7th Luxembourg-Poland Business Conference: Luxembourg’s Private Fund Landscape
On Wednesday, the 22nd of October 2025, we welcomed nearly 100 finance practitioners, including fund managers, legal counsels, and service providers, to tackle the topic of how Polish fund managers can make the best use of Luxembourg’s advanced fund facilities.
The day marked the 7th Luxembourg-Poland Business Conference organised by LPCC.
This year, the event was held at the Luxembourg Chamber of Commerce, organised in partnership with the Polish Investment & Trade Agency, and sponsored by ProService Finteco, a fund services leader with nearly 3,800 funds and 40 million transactions annually.
Opening the Dialogue: Poland’s growing fund market
The conference opened with welcome addresses from Carlo Thelen, CEO and Director General of the Luxembourg Chamber of Commerce, and Artur Sosna, President of the Luxembourg-Poland Chamber of Commerce.
Then Paweł Sujecki, Member of the Supervisory Board at ProService Finteco, set the stage with an opening talk on the current state of Poland’s investment fund market. “In the second quarter of 2025, the value of capital market fund assets increased by +20.3 billion PLN (+7.1%), with a total growth of +38.9 billion PLN (+14.5%) since the beginning of the year,” he said by citing IZFIA data, which reflects investors’ growing confidence. Sujecki highlighted that development is both quantitative and qualitative, and that to increase productivity and competitiveness, funds are increasingly investing in automation and artificial intelligence.
“At ProService Finteco, we execute 500 automated processes every day, using AI-based solutions across communication, organisational, systems, and IT areas. When designing AI-based solutions, we know exactly which processes generate the greatest challenges, where clients lose time and money, and where we can provide the greatest value.”, he continued.
Finally, concluded that Poland’s position in the global investment scene will be strengthened by fusing local knowledge with an international viewpoint.
Panel I: Decoding Luxembourg’s Fund Toolbox
Moderator: Michel Marques Pereira (EHP)
Panellists: Agata Szymoniak (Loyens&Loeff), Iga Młynarczyk (EY), Piotr Parzyszek (DZP)
One of the most flexible and offering the most variety of fund structures’ toolbox in the world is provided by Luxembourg. In order to address the basic questions of which structures make sense for Polish sponsors and why, the opening panel cut through the technical jargon.
The panellists highlighted that Luxembourg provides a spectrum of options in respect of fund structuring, from regulated to unregulated funds, allowing for tailored solutions based on investor profiles and asset strategies.
The topic of discussion covered everything from well-known vehicles like SIFs and RAIFs to very flexible structures like SCSp, which are especially popular for venture capital and private equity strategies. The panel noted that for Polish managers’ needs, structures that tend to work best are RAIF SCAs and unregulated SCSp.
The relationship between tax considerations and legal architecture became a central theme. The panellists stressed that the choice of legal form, fund regime and tax qualification should be holistic – not only focusing on the treatment of the fund in Luxembourg but taking into consideration investors’ and portfolio’s local needs and requirements.
Finally, the panel compared the Luxembourg legal framework to the Polish one and outlined Luxembourg’s attractiveness from a Polish perspective.
The agreement? Although Luxembourg’s framework is incredibly flexible, its effective application requires an understanding of both the products and their interactions with Polish tax and regulatory requirements, but in conclusion, Luxembourg remains a place of choice to Polish sponsors.
Panel II: The Operational Reality Check
Moderator: Łukasz Małecki (AlterDomus)
Panellists: Joanna Chuda (Alter Domus), Przemysław Bielicki (RoyaltonPartners), Piotr Noceń (ResourcePartners)
“How much does setting up a fund in Luxembourg really cost?” That question started one of the most candid discussions. By giving a detailed explanation of what starting and running a fund actually involves, the panellists debunked common myths about Luxembourg fund operations.
In practice, Luxembourg offers a friendly, robust and flexible environment that caters to a wide array of private and institutional investors. Seeing beyond the perceived high cost is important to correctly weigh the pros and cons of domiciling the fund in Luxembourg.
Perhaps the most valuable segment addressed what many Polish fund managers were curious about but hesitant to ask: Is Luxembourg really better for fund domicile or just one of the options for Polish Fund Managers and LPs? Setting up a fund in Luxembourg is not without challenges, but it is still the best option we know. By partnering with local experts, managers can save time and money while delivering an efficient, robust and compliant structure that benefits both them and their LPs.
Luxembourg can also offer robust and efficient solutions for the GPs, allowing them to attract new LPs, diversify the investment strategies, and ensure compliance and continuity.
Next came a discussion of choosing a service provider, which turned out to be especially complex. The panel emphasised that cultural fit, local market accessibility, and operational dependability frequently outweigh marginal cost variations. Building long-term relationships with service providers and investing in them seems to be a key success factor.
While the highly regulated environment is costly for the service providers to comply with, fierce competition in the market and operational efficiency help ensure that total expenses remain within the agreed fund cost cap. Discussions about selecting trusted partners now consider many more dimensions than fee alone.
