Alternativní investiční fond

Alternative Investment Fund under § 15 ZISIF (so-called "venture capital person")

An Alternative Investment Fund (also known as a minifund, etc. – see below) is defined by the provisions of § 15 of Act No. 240/2013 Coll., on Investment Companies and Investment Funds, as amended.

A so-called alternative fund, minifund, or alternative investment fund is a vehicle and at the same time a simple way of managing investors’ assets which, compared to classic investment funds, is not subject to regulation and supervision by the Czech National Bank (ČNB) as other investment funds are, and is only registered with the ČNB.

Compared to classic investment funds, an alternative investment fund (minifund) is characterized by low administrative requirements, simplicity of establishment, and speed in the registration process with the ČNB.

Alternative Fund, 15 ZISIF or ZISIF 15, Minifund, Alternative Investment Fund, or Quasi-Fund?

The designations "15 ZISIF," "ZISIF 15," "patnáctkář," "15ka," "minifund," "alternative investment fund," "alternative fund," or "fund under § 15 ZISIF" are identical in content; in all cases, they refer to a vehicle under § 15 of the Act on Investment Companies and Investment Funds, i.e. it is asset management comparable to administration.

Sometimes in the Czech environment, one may also come across the terms "pseudofund" or "quasi-fund"; in all cases, these always refer to companies that carry out asset management comparable to administration under § 15(1) of Act No. 240/2013 Coll., on Investment Companies and Investment Funds.

From 1st of July 2024, the fund manager must include "venture capital person" in its name.

Video about Alternative Investment Funds from the Czech National Bank

For a better understanding of who alternative investment funds are intended for, we recommend the following video from the Czech National Bank.

Where to next?

• Obligations of the fund manager
• Turnkey establishment of an alternative fund
• CNB reporting
• AML obligations
• Preparation of the KID under the PRIIPs Regulation
• Investment agreement
• Investment strategy
• News