Corpo Review #1 Alternative Investment Company as a Favourable Alternative to FIZANs

10 July 2023

What is an Alternative Investment Company (“AIC”)?

The alternative investment company was introduced into the Polish legal order on June 4, 2016 by the Act of March 31, 2016, amending the Act on investment funds and certain other acts (“the Amending Act”). The purpose of the Amending Act was to implement Directive 2011/61/EU of the European Parliament and of the Council (“AIFMD”).

An AIC carries out investment activities, and its sole object is to collect assets from several investors with a view to investing them in the interests of those investors by a defined investment policy. AIC classification as an alternative investment fund allows it to establish a liberal investment policy enabling it to invest in a vast spectrum of assets including, but not limited to, equities, securities, currencies, commodities, real estate, receivables and derivatives.

For whom?

The Alternative Investment Company formula can be used by Venture Capital funds, Private Equity funds and investors who previously operated through Closed-End Investment Funds, including closed-end private asset investment funds. An AIC may also act as a sole proprietorship.




AIC management

An AIC can have two types of managers:

  • Internally managed AIC – an incorporated company, including a European company, which is itself an AIC;
  • External manager of the AIC – the capital company that is the general partner of the AIC

The AIC Manager has a similar role to that of an Investment Fund Company in the case of Closed- end Investment Funds.


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Marek Grzywacz, Ph.D., Counsel

Marcin Zdziera, Associate