Alternative Investment Fund § 15 ZISIF is a colloquial term for a specific type of investment fund governed by Act No. 240/2013 Coll., on Management Companies and Investment Funds (ZISIF). This law section regulates a simplified asset management regime comparable to portfolio management, which does not require registration with or supervision by the Czech National Bank. It is often nicknamed a "friends' fund" because it is designed for a very narrow and predefined circle of investors.
The condition for operating under this regime is that the fund is not offered to the public, and its investors consist of fewer than 20 non-qualified investors. Alternatively, it can be a fund whose assets are managed by a person (e.g., a family office) whose activities are financed exclusively by the members of that group. These funds are typically used for managing assets within a single family or among a small group of friends or business partners who wish to invest together without being subject to the full regulation of the Czech National Bank.
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