What is an alternative investment company
What is an ASI?
An ASI, or alternative investment company, is a private investment fund run in the form of a company. Its sole task — set out in statute — is to raise capital from investors and invest it in line with an agreed investment policy, in the interest of those investors (art. 8a of ustawa z 27 maja 2004 r. o funduszach inwestycyjnych i zarządzaniu alternatywnymi funduszami inwestycyjnymi (the Act of 27 May 2004 on investment funds and the management of alternative investment funds)).
Put simply: an ASI pools the capital of a group of informed investors so that they can jointly invest in companies and projects that are out of reach from a brokerage account — private, real-estate and infrastructure transactions. In return, the investor takes up shares in the fund and shares in its results.
How it works: the fund and the manager
An ASI is built on two entities with clearly separated roles:
The fund (ASI) — in our case a limited joint-stock partnership. This is where the assets sit: investors take up registered shares and become shareholders. Their liability is limited to the capital they contribute.
The manager (ZASI) — a capital company that makes the investment decisions, is accountable for legal compliance and reports to the Polish Financial Supervision Authority (KNF). The ZASI appears in the public KNF register — anyone can verify it.
This separation of roles is a safety mechanism: the investors' assets are kept apart from the assets and the risks of the manager.
The KNF register and obligations towards the supervisor
The manager of MOTIVA ASI operates on the basis of an entry in the register of ASI managers kept by the KNF (no. PLZASI00449, entered on 16 February 2026). The entry carries obligations: annual reports to the KNF on the fund and its assets, financial statements audited by a statutory auditor, monitoring of the statutory asset limits and sustainability-related disclosures (SFDR). Operating on the basis of a register entry means a statutory limit on assets under management — up to the equivalent of EUR 100 million.
To be straight about it: an entry in the register is not the same as the licence held by investment fund companies. That is why the legislator narrowed the circle of ASI investors to people who understand what they are investing in — more on that below.
Comparison of ways to invest
| Criterion | ASI | Open-ended fund (FIO) | Investing on your own |
|---|---|---|---|
| Access to private transactions | Yes — that is its very point | No / very limited | Yes, but on your own |
| Supervision and reporting | KNF register, annual reports, audit | Full KNF licence | None |
| Liquidity | Limited, a horizon of several years | High (daily valuation) | Depends on the asset |
| Circle of investors | Professional clients | General public | — |
| Diversification and scale | Pooled capital of many investors | Broad, public markets | Limited by your own capital |
Who can invest?
Statute reserves investment in an ASI managed by a registered entity for professional clients. Financial institutions and large enterprises are professional clients by operation of law. A private individual or a smaller company may be recognised as a professional client on their own request — once the statutory conditions are met, including a declared contribution of at least the equivalent of EUR 60,000 from their own funds and a positive assessment of their investment knowledge and experience (art. 70k of the Act).
These thresholds are not a barrier for the sake of a barrier. They protect both sides: the fund takes in investors who understand the risk of private investments and can afford to carry it.
From a conversation to shares — six steps
Conversation
We get to know your goals and answer your questions — with no obligation.
Categorisation
We verify your status as a professional client (request, knowledge and experience questionnaire, declaration of contribution).
Documents
You receive the fund's articles of association, the investment policy and the risk information. You read, you ask, you consult.
Taking up shares
You sign the subscription documents, contribute your capital and are entered in the share register kept by Dom Maklerski BDM S.A.
The life of the investment
You receive an annual valuation and financial statements, and a current report whenever something material happens in the portfolio.
Exit
Profit is realised through the portfolio's liquidity events: sales of companies, dividends, redemptions — in line with the articles of association. Transferring shares to a third party requires the manager's consent (a statutory requirement).
About risk — no fine print
An investment in an ASI carries the risk of losing part, and even all, of the capital invested. Results are not guaranteed, and private investments can be unpredictable. Liquidity is limited: there is no daily quotation and no buy-back guarantee, and the horizon is counted in years. The portfolio may be concentrated in a few projects, and foreign investments carry currency, legal and political risk. We say this openly, because trust built on omissions does not survive the first difficult quarter.
Frequently asked questions
How does an ASI differ from an investment fund run by a TFI?
An ASI is a private fund in the form of a company: the investor is a shareholder, the portfolio is built from private transactions, and the circle of investors is restricted by statute. TFI funds operate under a full KNF licence and are available to everyone, but they rarely reach for private assets.
What is the minimum investment?
For a private individual, one of the statutory conditions for being recognised as a professional client is a declared contribution of at least the equivalent of EUR 60,000 from their own funds. We discuss the details individually.
Does the KNF supervise MOTIVA ASI?
The manager is entered in the register of ASI managers kept by the KNF (no. PLZASI00449) and is subject to reporting obligations towards the Commission. An entry in the register is not the same as the licence held by a TFI — which is why statute limits the circle of investors to professional clients.
Can I exit the investment early?
ASI shares are registered shares, and transferring them requires the manager's consent — a statutory requirement that protects the remaining shareholders. Liquidity comes from portfolio events: sales of companies, dividends, redemptions.
What exactly do you invest in?
Three areas: logistics and export infrastructure, energy, and healthcare. Every investment runs through a separate special purpose vehicle and is described to investors before any decision.
How does the manager earn?
On the terms set out in the fund's documents, disclosed to the investor before shares are taken up. The remuneration is structured to reward the investors' result, not the sheer size of the assets.
What does reporting look like?
An annual valuation of assets, financial statements audited by a statutory auditor, an annual report to the KNF and current information on material portfolio events.
Can an ASI take on debt?
The investment policy allows debt financing within defined limits. Leverage is applied per project, inside the special purpose vehicles, without recourse to the whole fund wherever that is possible.
Can I invest as a company?
Yes. Companies that meet the statutory size criteria are professional clients by operation of law; the others may apply for that status.
Where do I start?
With a conversation. Write to our contact address — we answer every question before we ask for any signature.