BLOG
Qualified Investment Fund as a new vehicle for the PE/VC market in Poland
What is a QIF?
The Polish government is currently working on a new draft amendment to the law regulating the investment fund market. The draft provides for a number of significant changes, one of the most important of which is the introduction of a new investment vehicle in the form of a Qualified Investment Fund (hereinafter: “QIF”).
The creation of such a specialized structure is intended to address one of the main challenges facing domestic VC/PE funds, namely the lack of a dedicated legal framework and, consequently, an appropriate legal structure that would enable the allocation of capital in the private market.
Qualified Investment Fund will be the fourth type of alternative investment fund operating under Polish law, alongside Closed-End Investment Funds, Specialized Open-End Investment Funds and Alternative Investment Companies – it will combine the characteristics of a Closed-End Investment Fund and an Alternative Investment Company.
| KEY FEATURES |
| The ability to be managed by Polish AIFMs |
| AFI status in accordance with the AIFMD |
| Capital call – investors make payments at the manager’s request |
| Operating under a committed capital in which investors declare a maximum investment amount (not less than 10 million EUR) |
| Waterfall mechanism |
| Supervision by the Polish Financial Supervision Authority |
| Intended exclusively for professional clients |
| Investment securities cannot be redeemed on demand – the structure is designed for long-term investments |
| Participation Agreement – in addition to the fund’s articles of association |
| The Investors’ Meeting as the body responsible for making the most important investment decisions |
| The ability for Employee Capital Plans and Open Pension Funds (institutional capital) to invest in QIF |
| Exemption from corporate income tax upon meeting certain conditions |
QIF as a vehicle capable of effectively competing with foreign structure
The introduction of a new investment vehicle for the private equity and venture capital market will enable the Polish market to compete more effectively with foreign jurisdictions, which in turn will increase its appeal to potential clients.
For this reason, this new specialized investment vehicle opens up many opportunities for both investors and managers.
| BENEFITS FOR MANAGERS | BENEFITS FOR INVESTORS |
| An opportunity to attract a niche but experienced group of new clients by offering a specialized investment product modeled on the best international standards of the PE/VC market, while complying with the requirements of the AIFMD | Access to a specialized instrument similar to those in use in other EU jurisdictions, which will encourage the use of the national investment framework |
| Introducing a missing vehicle for PE/VC funds in the Polish market – creating a more favorable and predictable regulatory environment, which will increase the likelihood of attracting foreign capital | The ability to invest in more complex assets, such as private companies, startups, innovative ventures, and instruments such as convertible bonds or other hybrid instruments |
| The opportunity to enhance competitiveness relative to other entities operating in the investment fund markets | Increasing the number of investment products available on the market, thereby enabling further diversification of investment portfolios |
The planned effective date for the QIF regulations is the fourth quarter of 2026.