Investment funds in Poland

Clifford Chance

Clifford Chance‘s investment funds group counts several Polish financial institutions, including the state development bank and the Polish sovereign wealth fund, as clients. In addition to day-to-day fund management advice, the group is well-versed in fund establishment and the registration of asset managers in Poland, as well as licensing and passporting issues. It is also noted for its knowledge in investments of regulated funds in the derivatives space. Taking the lead is Andrzej Stosio, an accomplished financial regulatory lawyer. Counsel Anna Biała is another financial regulatory expert focusing on licensing and market infrastructure issues, as well as asset management and funds.

Practice head(s):

Andrzej Stosio

Other key lawyers:

Grzegorz Namiotkiewicz; Wojciech Polz; Anna Biała


‘Clifford Chance just meet our expectations better then others. They are responsive and have a business approach.’

‘Andrzej Stosio has great knowledge and a business attitude.’

Key clients


NN Investment Partners TFI

Agencja Rozwoju Przemysłu

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

KWASA Europe S.à r.l.

Macquarie Infrastructure and Real Assets (MIRA)

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


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

Work highlights

  • Representing Raiffeisen in proceedings before the Polish Financial Supervision Authority (KNF) and the administrative courts concerning the record high penalties of PLN 55 million (EUR 12 million) in total imposed in mid-September 2018 on Raiffeisen in its capacity as the depositary of four closed-end investment funds previously managed by W Investments and then by FinCrea Investment Fund Manager (until the latter had its licence revoked by the KNF in November 2017).
  • Advised a consortium of banks consisting of Santander Bank Polska and ING Bank Śląski on the financing of the takeover of Moventum – a Luxembourg-seated competitor – by ProService Finteco.
  • Advising INEA S.A., its group companies and NGN Fundusz Inwestycyjny Zamknięty (“NGN Fund”) in relation to the syndicated financing provided to INEA S.A. and its group companies by a syndicate of financial institutions.

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

For CMS Cameron McKenna Nabarro Olswang Posniak i Bejm sp.k., investment funds are a core competency, bringing together lawyers from across the firm to provide a well-rounded service that includes corporate, tax, projects and finance experts. The group is regularly instructed on fund structuring, establishment and liquidation and fund combinations. It also has a strong regulatory offering, as well as services geared towards fund managers. Błażej Zagórski is the key contact and is particularly known for assisting German-speaking clients with investment projects and corporate governance matters in Poland. He is also experienced in green investment. Marcin Bejm takes the lead on infrastructure and project funds, while Piotr Ciołkowski handles the regulatory side of energy-related fund issues. Senior associate Rafał Dostatni contributes to the tax piece.

Practice head(s):

Błażej Zagórski

Other key lawyers:

Marcin Bejm; Rafał Zwierz; Piotr Ciołkowski


‘Great service committed team, speedy advice whilst not compromising on quality.’

Key clients

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

PFR Ventures


Macquarie’s Green Investment Group

mAccelerator and its portfolio funds


Amundi Immobilier

PFR Nieruchomości

CEE Equity Partners

Abris Capital Partners

Montagu Private Equity

The Apax’s PIB Group Limited

Advent International

Mid Europa Partners


Innova Capital


Work highlights

  • Advised PFR Ventures on its investment in three private equity funds: British Apax Partners, French PAI Partners, and Avallon MBO (a Polish fund).
  • Advised InPost, a leading e-commerce enablement platform, and its majority shareholder private equity fund Advent International, on InPost’s first public offering and listing on the Euronext Amsterdam Stock Exchange.
  • Advised Macquarie’s Green Investment Group on the acquisition of the company Future Energy sp. z o.o., the owner of a 25.3 MV onshore wind farm in Jozwin in western Poland, from MAX BÖGL INTERNATIONAL SE and Vortex Energy Poland.


The team at Dentons is well regarded for its ‘exceptional expertise and perfect timing‘ when it comes to investment fund law. The group advises on the implementation of fund structures, particularly in relation to dedicated closed-end funds, the renegotiation of contracts with fund management companies, as well as regulatory issues. Key figures in the group are corporate and capital markets lawyer Jakub Celiński, and of counsels Marcin Bartczak and Inga Dulska, both of whom clients perceive as ‘great experts in the funds market‘.


‘Exceptional expertise , perfect timing, everything delivered on time’

‘Inga Dulska and Marcin Bartczak are great experts in the funds market, all answers delivered on the spot, not after billed hours.’

Key clients

mBank S.A.

BNP Paribas Bank Polska S.A.

