Investment funds in Poland

Clifford Chance

Led by Andrzej Stosio, the team at Clifford Chance advises Polish financial institutions on the formation and operations of regulated funds and various investors on the terms of their investments. Other areas of expertise include the establishment and registration of asset managers, licencing and passporting issues, investment transactions, and day-to-day regulatory and compliance matters for fund managers. Other key members of the team are banking specialist Grzegorz Namiotkiewicz and private equity expert Wojciech Polz.

Practice head(s):

Andrzej Stosio

Key clients

Macquarie Infrastructure and Real Assets

NN Investment Partners TFI

KWASA Europe

Agencja Rozwoju Przemysłu

Bank Gospodarstwa Krajowego


Polski Fundusz Rozwoju

Work highlights

  • Advised NN Investment Partners International Holdings on the negotiation and conclusion of a preliminary agreement for the sale of a minority shareholding in NN Investment Partners TFI to ING.
  • Advised Macquarie Infrastructure and Real Assets and three Australian investment funds (Statewide, Motor Trades Association of Australia, and Australian Super), on the international sale of DCT Gdańsk to PSA International, the Polish Development Fund and the IFM Global Infrastructure Fund.
  • Advised EPF on the acquisition of two office buildings via the purchase of several target companies.

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

Investment funds are a core area of expertise for CMS; an area that is handled by an interdisciplinary team comprising lawyers from the corporate and M&A, tax, project finance and banking departments. The group advises on amendments to fund structures, fund establishments and liquidations, regulatory compliance and fund management structures. In addition, it regularly assists investors in relation to their investments and lenders on the development of fund structures. Błażej Zagórski and Rafał Zwierz jointly lead the team. Although the firm lost Marek Sawicki and Jakub Marcinkowski to DLA Piper in June 2019, and Ireneusz Piecuch left to found his own firm in December 2018,  the team gained counsel Marek Trzos-Rastawiecki from Dentons in July 2019 along with senior associate Katarzyna Grodziewicz from White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k..

Practice head(s):

Błażej Zagórski; Rafał Zwierz


Always responsive with clear advice.

Senior, experienced team.’

They always provide an excellent personal service.

Key clients

Polish Development Fund


LGI Ventures

Future Tech FIZAN


Fundusz Sektora Mieszkań dla Rozwoju FIZAN/ BGK Nieruchomości

Fundusz Inwestycji Samorządowych FIZAN/ Polski Fundusz Rozwoju

Pramerica Property Investments

Abris Capital Partners

Mid Europa Partners

Value4 Capital

Resource Partners


Work highlights

  • Advised the Polish Development Fund on its investment into the Jaworzno Power Plant, owned by Tauron Group.
  • Advised Future Tech FIZAN on its investment in SaveCart.
  • Advised LGI Ventures on setting up a joint venture with Vector in order to develop technology and services related to the broadband sector.


The scope of Dentons' practice covers advice on the implantation of structures using closed-end investment funds, renegotiation of contracts with investment funds for existing structures and regulatory advice to financial institutions. The department is led by Marcin Bartczak, who specialises in Polish capital markets and financial instruments, as well as financial institution regulation. Inga Dulska is noted for providing regulatory and day-to-day legal advice on tax-efficient structures for investment funds.

Practice head(s):

Marcin Bartczak

Work highlights

  • Advised on a corporate restructuring aimed at winding up a global investment management corporation’s investments in Poland, which made use of two investment funds as well as various types of companies operating in Poland and Luxembourg.

DLA Piper

In September 2019, DLA Piper benefited from the arrival of Marek Sawicki and Jakub Marcinkowski from CMS Cameron McKenna Nabarro Olswang Pośniak i Bejm sp.k., both of whom have significant funds experience. The group, which counts the European Investment Fund as a client, is noted for providing a full transactional service to funds, in addition to structuring, including across borders. Other key names in the team include co-managing partner and head of the real estate team Jacek Giziński, finance, projects and restructuring expert Mariusz Hyla, and M&A and ECM transactional specialist Jakub Domalik-Plakwicz.

Key clients


European Investment Bank

TDJ-Pitango Ventures


Work highlights

  • Advising European Investment Bank on integrated, sustainable urban-renewal projects supported through the JESSICA (Joint European Support for Sustainable Investment in City Areas) EU initiative.
  • Advising the European Investment Bank on providing financing to Pekao for financing projects related to increasing the energy efficiency of companies.
  • Advising TFI PZU on the sale of a building in southern Poland.

PwC Legal Żelaźnicki sp.k.

