Wpływ implementacji dyrektywy ZAFI na rozwój Venture Capital (VC) w Polsce - z uwzględnieniem analizy funkcjonowania alternatywnej spółki inwestycyjnej (ASI)
The Impact of the Implementation of the AIFMD on the Development of Venture Capital (VC) in Poland - An Analysis of the Functioning of the Alternative Investment Company (ASI)

Summary/Abstract: The aim of the article is to present the impact of the implementation of the AIFM Directive on the Polish venture capital (VC) market, with particular emphasis on the principles governing the operation of alternative investment companies (ASI). The article combines a review of the literature, including legal regulations, with an analysis of data concerning the dynamics of the development of the VC and ASI markets. The author used data from the Polish Financial Supervision Authority (KNF) register and industry reports prepared, among others, by PFR Ventures. The analysis indicates the dominance of ASI as the main structure for venture capital funds on the Polish market. The study also revealed the dynamic growth of the VC market in recent years (2018-2024), although it should be noted that this growth cannot be attributed solely to changes in legal regulations. The results show that ASI plays a key role in the development of the Polish venture capital market, but further research is needed to assess the qualitative and long-term impact of the new legal framework on the operation of investment funds.

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