Leading Individuals

Next Generation Partners

Investment funds in Poland

Clifford Chance

Clifford Chance‘s investment funds group is well equipped to advise leading Polish financial institutions on the formation, registration, and operation of regulated funds in Poland, as well as the day-to-day operation of funds. Its offering also extends to supporting investors, and assisting with the establishment and management of asset managers, as well handling related regulatory and compliance issues. Capital markets and banking expert Andrzej Stosio sits at the helm of the practice, and he is ably supported by counsel Anna Biała and Wojciech Polz.

Practice head(s):

Andrzej Stosio

Other key lawyers:

Grzegorz Namiotkiewicz; Wojciech Polz; Anna Biała

Key clients

RTB House

European Bank for Reconstruction and Development

Raiffeisen Bank International AG

PKO Towarzystwo Funduszy Inwestycyjnych S.A.



CMS boasts a multi-disciplinary team consisting of lawyers from the firm’s tax, corporate and M&A, energy, infrastructure, and banking and finance departments, who come together to advise clients on investment funds mandates. Its offering encompasses the entire spectrum of maters, including the establishment, structuring, and liquidation of funds, as well as related regulatory work. With offices located globally, the group can also assist with the establishment of funds in various jurisdictions, especially across the CEE region and Luxembourg. M&A and private equity transaction specialist Błażej Zagórski leads the team. Rafał Zwierz is another senior name of note, and he is also qualified in the US and the UK.

Practice head(s):

Błażej Zagórski

Other key lawyers:

Marcin Bejm; Rafał Zwierz; Piotr Ciołkowski

Key clients

PFR Ventures

PFR Fundusz Funduszy FIZ

Polish Development Fund S.A.

Macquarie’s Green Investment Group

PFR Nieruchomości S.A.

PFR Fundusz Inwestycji Samorządowych FIZAN

Mutares SE & Co KGaA

Syntaxis Capital

Advent International



Cinven’s Partner in Pet Food

Abris Capital Partners

Innova Capital’s Prime Label Group

DPE Deutsche Private Equity Management III GmbH

SINO-CEEF and its portfolio company Vertex Investment

Work highlights

  • Advised PFR Ventures and investment fund PFR Fundusz Funduszy FIZ on an investment into the French PE fund, Eurazeo Smart City Fund II.
  • Advised PFR Ventures and investment fund PFR Fundusz Funduszy FIZ on an investment into the French investment fund, TiLT Capital Fund 1.
  • Advised Mutares SE & Co KGaA, a Munich-based private equity holding company, on the Polish aspects of the acquisition of the Danish, Polish, and Serbian business operations of Arriva Group, a provider of passenger transport across Europe and a part of Deutsche Bahn.

DLA Piper Giziński Kycia sp.k.

The investment funds group at DLA Piper Giziński Kycia sp.k. incorporates lawyers from the firm’s real estate, finance, M&A, private equity, and tax teams. The practice provides clients with transactional and regulatory advice, as well as tax-related services. Co-managing partner Jacek Giziński is skilled in real estate and corporate law matters, and is active in the firm’s investment funds mandates. Other core members of the practice include Mariusz Hyla, head of the finance, projects and restructuring team, and Marta Frąckowiak, head of corporate and M&A. Jakub Marcinkowski and Jakub Domalik-Plakwicz sit within Frąckowiak’s team with specialisms in M&A and private equity.

