Inaugurated during the Nato summit in Vilnius on 11-12 July 2023, the NIF, which is headquartered in Amsterdam and has additional offices in London and Warsaw, stands as the world’s first multi-sovereign venture capital fund.

Supported by 23 Nato allies, including Luxembourg, aims to invest directly in startups from these participating nations, particularly those startups focusing on technological solutions for defence and security; it will also make indirect investments in deep tech funds.

Poland’s contribution to the NIF is approximately 5%, amounting to some €42m (PLN 190m). The PFR manages this investment on Poland’s behalf, under the auspices of the prime minister’s office and the ministry of defence.

DLA Piper has played a central role by advising the Polish ministry of national defence on optimising the legal and tax structures through which Poland could join the NIF. The firm also assisted PFR and PFR Ventures in finalising partnership agreements.

Łukasz Dynysiuk of DLA Piper in Warsaw led this initiative, collaborating with a joint team from Warsaw and Luxembourg. In Luxembourg, the team consisted of , Bahya Bouharati, and Johanna Fournier, who specialised in the intricacies of the investment fund. Meanwhile, and provided their expertise on Luxembourg tax matters.