FAQ

The minimum investment amount is PLN 100,000 per agreement. There is no fixed upper limit, and the total investment amount depends on the investor’s individual capital allocation and preferences.

Investment agreements are typically concluded for a period of 4 months, reflecting the settlement cycle of hospitals within the Polish public healthcare system (NFZ). This corresponds to the financing needs of medical companies, while interest is paid during the term and the principal is repaid at maturity.

The EndoFund investment model assumes that returns (in the form of interest on invested capital) are paid to investors in regular monthly cycles. These payments constitute income. The way they are taxed depends on the investor’s legal status, but they are always subject to applicable tax obligations.

Taxation for individual investors (natural persons)

As an individual investor (a natural person not conducting business activity in this area), you receive interest in gross amounts. This means that EndoFund does not act as a withholding tax agent and does not deduct advance tax payments, unlike in the case of bank deposits.

The income received constitutes capital income and is subject to a flat 19% income tax (commonly referred to as “capital gains tax”).

It is your responsibility to declare this income in your annual tax return. In Poland, this should be reported in the PIT-38 form, submitted to the tax office by the end of April of the following year.

Taxation for corporate entities (companies)

If the investor is a business entity (e.g. a limited liability company, limited partnership, joint-stock company, or sole proprietorship), the interest received on a monthly basis is treated as income, typically classified as financial or operating income depending on accounting policies.

This income is taxed in accordance with the applicable tax regime of the entity.

In practice:

• Corporate entities (e.g. limited liability companies) are subject to corporate income tax (CIT), typically at 9% or 19%, depending on their status, and report this income in their annual CIT-8 return
• Sole proprietors include this income in their personal income tax (PIT), taxed according to their chosen taxation method (progressive scale, flat rate, or lump sum)

Important notice

EndoFund does not provide tax advisory services. The above information is of a general nature only. As final tax obligations depend on individual circumstances, tax residency, and the chosen form of taxation, we recommend consulting a qualified tax advisor before making investment decisions.

EndoFund applies a multi-level due diligence process as part of its risk assessment framework. The analysis goes beyond publicly available financial data and includes both financial and operational factors.

A key element of this approach is the combination of financial expertise and practical experience in the healthcare sector within the team, allowing for a more comprehensive understanding of how medical institutions operate and are financed within the broader healthcare system (NFZ).

This enables EndoFund to assess not only financial performance, but also the underlying operational context of each counterparty. In particular, the process distinguishes between temporary liquidity constraints and more structural financial challenges, which are taken into account when evaluating potential transactions.

In a broad legal and market context, an investment firm refers to an entity whose primary area of activity is the professional management of capital entrusted by investors in order to generate a specific rate of return. The main role of such a company is to connect private or institutional capital with market investment opportunities while actively managing risk.

At EndoFund, we put this definition into practice — we are a specialized investment firm operating as an Alternative Investment Company (ASI). What distinguishes our business from traditional brokerage houses or open-end investment funds includes:

• Narrow specialization – we focus exclusively on the medical sector, specifically on financing the purchase of medical equipment and technologies (reverse factoring).
• Real assets – unlike firms investing in derivatives or publicly traded shares, EndoFund allocates capital to tangible, real-world assets (medical equipment) and verified receivables based on contracts with the Polish National Health Fund (NFZ).
• Security and regulatory oversight – as an entity entered in the register of ASI Managers maintained by the Polish Financial Supervision Authority (KNF), we operate within a strictly regulated legal framework, ensuring transparency and professional management for investors.

In the EndoFund model, the definition of an investment firm therefore evolves toward expert partnership. We do not merely allocate capital — thanks to our unique expertise in both medicine and finance, we actively support the development of the Polish healthcare system while offering Investors stable, passive income based on solid economic foundations.

Short-term investments are instruments that typically involve highly liquid assets with an investment horizon of up to 12 months. Their primary objective is to allocate capital efficiently while maintaining relatively quick access to liquidity. This category traditionally includes instruments such as bank deposits, treasury bills, and factoring.

At EndoFund, this model is implemented through medical factoring. The investment approach is based on financing transactions related to medical equipment within relatively short cycles (typically 90–120 days). For investors, this means a defined investment horizon, with interest paid on a regular basis and principal repaid at the end of the term, in accordance with the agreement.

The EndoFund model is based on financing transactions within the healthcare sector, including contracts linked to the Polish public healthcare system (NFZ). The sector is generally characterised by stable demand for medical services and equipment, supported by long-term demographic trends.

These factors may contribute to the overall structure of the investment model and its risk-return profile.

Key elements of the model include:

• Public sector exposure – financed receivables are linked to contracts within the Polish public healthcare system, which influences the structure of cash flows
• Sector characteristics – the healthcare sector operates with relatively stable demand compared to more cyclical industries
• Defined payment structure – interest is paid periodically, with principal repaid at the end of the investment term, in accordance with the agreement
• Regulatory framework – EndoFund S.A. holds 100% of shares in Phoenix Global Innovations ASI S.A., an entity entered in the register of Alternative Investment Company managers maintained by the Polish Financial Supervision Authority (KNF), and operates within an established regulatory environment

In practice, this model provides investors with access to a structured investment approach that does not require active portfolio management.

However, all financial investments involve risk. Investors should carefully review the characteristics of the product and assess their individual risk tolerance before making an investment decision.