DLA Piper Giziński Kycia sp.

DLA Piper‘s investment funds practice brings together real estate, finance, M&A and private equity specialists, to provide clients with a full service. The group is most noted for its expertise in real estate investment funds, which it assists with cross-border structuring (with an emphasis on Luxembourg structures) and transactional advice, drawing on the firm’s tax and regulatory capabilities. Co-managing partner Jacek Giziński is a real estate and corporate lawyer with particular knowledge in special purpose vehicles. Finance expert Mariusz Hyla and head of corporate Marta Frąckowiak are both capable transactional lawyers.

Other key lawyers:

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


‘Very proactive, balanced in opinions, efficient in handling negotiations’

‘I personally highly value Marta Frąckowiak and her personal negotiation style. I like her balanced legal advice and pragmatic stand-point.’

Key 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

Work highlights

  • Advising Elite Partners Capital on preparing and structuring its investments in Poland.
  • Advising Foreign Expansion Fund Closed-End Investment Fund of Non-Public Assets managed by PFR Towarzystwo Funduszy Inwestycyjnych on investment- and M&A-related legal support, involving drafting and negotiating an investment agreement and advising on a transaction with Pekabex S.A.
  • Advising Kuwait Financial Center ‘Markaz’ in connection with preparing and structuring its investments in Poland.

SSW Pragmatic Solutions

SSW Pragmatic Solutions assists financial institutions, investors and fund managers with the establishment and liquidation of funds, including in relation to regulatory issues, as well as advising them on the management of their Polish investments. Financial institutions expert Wojciech Szczepaniak co-leads the group with Szymon Okoń, who is adept at financial markets regulations, an area of expertise supplemented by Tomasz Kwaśniewski. Tomasz Wickel advises on the tax aspects of fund structures.

Practice head(s):

Wojciech Szczepaniak; Szymon Okoń

Other key lawyers:

Tomasz Wickel; Tomasz Kwaśniewski; Dawid Brudzisz


What I like about SSW is the young dynamic talented team and good communication. They are solution oriented. I also know that they are active in LegalTech area.’

What makes Tomasz Kwaśniewski a very good lawyer is the fact that he is open minded and creative. He can easily transform our business ideas into relevant clauses in the agreements.

Great experienced team.’

Key clients


UBS AG Group

easyDebt Niestandaryzowany Sekurytyzacyjny Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych

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.

Work highlights

  • Advised Santander Bank Polska on a sale of the transfer agent business to ProService.
  • Advised funds managed by AllianceBernstein on selling shares in the funds on the territory of Poland.
  • Advised Firlej Kastory on establishing an alternative investment fund in Poland.

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

At White & Case M. Studniarek i Wspólnicy – Kancelaria Prawna sp.k., investment funds work is carried out by lawyers in the private equity and venture capital department. Key contact Michał Petz is Polish- and US-qualified (as are the rest of the team), enabling the firm to provide transactional services under US law for its solid base of technology, fintech, energy and natural resources sector clients. In March 2021, the group welcomed associate Michał Szczepański from Rymarz Zdort, who has experience of advising emerging growth companies and their investors. Wanda Kudrycka has now left the firm.

Practice head(s):

Michał Petz

Other key lawyers:

Artur Kloc; Michał Szczepański

Key clients




AI Clearing Inc.


Fundusz Ekspansji Zagranicznej FIZAN

Innovation Nest


Evli Growth Partners

Inovo Venture Partners

Luma Holding (Luma Ventures)

PKN Orlen SA


Work highlights

  • Advised PZU SA acting as a Polish investor and limited partner on its investment in the VC fund Northzone Conviction I, LP, which manages about €150 million.
  • Advised PZU SA, acting as a Polish investor and limited partner in connection with the investment in a Khosla Ventures VII, L.P. having 1 billion $ under management.
  • Advised Polish Enterprise Fund VIII (PEF VIII), a private equity fund managed by Enterprise Investors, on the acquisition, through a tender offer, of up to 100 percent of the shares in PragmaGO.

Crido Legal

Crido Legal has substantial experience of company reorganisations using investment funds as holding entities for portfolio companies. The group is also well-versed in REIT structures. Mateusz Baran heads the group, which he runs from the corporate department. Counsel Katarzyna Żółcińska is a corporate and business law expert, with knowledge in cross-border business structures based on closed-end investment funds.

Practice head(s):

Mateusz Baran

Other key lawyers:

Katarzyna Żółcińska; Michał Klimowicz; Marzena Lau


‘Crido communicates freely internally with various members of our company from different departments, often taking on part of our internal project coordination, which makes me feel as if the firm is one of the departments of our company and not an external advisor.’

