Project number:


Business sector:

Insurance, Pension, Mutual Funds

Notice type:


Environmental category:


Approval date:

11 Jun 2014



PSD disclosed:

24 Jun 2014

Translated version of this PSD: Polish

Project Description

The EBRD is considering an investment of up to PLN 50 million (€12 million equivalent) in the forthcoming IPO of Altus TFI S.A. on the Warsaw Stock Exchange.

Transition Impact

The EBRD’s investment will support Altus TFI in its transformation from a private to a publicly listed company with enhanced governance and transparency requirements. The EBRD plans to appoint an independent experienced board member to assist in institutionalising the business and provide guidance on corporate governance.

Furthermore, the EBRD’s investment will represent its continued commitment to supporting the development of Poland’s capital markets where asset management companies are expected to play an increasingly important role, particularly in the context of the recent pension reforms.

The Client

Altus is a privately held mutual fund and asset management company in Poland with assets under management of more than PLN 5 billion across 36 funds. It is ranked 17th with a 1.5% market share.

The Company was established in 2008 by Piotr Osiecki, former Deputy CEO and CIO of PZU Asset Management, who is currently the CEO of Altus with a 59% ownership. The remaining shares are owned by managers of the fund and founding shareholders

EBRD Finance

Equity subscription in newly offered shares.

Project Cost

Up to PLN 50 million (€12 million equivalent).

Environmental Impact

Altus will be required to comply with EBRD’s PRs 2 and 9, adopt and implement the Bank’s E&S Procedures for Active Equity Investments and submit Annual Environmental and Social Reports to the Bank.

Technical Cooperation


Company Contact

Piotr Osiecki
Chief Executive Officer, Altus TFI S.A.
Ul. Pankiewicza 3
00-696 Warsaw


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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