Other key lawyers:

Jacek Giziński; Mariusz Hyla; Marta Frąckowiak; Jakub Marcinkowski; Jakub Domalik-Plakwicz; Bartosz Matusik; Łukasz Dynysiuk

Key clients


Corestate Capital Holding

Elite Partners Capital

Estlin Investments

KGAL Investment Management

Kuwait Financial Center ‘Markaz’


Mid Europa Partners


Polish Enterprise Fund VIII

Stena Fastigheter

Work highlights

  • Advising EIB on the Jessica project in Poland, the aim of which is to provide financing to financial intermediaries which subsequently lend the financing to the final beneficiaries.
  • Advised two investment funds, Avallon MBO Fund II and Genesis Private Equity Fund III, on the sale of a majority stake in Stangl Technik Holding to SPIE Central Europe.
  • Advised PFR Fundusz Inwestycji Samorządowych Fundusz Inwestycji Zamknięty Aktywów Niepublicznych on an investment project concerning the construction of a military complex in Limanowa in Poland, where the lender will grant PLN100m financing to LimWot sp. z o.o., a special purpose vehicle owned by Miasto Limanowa.


SSW‘ client roster constitutes financial institutions, investors, and fund managers, and the practice frequently advises on the establishment, liquidation, and exiting of funds, in addition to handling the regulatory and compliance issues which arise in the course of a fund’s lifecycle. The team of ‘highly skilled lawyers‘ is also adept at representing investment funds in proceedings before courts and public authorities, including the KNF. Sitting at the helm of the practice is M&A expert Wojciech Szczepaniak.

Practice head(s):

Wojciech Szczepaniak

Other key lawyers:

Tomasz Wickel; Dawid Brudzisz


‘Detailed expertise, flexibility in the process.’

‘I can definitely recommend the SSW team. I have worked with them for over 4 years and they were always able to support me in the ongoing business matters.’

‘The team is young and dynamic, which I very much appreciate.’

Work highlights

  • Advising Santander Bank Polska S.A. and its subsidiary, Santander Towarzystwo Funduszy Inwestycyjnych S.A., on the sale of the transfer agent division to ProService.
  • Assisting AllianceBernstein with introducing the client’s units to trade in Poland.
  • Advising Expeditions on the second closing of its venture capital fund in Poland.

Baker McKenzie Krzyzowski i Wspólnicy Sp.k.

Baker McKenzie Krzyzowski i Wspólnicy Sp.k.‘s regulatory financial services and investment funds offering falls within the firm’s wider banking and finance practice, and is well equipped to assist clients with the establishment and structuring of financial intermediaries entering the banking, securities, insurance, and funds areas. Counsel Jerzy Bombczyński heads up the team following his arrival from the Polish Development Fund in 2022, and is praised as ‘an exceptional lawyer with deep industry knowledge’.

Practice head(s):

Jerzy Bombczyński


‘Innovative approach to complex issues, top-notch team, availability of partners, and broad market expertise.’

‘Jerzy Bombczyński is an exceptional lawyer with deep industry knowledge and great personal skills.’

‘I am delighted to provide positive feedback on my collaboration with Baker McKenzie. Their dedication to client success, diverse skillset, and innovative practices make them a standout choice in the legal field. I would not hesitate to recommend them to potential clients.’

Key clients

Montis Capital

PFR Ventures sp. z o.o.

Work highlights

  • Advised Montis Capital, a venture capital firm based in Poland, on the establishment of a venture capital investment fund investing in accordance with ESG principles in particular in climate technology companies.
  • Advised PFR Ventures sp. z o.o. on its investment in Spire Capital Partners, a mid-cap private equity investment fund investing in technology-enabled service, software, and e-commerce companies.


CRIDO‘s investment funds group, which sits within the firm’s corporate and commercial department, boasts ‘valued corporate experts working on complex restructuring projects’, in addition to regulatory issues. Its client base is broad ranging, and includes global corporations as well as local companies and private clients. Mateusz Baran chairs the group, and he is frequently involved in legislative work surrounding investment funds.

Practice head(s):

Mateusz Baran

Other key lawyers:

Katarzyna Żółcińska; Michał Klimowicz


‘The team is able to structure complex reorganisations and corporate transactions connected with reconciliation of debt. They are proposing different solutions with their clear recommendations. They analyse the issue not only from the purely legal perspective, but also business and tax aspects are taken into consideration.’

‘Valued corporate experts working on complex restructuring projects.’