‘The entire team has a very rich experience related to investment funds, which gives us the comfort to work and achieve our business goals.’

‘In the area of investment funds, a special mention should be made of Mateusz Baran, who manages the entire funds practice at Crido and has extremely extensive practical experience not only in the legal operation of investment funds, but also extensive knowledge of the market in which we operate, which is a great added value.’

‘Michal Klimowicz does an excellent job of managing the whole process within our organisations, which keeps things in order and allows us to make predictable actions, which is extremely useful as part of long-term plans.’

‘Legal work done by the team is very business oriented which is still quite unique (or at least not obvious) among legal firms. I noticed they try to discover our needs and goals so they can focus on the bigger picture and consequently give us more than a simple legal advice. Moreover, I can find in this team something at least as valuable as innovations, i.e. the old-fashioned, high and stable quality of services without any unexpected (and unwanted) surprises’

‘I work with Mateusz Baran and Katarzyna Żółcińska – both has solid legal knowledge. I especially appreciate Mateusz’s hands on approach and direct engagement in projects.’

Key clients





Atrium European Real Estate

Work highlights

  • Advised 7R on matters related to complex changes of the group’s business structure, including the investment fund.
  • Advised Octava on the reorganisation of its capital group involving the closed-end investment fund.
  • Advised Intrum on the planning and implementation of a new business model for the securitisation fund.

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

LSW Bieńkowski, Laskowski, Leśnodorski, Melzacki and Partners sp.k. provides investment fund companies and the funds themselves with a full-service offering. The group has experience advising on new regulations, fund establishment and alternative investment company operation. The core team includes founding partner Bogusław Leśnodorski, transactional expert Krzysztof Laskowski and Marcin Melzacki, who has acted in criminal cases involving investment fund managers.

Practice head(s):

Bogusław Leśnodorski; Krzysztof Laskowski; Marcin Melzacki

Other key lawyers:

Bartosz Banaszkiewicz


‘Very good team.’

Bartosz Banaszkiewicz is very engaged and professional when it comes to dealing with regulatory issues.’

Key clients

Cashy sp. z o. o.

4Growth sp. z o. o.

Montis Capital spółka z ograniczoną odpowiedzialnością s.k.a. ASI

PFR Ventures

Experior Venture Fund

DL Invest Group

Joint Polish Investment Fund

Work highlights

  • Advised 4Growth VC on conceptual work for the fund’s future structure and legal form, advice on setting up the fund and establishing its corporate governance, obtaining necessary permits to conduct investment activities and creating model transaction documentation.
  • Advised Montis Capital spółka z ograniczoną odpowiedzialnością on its investment in a pharmaceutical company developing feed additives based on bacteriophage solutions – Proteon Pharmaceuticals spółka akcyjna
  • Assisting PFR Ventures with a detailed audit of the entities, which are to set up an investment fund based on the funds from the PFR and the own contribution of the participants in the future fund.

PwC Legal Zelaznicki sp.k.

PwC Legal Zelaznicki sp.k.‘s investment funds practice sits within the firm’s corporate reorganisations and M&A department, regularly advising on corporate and regulatory issues. The team brings together funds experts with specialists in compliance, tax, accounting and business consultancy. Skanska TFI is a key client, which the firm helped to establish and continues to advise on real estate projects in Poland. Wojciech Trzciński takes the lead, with experience in fund formation and transactions. Counsel Filip Brach, who manages the Kraków office, is also recommended.

Practice head(s):

Wojciech Trzciński

Other key lawyers:

Jacek Pawłowski; Filip Brach


Conscientious and reliable law firm. It runs and finishes projects with commitment and professionalism. You can trust them. They have a good business sense.

We usually work with legal and tax teams of PWC. From my perspective, the most important aspect of the legal team is their reliability, ability to grasp and solve complex issues and the sense of security you get as a client.’

Jacek Pawłowski and Filip Brach are excellent lawyers with sensitivity, experience and recognition of the business environment. With high personal culture.

Trustworthy, timely delivery, good progress tracking, clear communication, pragmatic approach, well-coordinated with other teams – tax, valuation or within legal.’

Key clients

Skanska Commercial Development Europe sp. z o.o.

Skanska TFI S.A.

Work highlights

  • Providing legal and regulatory support with regard to daily operational activities of Skanska TFI as an investment fund manager as well as to Skanska FIZ AN closed end investment fund, which is managed by Skanska TFI.