Portfolio diversification is an investment strategy that involves allocating capital across different asset classes in order to reduce overall risk. Rather than concentrating funds in a single instrument (e.g. equities or real estate), investors build a portfolio composed of assets that may respond differently to changes in economic conditions. The main objective of this approach is to reduce exposure to market volatility.

Effective diversification is typically based on assets with low correlation. This means selecting sectors and instruments that may perform differently under various market conditions.

Certain investment strategies, including those linked to the healthcare sector, may form part of a diversified portfolio approach.

As with all investments, risk cannot be eliminated. Investors should carefully assess the characteristics of each investment and their own risk tolerance before making a decision.

No. The EndoFund investment model is structured as a non-discretionary, low-maintenance investment arrangement that does not require ongoing market monitoring or active portfolio management.

After entering into an agreement, the investment follows a predefined structure, with interest paid according to the agreed schedule and principal repaid at maturity.

This approach is designed for investors who prefer a structured investment process that does not involve day-to-day management or continuous analysis of financial markets.

The EndoFund investment model is designed to provide a structured cash flow schedule and a defined investment term.

Unlike many traditional investment products, it does not require long-term capital commitment, as the timing of payments is defined in the agreement.

The process consists of two components:

• Monthly interest payments: Interest generated on the invested capital is paid on a monthly basis to the investor’s designated bank account, in accordance with the schedule set out in the agreement. This provides periodic cash flows during the investment term.
• Capital repayment: The full principal amount is repaid at the end of the investment cycle, which typically lasts approximately 4 months. The exact maturity date is specified in the agreement. Repayment timing is linked to the settlement of underlying receivables within the Polish public healthcare system (NFZ).

The EndoFund model is designed with flexibility in mind, allowing investors to decide how they wish to proceed after each investment term.

Although investments are structured as short-term agreements, this does not require ending the relationship after each cycle.

After the standard 4-month term, investors typically have two options:

• Capital withdrawal: You may choose to end the investment and receive the full principal amount together with the final interest payment, in accordance with the agreement.
• Renewal of the agreement: Alternatively, you may extend the investment for another term (typically another 4 months). The renewal process is carried out in accordance with the procedures set out in the agreement and requires prior notice before the end of the current term. This structure allows investors to either exit the investment or continue participation in subsequent cycles, depending on their individual preferences.

The EndoFund investment model is structured around receivables linked to contracts within the Polish public healthcare system. Payments are ultimately related to settlements with the public healthcare payer.

In the event of delays in underlying payments, receivables management and collection processes are handled by EndoFund as the investment manager.

The investment structure is based on a diversified portfolio of transactions across multiple counterparties, which helps manage exposure to individual payment delays.

Investors are not involved in any collection or recovery processes, which are fully managed by EndoFund in accordance with the terms of the investment agreement.

The choice of investment depends on individual objectives, risk tolerance, and investment horizon.

The EndoFund model represents a short-term investment approach based on financing transactions within the healthcare sector. In comparison to real estate investments, it differs in several structural aspects:

• Capital commitment – real estate investments typically involve longer holding periods, while EndoFund structures are based on short investment cycles (approximately 4 months), with the possibility of renewal
• Operational involvement – real estate investments often require active management, whereas the EndoFund model is structured as a non-active investment arrangement for investors
• Income structure – rental income from real estate depends on occupancy and tenant performance, while the EndoFund model provides scheduled interest payments in accordance with the agreement
• Market exposure – real estate values are influenced by broader market conditions, while the EndoFund model is based on contractual cash flows within the healthcare sector

Comparison overview

No, these are two different — although closely connected — elements of the investment process. Put simply: an investment firm is the “manager” (the experts and the organization), while an investment vehicle is the “legal structure” (the place where your capital operates).

Definitions and Key Differences

Investment firm (managing entity):
A professional institution with substantive expertise, a team of analysts, and the required regulatory registrations. Its role is to identify market opportunities, assess risk, and operationally manage investments.

Investment vehicle (capital structure):
A specific legal structure (e.g., a company or fund) established by the investment firm in order to collect capital from investors and execute a defined strategy. The vehicle provides the legal framework for capital protection and tax settlement.

Depending on their strategy, investment firms use different structures:

• ASI (Alternative Investment Company): a flexible investment vehicle dedicated to stable, niche sectors such as the medical market.
• SPV (Special Purpose Vehicle): a structure typically established to execute one specific project (e.g., the construction of an office building).
• Closed-End Investment Fund (FIZ): a more formalized vehicle, commonly used in the stock market or real estate sectors.

Within our structure, the division of roles is clear and transparent, which constitutes one of the key pillars of security:

• The investment firm (manager) is EndoFund S.A.
  This joint-stock company is registered with the Polish Financial Supervision Authority (KNF) and is responsible for verifying medical facilities and managing the financing process.
• The investment vehicle is the Alternative Investment Company (ASI) Phoenix Global Innovations S.A.
  It is within this structure that your capital operates, financing real medical equipment and services whose repayment is based on stable contracts with the Polish National Healthcare System (NFZ).

This separation gives the investment process the highest level of professionalism — investor capital is separated from the operational structure of the manager, while the entire process remains subject to institutional oversight. However, it should be remembered that every financial investment involves risk and uncertainty regarding returns, which is why investors should carefully assess their own risk tolerance before making any investment decisions.