‘The team’s strengths are knowledge and experience, engagement, availability, and communication.’

‘Good communication and high efficiency.’

‘Very good knowledge of the market and an ability to work in changing market circumstances.’

‘Commitment to ongoing projects, availability and engagement.’

‘Crido’s team has been capable of providing highly reliable, trustworthy and technically skilled support. Crido’s team is proactive, highly cooperative and aware of client’s needs. I might also add their business-driven approach and cross-disciplinary way of working, with the inherent holistic perspective over operations and transactions.’

‘Aside from technical and knowledge skills, Crido’s team members bring in a pleasant work environment and smooth engagement. They present a good balance between accuracy and efficiency.’

Krzysztof Rożko i Wspólnicy Kancelaria

Krzysztof Rożko i Wspólnicy Kancelaria is ‘well-known for its expertise in the area of investment funds’, and it also possesses expertise in related regulatory and transactional mandates. The team advises clients on establishing, licensing, and operating Polish and foreign investment funds. Founding partner Krzysztof Rożko leads the team, and he is lauded as a ‘highly qualified and experienced lawyer’.

Practice head(s):

Krzysztof Rożko

Other key lawyers:

Łukasz Zalewski; Mariusz Biały; Nikola Jadwiszczak; Paweł Wityński; Mariusz Bagiński


‘We chose this law firm due to its recognised reputation, professionalism and extensive experience. Throughout the years of our long-standing cooperation, KRW has been advising us on many complex legal issues, and their professionalism and commitment have always been at the highest level.’

‘KRW is well-known for its expertise in the area of investment funds, venture capital and private equity services. We view KRW as a leader in this field.’

‘Krzysztof Rożko is a highly qualified and experienced lawyer. We greatly appreciate his creative approach to legal challenges.’

Key clients

Opoka Towarzystwo Funduszy Inwestycyjnych S.A.

IB Towarzystwo Funduszy Inwestycyjnych S.A.

BPS Towarzystwo Funduszy Inwestycyjnych S.A.

IPOPEMA Towarzystwo Funduszy Inwestycyjnych S.A.

Fundusze Inwestycji Polskich Towarzystwo Funduszy Inwestycyjnych S.A.

UNIQA Towarzystwo Funduszy Inwestycyjnych S.A.

Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A.

Noble Funds Towarzystwo Funduszy Inwestycyjnych S.A.

PRA Group TFI S.A.

Centrum Finansowe S.A.

Financewell sp. z o.o.

VerInvest ASI spółka z ograniczoną odpowiedzialnością

KD Shares ASI spółka z ograniczoną odpowiedzialnością

Wioleta Szczubełek V Financial Conferences VFCreative

Work highlights

  • Representing BPS Towarzystwo Funduszy Inwestycyjnych S.A. in proceedings before the Polish Financial Supervision Authority, which concern approval for a domestic merger of sub-funds separated under two different umbrella funds managed by two different management companies.
  • Representing Towarzystwo Funduszy Inwestycyjnych AGRO S.A. in proceedings before the Polish Financial Supervision Authority regarding a change of depository for an open-ended investment fund managed by the TFI.
  • Advised UNIQA Towarzystwo Funduszy Inwestycyjnych S.A. on a new investment product based on UNIQA UCITS and AIF investment funds.

PwC Legal Zelaznicki sp.k.

The investment funds group at PwC Legal Zelaznicki sp.k. frequently supports investors, investment funds, and investment fund managers from within the firm’s corporate restructurings and M&A department. It is adept at providing corporate and regulatory support, as well as representation before the KNF. Its offering also encompasses advisory work on the establishment of funds regarding real estate assets. Wojciech Trzciński leads the practice with significant experience in corporate and transactional mandates.

Practice head(s):

Wojciech Trzciński

Other key lawyers:

Filip Brach

Key clients

Skanska TFI S.A.

Work highlights

  • Advising Skanska TFI on legal, regulatory, and compliance matters with regard to daily operational activities.