.

NGL Legal

At NGL Legal, Krzysztof Wiater – a seasoned corporate and M&A practitioner – leads the investment funds offering. The firm’s typical workload consits of structuring, incorporating and operating investment vehicles, including closed-end funds, alternative investment companies, securitisation funds, and family funds. Associate Marcin Zdziera plays a key supporting role in the team.

Responsables de la pratique:

Krzysztof Wiater

Autres avocats clés:

Marcin Zdziera

Les références

‘NGL Legal team is professional. They understand how corporations work and respond well.’

‘The firm employs people with a background in investment funds, so it gives them a broad view on the market and regulations.’

Principaux clients

Dechert LLP

FixMap sp. z o.o.


Yokaba sp. z o.o.

Principaux dossiers

  • Advising Yokaba, a Polish cosmetics brand, on registration, preparation of an investment agreement, and external financing for its operations.
  • Advising PZU on the acquisition of shares in Towarzystwo Funduszy Inwestycyjnych Energia from PGE.

PwC Legal Zelaznicki sp.k.

PwC Legal Zelaznicki sp.k. fields a dedicated sub-team of practitioners focused on investment funds work, who operate under the umberella of the firm’s broader corporate and M&A department. Investors, funds and managers are all equally represented in the client base. The team’s particular area of expertise is developing and establishing funds, especially those investing in real estate assets. Wojciech Trzciński is the key contact.

Responsables de la pratique:

Wojciech Trzciński

Autres avocats clés:

Filip Brach

Les références

‘We were certain that our case was taken care of by experienced professionals.’

‘We required specific knowledge which was provided by the team in a timely manner.’

‘The team had a hands-on approach and delivered the task in a short time span.’

Principaux clients

Skanska TFI S.A.

Principaux dossiers

  • Advising Skanska TFI on its daily operations.