Panel III: Fund’s Case Study
Moderator: Darina Mohamad (Loyens&Loeff)
Panelists: Piotr Kozikowski (PWC), Joanna Wierzejska (DZP), Małgorzata Sternik (Innova), Paweł Sujecki (ProService)
Innova Capital’s Małgorzata Sternik walked us through the pragmatic factors that influenced their structural choices – why they opted for the use of a RAIF as a fund vehicle, its pros and cons, the benefits it offers to the investors, as well as some of the operational aspects that need to be analysed when considering RAIF.
The other participants discussed other fund structures used by peers and general trends observed among pan-European fund managers operating through Luxembourg. It was pointed out that Innova’s approach reflects a clear, broader (r)evolution in Luxembourg’s fund market. While nuances exist between GPs (no two structures are identical), certain themes remain consistent. The use of the RAIF as a fund vehicle has proven to be one of the most tried, tested, and trusted solutions available in the market, though other options remain on the table.
The conversation then shifted to the topics that Polish investors are most interested in: tax compliance and efficiency. Here, the panellists weren’t afraid to talk about potential problems. One of the debated topics concerned the importance of economic reality and maintaining robust governance and housekeeping of the established structure, particularly in light of withholding tax obligations that may arise in target jurisdictions, a crucial issue that cannot be underestimated.
All panellists agreed that Luxembourg remains best-in-class for fund managers seeking a comprehensive ecosystem to serve European investors and hold pan-European investments. Its strengths lie not only in tax efficiency, but also in the depth of its regulatory, legal, and tax framework, as well as its highly qualified workforce. This robust ecosystem enables fund managers to efficiently set up and operate sophisticated structures, and Innova’s success story is just one among many achieved by various sponsors operating in Luxembourg.
Polish Innovation on Display
As a reminder that the Luxembourg-Poland relationship has developed beyond one-way capital flows, the conference ended with pitch presentations from Polish businesses highlighting solutions that tackle the operational and regulatory issues fund managers deal with on a daily basis.
- RED INTO GREEN (RIG), represented by CEO Mikołaj Otmianowski, showed how its LegalTech platform automates compliance and risk analysis workflows for DORA and NIS2 regulations, allowing fund managers to have a command centre that saves hundreds of hours while still keeping the audit trails that European regulators require.
- Enxoo, presented by Jakub Weber, Head of Financial Services Practice, showcased its AI-powered Client 360 solution, which integrates disparate data from custodians and portfolio management systems and uses copilots to automate onboarding and initiate compliant workflows.
- Transparent Data, represented by Compliance Technology Solutions Manager Mateusz Kwiatkowski, described how its API gives fund managers performing due diligence on Polish counterparties instant access to Poland’s full business registers, facilitating automated KYC/KYB procedures and AML risk assessment.
- ZUMA then concluded its presentations with Marek Lesz, President and Founder, outlining plans to create an investment fund—possibly structured in Luxembourg—that would offer exposure to tokenised real estate with a pipeline valued at EUR 500 million, exemplifying how Polish businesspeople are utilising both conventional fund structures and blockchain technology.
These presentations emphasised Poland’s expanding contribution to Luxembourg’s fund sector in terms of technological innovation and specialised knowledge. More details about these companies and their solutions can be found in the conference brochure.
Key Takeaways: guide for fund managers in Poland
There were several crucial insights for Polish fund managers thinking about Luxembourg structures brought up at the 7th Luxembourg-Poland Business Conference:
- Strategy dictates structure. Although Luxembourg provides a variety of fund vehicles, the best option will rely on the needs of the investor, the target asset classes, and operational preferences. The functions of SIFs, RAIFs, and SCSp structures are different.
- Scale isn’t everything. Although Luxembourg structures become more cost-effective at specific asset levels, smaller funds can also profit when regulatory considerations or access to international investors make the arrangement justifiable.
- Relationships with service providers should be strategic, not transactional. Selecting operational partners only on the basis of price may turn out to be naive. Long-term success is frequently determined by expertise, cultural fit, and responsive support.
- Tax planning is non-negotiable. Polish sponsors need to be aware of withholding tax ramifications, the need for substance and changing compliance standards on both sides of the border. Decisions about fund structuring are greatly impacted by recent tax developments in Poland.
- Take advantage of Luxembourg’s adaptable framework. This jurisdiction’s flexibility allows customised solutions for niche strategies.
- Engage with cross-border partnerships proactively. Forward-thinking fund managers should pursue the opportunities for genuine partnerships created by Poland’s expanding capital markets, technological advancements, and talent pool, which, as a result, enhances Luxembourg’s regulatory framework and global investor base.
Such partnerships are made possible by the Luxembourg-Poland Chamber of Commerce, which gives access to networks, knowledge, and perspectives that connect the two markets. Fund managers and other financial experts who would like to take advantage of these opportunities are encouraged to contact us at info@lpcc.lu.
Acknowledgments
This 7th Luxembourg-Poland Business Conference was made possible thanks to our main sponsor, ProService Finteco, main partner Polish Investment & Trade Agency, the support of the Luxembourg Chamber of Commerce, as well as the participating law firms, financial institutions, and fund specialists who shared their expertise throughout the day.
Special recognition goes to the moderators and panellists who brought candour and depth to their discussions.
