In an interview published on Analizy.pl, Rafał Lis, Managing Partner at CVI, points to several key factors shaping the outlook for the private debt market:

• The limited availability of private debt funds remains a major obstacle to market growth. Poland’s solid macroeconomic environment should support increasing interest in private debt as a source of investment financing. However, the market’s niche nature and restricted access to this asset class continue to be key challenges. CVI is actively working to engage banks both in distributing private debt funds and in cooperating on the financing of banks’ lending clients.

• The participation of Employee Capital Plans (PPK) in the private debt market is expected to grow rapidly. There is also potential for Open Pension Funds (OFE) to enter this segment, although this would require legislative changes. Strong expectations are linked to the Polish Financial Supervision Authority’s (KNF) priorities for 2026, particularly with regard to the more efficient use of savings to build long-term retirement capital. The CVI fund dedicated to institutional investors has already attracted investments from the first PPKs, alongside pension funds from the Czech Republic, Latvia, and Slovenia.

• The ELTIF 2.0 regulation may improve investor access to private debt funds and facilitate their cross-border distribution within the EU. However, in Poland, where CVI has been implementing similar solutions for years, it is unlikely to result in any material changes.

We invite you to read the full interview for a deeper insight into these topics: https://www.analizy.pl/tylko-u-nas/38927/jaki-bedzie-rok-2026-dla-private-debt