PwC Legal Pawlowski Zelaznicki Sp. K's investment funds group, which is led by Jacek Pawłowski, is housed within the firm's corporate reorganisations and M&A department. It offers clients corporate and regulatory advice, as well as representing them before the Polish Financial Supervision Authority. Expertise includes developing and establishing funds, with a particular focus on real estate assets. The group is also able to draw on the firm's wider expertise in regulatory compliance, tax, accounting and business advice. Mateusz Ordyk specialises in financing transactions, while Wojciech Trzciński, promoted to partner in October 2019, is an investment fund transaction expert.

Practice head(s):

Jacek Pawłowski

Key clients

Skanska Commercial Development Europe

Skanska TFI


Work highlights

  • Advised Skanska CDE on the Polish aspects of its CEE restructuring process
  • Advised Skanska TFI on its daily operational activities as an investment manager, and to Skanska FIZ AN closed-end invesment fund, which is managed by the client.
  • Advised VIA SMS Group on investment fund issues and provided the client with regulatory analysis of its operating model in Poland and the rest of Europe.

Rymarz Zdort

Rymarz Zdort's department is led by Paweł Rymarz and specialises in the creation and structuring of securitisations, real estate and closed-end investment funds, and M&A involving Polish investment fund management companies. Zofia Frydrychowicz is another name to note, with experience in numerous investment transactions.

Practice head(s):

Paweł Rymarz

Crido Legal

Crido Legal has an active practice in fund portfolio reorganisations for financial institutions and fund managers. The group is also able to draw on a strong tax team, enabling it to provide due diligence, tax planning and transfer pricing advice. Mateusz Baran leads the team and specialises in corporate and commercial law.

Practice head(s):

Mateusz Baran


The team has extensive experience and knowledge in the field of investment funds that allow us to comprehensively approach the subject and achieve our business goals in a positive way.

Mateusz Baran has extensive knowledge and extensive experience in various areas of law, which he can efficiently combine.

Michał Klimowicz is always available and responds quickly to any problem that requires legal assistance, so we can focus on running a business and not think about legal issues.


Linklaters advises funds, sponsors, management teams and investors on cross-border fund formations and transactions in Poland. The internationally-oriented group includes dual England- and Poland- qualified Daniel Cousens, Poland- and US-qualified Tomasz Zorawski, real estate expert Janusz Dzianachowski, and corporate lawyer Marcin Schulz.

SMM Legal

SMM Legal joins the rankings in 2020 following its work relating to funds established by public companies and state-controlled entities, as well as work for investors. The group also has substantial regulatory expertise in the financial, energy, and telecoms sectors. Maciej Mataczyński leads the team from Warsaw alongside Poznan's Tomasz Sójka.

Practice head(s):

Maciej Mataczyński; Tomasz Sójka


Thanks to its size and structure that involves the division into a department with different areas of specialisation, it can provide general (and yet fairly detailed) advice.

Lawyers from the firm are always very professional and well-prepared.

What is a characteristic of SMM Legal’s team is the combination of academic background with personal and professional experience in funds.

Key clients

PKN Orlen

National Centre for Research and Development


Giełda Papierów Wartościowych w Warszawie

Energa Capital Group

SGB Bank

Work highlights

  • Advised National Centre for Research and Development on the creation of the first Polish public co-investment fund.

SSW Pragmatic Solutions

SSW Pragmatic Solutions advises fund participants, including financial institutions, investors and fund managers, on a variety of matters, such as establishing and liquidating funds and regulatory issues. The group also assists institutional investors and asset managers with their daily operations in Poland. Corporate lawyer Wojciech Szczepaniak co-leads the group with tax expert Tomasz Wickel, who specialises in the development and implementation of group restructurings.

Practice head(s):

Wojciech Szczepaniak; Szymon Okoń


Very responsive and competent team. Some members of the team have both practical and academic experience.

Very good understanding of the legal and financial aspects of transactions.

Key clients


UBS AG Group

easyDebt Niestandaryzowany Sekurytyzacyjny Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych

Ipopema Securities

MM Prime TFI

Santander Bank Polska S.A. and Santander TFI

Royal Investments

VOX Capital Group

Alior Bank

Work highlights

  • Advises Royal Investments on a joint venture with investment fund Solter Capital, whose aim is to purchase and develop one of the most attractive land plots in Poznań.
  • Advises VOX capital group on a closed-end securitising fund with multiple share classes aimed at various types of investors.
  • Assisted Alior Bank in negotiating the terms of a credit agreement with GetBack. The firm’s experts also drafted the credit agreement and full collateral documentation.