The foregoing information indicates that PeGaZ is likely to become the majority shareholder of an investment fund company (Pol. TFI). It should be noted that a few years ago there were plans to manage certain assets of arms-producing companies through a separate non-public assets closed-end fund (Pol. FIZAN).

According to the register maintained by the KNF, MS Towarzystwo Funduszy Inwestycyjnych S.A. is a management fund of two closed-end investment funds: Lotus and Mars.

Closed-end funds (Pol. FIZ) are legal persons whose sole business is to invest funds in securities, money market instruments, real estate and other property rights. Closed-end funds are managed by other legal persons, i.e. by investment fund companies (Pol. TFI) in the form of joint-stock companies.

Investment funds benefit from exceptionally favourable – as for Polish conditions – subjective income tax exemptions. Structures involving non-public assets closed-end funds investing in real estate or in bonds offer particularly favourable prospects.

Filip Seredyński