The legal definition

An Alternatywna Spółka Inwestycyjna (ASI) — alternative investment company — is a collective investment vehicle defined in Art. 8a of the Polish Act of 27 May 2004 on investment funds and the management of alternative investment funds. Its sole business is raising assets from multiple investors and investing them in those investors' interest according to a defined investment policy.

An ASI operates as a corporation (sp. z o.o. or S.A.) or a limited partnership and must be entered in the register kept by the Polish Financial Supervision Authority (KNF). It is the Polish implementation of the EU AIFMD framework.

How does an ASI differ from a classic fund?

  • Flexible mandate — an ASI can hold unlisted equity, real estate, art and other alternative assets that classic mutual funds avoid or cannot hold.
  • Leaner structure — no fund management company (TFI) or depositary requirement for register-based ASIs, letting boutique teams operate efficiently.
  • Restricted investor base — participation rights in a register-based ASI may only be acquired by professional clients. Flexibility is traded for restricted distribution.
  • KNF supervision — ASI managers have reporting and supervisory obligations, and the register is public.

Who can invest in an ASI?

Register-based ASIs are open to professional clients (a MiFID II-aligned definition): financial institutions, large enterprises meeting statutory thresholds, and natural persons who request professional treatment and invest at least the equivalent of EUR 60,000. Retail investors are not eligible — ASIs invest in higher-risk, lower-liquidity assets that require experience to assess.

How to verify an ASI before investing

  1. KNF register — look the entity up at zasi.knf.gov.pl (ART-Tech ASI: no. PLZASI00321, registered 16.08.2022).
  2. KRS — verify company registration and representation (ART-Tech ASI: KRS 0000994565).
  3. Investment policy and documents — a reputable ASI shares them before investment; ours are in the Documents section.
  4. The team — check who manages the fund and their track record (our team is described on the main page).

How ART-Tech ASI works

ART-Tech ASI is a boutique, internally managed ASI from Kraków. Our model blends VC, PE and venture building: we co-found and operationally develop part of the portfolio inside our own business ecosystem, and diversify across technology, real estate, Warsaw-listed equity and art. Read more on the fund model page or see how to invest.

FAQ

Is an ASI an investment fund?
Formally an ASI is an alternative investment fund (AIF) under AIFMD, but it is not an 'investment fund' under the Polish act (like TFI-managed FIO/FIZ funds). It is a separate, leaner form of collective investment supervised by KNF.
What is the minimum investment in an ASI?
A natural person can qualify as a professional client by investing at least the equivalent of EUR 60,000. Institutions qualify under statutory criteria.
Is investing in an ASI safe?
All alternative investments carry the risk of losing part or all of the capital, and past performance does not guarantee future results. KNF supervision, diversification and transparency reduce structural risk but do not eliminate it.
How do I check whether a fund is a legitimate ASI?
Search the public register of ASI managers at zasi.knf.gov.pl. ART-Tech ASI is listed under number PLZASI00321.
How is an ASI different from a VC fund?
VC is an investment strategy; ASI is a legal form. Many Polish VC funds operate as ASIs. ART-Tech ASI goes beyond classic VC — combining it with PE, venture building and alternative assets.
This page is for information and education only and does not constitute investment, legal or tax advice, nor an offer within the meaning of applicable law. Participation rights in ART-Tech ASI may be offered exclusively to professional clients. Investing in an ASI involves the risk of losing part or all of the invested capital.