Řízení fondu alternativních aktiv

This thesis deals with the management of the fund of alternative investments with an emphasis on photovoltaic projects in the Czech Republic. The main objective is to evaluate whether, after numerous legislative changes, these projects continue to be an attractive investment alternative. The impact of legislative changes on the economy and efficiency of the projects were analyzed for fictitious projects using static and dynamic methods of investment evaluation. The analysis showed that if there was knowledge of the additional cost burden resulting from changes in legislation, then none of the evaluated projects would have been implemented. In general, changes have had the most significant impact on projects that initially appeared to be most effective. In terms of size, restrictions affected mainly smaller projects. Overall, there was a relative alignment of return. For projects with higher levels of debt, an additional cost burden could be liquidational. Then the portfolio of alternative investment fund was created, which consists of assets of two alternative projects evaluated before. This led to evaluation, whether, despite charged fees but a lower tax rate, the investment through the fund is more favorable compared to an own special purpose company. Due to the small size of the fund the hypothesis of fund being more effective mean of administration, was not confirmed.