Private equity in Poland

According to clients, Clifford Chance is 'a top quality firm which benefits from having Polish specific expertise as well as global coverage, so there are always experts to draw on'. Private equity is a core area of the firm's offering in Poland and lawyers advise funds across numerous sectors, drawing on the firm's strength in financing, antitrust (where counsel Iwona Terlecka plays an important role) and capital markets to provide a comprehensive service. Taking the lead are well-respected managing partner Agnieszka Janicka and established transactional experts Wojciech Polz and Marcin Bartnicki. Counsel Krzysztof Hajdamowicz and of counsel Nick Fletcher are also recommended.

Greenberg Traurig Grzesiak sp. k. is known for prestige private equity transactions; in 2021 it advised Cinven, Permira and Mid Europa Partners on their exit from Allegro, leading to one of the year's most notable IPOs. In addition to private equity, the firm has built an impressive venture capital offering, led by Aleksander Janiszewski, handling equity rounds and convertible debt matters. Lejb Fogelman heads the group. Stephen Horvath  is another transactional veteran with cross-border investment and exit experience. Jarosław Grzesiak left the firm.

CMS Cameron McKenna Nabarro Olswang Posniak i Bejm sp.k.'s team advises international and regional CEE private equity houses, as well as funds with a sector focus, on the gamut of deals and investment strategies in Poland. The group has experience throughout the lifecycle of an investment, and lawyers are often instructed on the integration of acquired businesses, restructurings, growth strategies and divestments. Rafał Zwierz leads the corporate practice, while Sławomir Czerwiński coordinates private equity work. Błażej Zagórski, who has strong links with German-speaking clients, is experienced in transactions and restructuring projects. Counsel Olga Czyżycka is noted for her knowledge of restructuring and reorganisations of capital groups.

At Dentons, lawyers stand out for advising on private equity transactions in regulated sectors, drawing on lawyers from across the firm in matters pertaining to energy, infrastructure, life sciences, media and telecoms. The Warsaw office is integrated into the firm’s CEE office network, and often acts as a hub for deals across the region. Piotr Dulewicz leads the department and jointly heads the firm’s Europe-wide private equity practice group. Paweł Grabowski combines private equity expertise with knowledge of the real estate sector, and is particularly active for asset acquisitions. Managing counsel Michał Wasiak is experienced in restructurings.

DLA Piper utilises its expertise in corporate and M&A transactions to advise on high-value private equity deals in Poland. Clients include big names such as Mid Europa Partners and MCI.PrivateVentures, as well as the PFR Ventures wing of the Polish Development Fund. Jakub Marcinkowski leads the team. M&A department head Marta Frąckowiak continues to play an important role in the group, which also includes Jakub Domalik-Plakwicz. Counsel Wojciech Kalinowski has regulatory knowledge. Marek Sawicki left the firm in March 2021.

DWF Poland Jamka Sp.k has established itself on the Polish market with a solid private equity practice, particularly in the energy and infrastructure space, with a team commended by clients for having 'super fast turnaround and a keen understanding of international M&A standards'. Areas of expertise include fund formation, venture capital financing and exits, while lawyers also handle leveraged buyouts, corporate restructurings and reorganisations of funds and their portfolio companies. Jointly taking the lead are Michał Pawłowski, who has financial regulatory and corporate governance expertise; Filip Urbaniak, a transactional lawyer focused on domestic and cross-border investments; and capital markets specialist Rafał Woźniak. Anna Wietrzyńska-Ciołkowska is another core team member with substantial knowledge of the gambling and insurance sectors.

White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k.'s private equity team has the benefit of being closely linked to the firm's global office network, meaning lawyers in Warsaw are often instructed on cross-border transactions, in addition to a steady flow of work in Poland. The team is led by M&A department head Marcin Studniarek and includes Marek Sawicki, who has a solid track record in advising private equity and other sponsors on a number of high-profile acquisitions. Michał Petz focuses entirely on the venture capital and private equity space, assisting with financings, 'acquihires', buyouts and M&A. Aneta Hajska is also noted.

B2R Law Jankowski Stroinski Zieba's practice has a strong focus on the venture capital market, particularly in relation to the technology sector. Heading the team is experienced corporate lawyer Rafał Stroiński, who is instructed by buyers, sellers and target companies. Aleksandra Polak is a key member of the team, handling transactions for Polish and international venture capital funds and founders of target companies in their investment rounds.

Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k.'s private equity practice is closely linked to the firm's offices across Europe, enabling it to provide joined-up advice on regional deals, utilising the consultancy firm's tax and financial advisory divisions. The group has experience of public-to-private transactions, as well as restructurings and spin-offs. Jointly taking the lead are Piotr Siezieniewski and Ryszard Manteuffel. Jacek Korzeniewski has transactional experience, but also focuses on regulatory matters.

Private equity transactions are a staple for the team at Kochanski & Partners, which has an impressive array of funds clients, notably in the real estate sector. The group assists investment committees and management boards with all stages of the fund's lifecycle, and has experience in acting for funds entering the Polish market. Rafal Rapala heads the transactional team, working closely with real estate practice head Pawel Cholewinski. Pawel Mardas takes the lead on M&A, and as such, has extensive knowledge of private equity deals, as well as restructurings and reorganisations of assets.

Clients appreciate that Norton Rose Fulbright‘s team has ‘a high level of diversity, extremely practical approach and a focus on closing deals‘. Lawyers advise on private equity transactions at all stages, throughout the fund lifecycle, advising clients on buyouts, restructurings and exit transactions. Heading the team is Agnieszka Braciszewska, who has vast experience in the private equity field. Senior associate Aneta Janecka is another important team member, and has a focus on real estate-based deals.

Schoenherr Stangl sp.k.'s team is steeped in corporate and M&A knowledge, enabling it to advise management and supervisory boards and shareholders on a wide variety of private equity investments, with strong links to the German-speaking market. Paweł Halwa heads the group and draws on valuable experience in public takeovers, reorganisations, finance and restructuring. Krzysztof Pawlak and Marcin Antczak are also active in the transactional practice.

SSW Pragmatic Solutions advises an impressive range of private equity houses and venture capital funds, as well as sectoral and private investors on their Polish investments, divestments and exits. Key practitioners are Wojciech Szczepaniak, who has experience of establishing private equity funds, as well as advising them on their day-today operations; Paweł Chyb, an accomplished M&A lawyer; Sebastian Ponikowski, whose practice includes private equity transactions, as well as reorganisations; and Szymon Okoń, who provides expertise in financing.

WKB Wiercinski, Kwiecinski, Baehr's team acts for a strong roster of institutional investors, which it advises on domestic and cross-border transactions across a wide variety of sectors. The group is situated in the corporate department, under the leadership of Jakub Jędrzejak, with Ben Davey taking the lead on international private equity deals. Managing associate Tomasz Maślak is increasingly known for providing support on buy- and sell-side deals.