An Alternative Investment Company (ASI) is a type of investment fund, distinct from the commonly known open-ended and closed-ended investment funds. ASI is also referred to as an Alternative Investment Fund (AFI) and is defined by law as a collective investment institution. Its core activity involves collecting assets from various investors and allocating them in a manner aligned with their interests. The method of asset allocation is governed by the ASI’s investment policy.

Where to Begin

An ASI is not a separate organizational form and may operate as a capital company, limited partnership, or joint-stock limited partnership. The first step in establishing an ASI is to create an ASI Manager (ZASI – Zarządzający Alternatywną Spółką Inwestycyjną). This must be done via a notarial deed. ASIs cannot be registered online through the electronic company registration system, as the ZASI agreement contains provisions not supported by standard system forms.

The ZASI is the entity responsible for managing the ASI, at least in terms of its investment portfolio, and assumes the risks associated with the company’s operations.

Before submitting an application to register the ZASI, several preparatory steps must be taken to meet legal requirements. Whether the ASI is internally or externally managed, its Investment Policy and Investment Strategy must be defined. These documents are subject to detailed review during the administrative procedure. For externally managed ASIs, this step must be preceded by the formation of a management company with a single business purpose and its entry into the National Court Register (KRS).

Registering the ZASI

The application for ZASI registration must be submitted to the Polish Financial Supervision Authority (KNF). It should include:

  • The company’s articles of association or statute
  • A description of the ASIs to be managed, including their names
  • The registered address of the ASI manager
  • Documents and information required under Article 5 of Commission Delegated Regulation (EU) No. 231/2013 of December 19, 2012, supplementing Directive 2011/61/EU of the European Parliament and Council — covering exemptions, general operating conditions, depositaries, leverage, transparency, and supervision

Once submitted, the application undergoes formal verification by the Office of the Polish Financial Supervision Authority (UKNF), which checks the completeness and compliance of the documents. The next stage involves substantive review. The timeframe for processing is governed by the Administrative Procedure Code of June 14, 1960.

Next Steps

The second step in establishing an ASI is the execution of the company agreement by its partners. This step can only be taken after the ZASI has been registered with KNF.

The third and final step is the registration of the specific ASI in the National Court Register (KRS), which legally brings the company into existence.

Destrier Law Firm offers comprehensive legal support throughout the ASI formation process. We assist with drafting documentation, navigating regulatory procedures, and ensuring compliance with all applicable laws.

Sources: KNF | Alternative Investment Company Managers (ZASI) – Questions and Answers Comparic | How to Set Up Your Own Investment Fund and What It Costs