We believe that investments should not be distant and abstract, but real, meaningful, and connected to places that have a story, atmosphere, and long-term perspective.
Fund manager
AMISTA investiční společnost, a.s.
Administrator
AMISTA investiční společnost, a.s.
Depositary
Československá obchodná banka, a. s.
Distributor
J&T BANKA, a.s.
Investment strategy
Investing in recreational property
Fund type
Fund of qualified investors
Min. initial investment
CZK 1 mil. / EUR 50,000 (min. additional investment CZK 100,000 /
EUR 5,000)
Investment currencies
EUR and CZK
Recommended investment period
5 years and more
Target yield
8 - 10% p.a.
Financial year
1.11. - 31.10.
Valuation frequency
Quarterly (31.01., 30.04., 31.07, 31.10.)
Entry fee
0 – 3% of the invested value
Exit fees
Management fee
Max 1.5% p.a. of the fund capital of the relevant share class
Performance fee
Max. 20% of the growth in fund capital value above 6% p.a.
Share classes
Igor Rattaj serves as Chairman of the Board of Directors at Tatry Mountain Resorts a.s. (TMR), where he is also the largest shareholder. He brings extensive experience in finance, having previously held the position of Vice Chairman of the Board and Head of Private Banking at J&T Banka. He also worked as Director of Securities Trading at J&T Securities. He graduated from the Slovak University of Technology, Faculty of Electrical Engineering. At TMR Fond, he serves as a Member and Chairman of the Supervisory Board.
Zuzana Ištvánfiová has a long-standing career in senior management and brings extensive experience in leading strategic projects across both the Czech Republic and Slovakia. Within the TMR Group, where she currently serves as Vice Chair of the Board of Directors, she specializes in development and investment projects with a strong focus on the real estate segment. With her expertise in expansion, development, and asset value management, she contributes valuable insight and strategic perspective to the Supervisory Board.
Martin Duch serves as a Member of the Supervisory Board of TMR Fond and a Member of the Board of Directors at Gopass. He has a strong background in investment management and extensive experience in the establishment, structuring, and administration of qualified investor funds focused on real estate, equity participation, lending, investment securities, private equity, and venture capital. He holds degrees from the Faculty of Law at Charles University, the University of Tilburg (International Business Law), and Kyushu University (International Economic and Business Law).
Jitka Fatková is a Member of the Supervisory Board of TMR Fond and an active professional in the real estate market. She focuses primarily on initial communication with investors and ensures a smooth investment process from the first contact through to completion. Her years of experience and strong client-oriented approach guarantee a high level of professionalism and trustworthy cooperation. TMR Group is a Market Leader in Tourism Services and Recreational Real Estate Development and Operation. Active in 4 countries, TMR operates 13 resorts, owns 21 hotels, and develops numerous real estate projects.
The TMR Fund is a fund for qualified investors who invests in premium leisure real estate in attractive tourism destinations. When selecting assets, the fund focuses on properties with strong potential for rental income and long-term capital appreciation. The day-to-day management and efficient operation of the portfolio are handled by Tatry mountain resorts, which enhances the potential for attractive long-term returns.
This refers to the target annual return that the fund investment strategy aims to achieve. The actual performance may be higher or lower. For the financial year of 2025 (11/2024 – 10/2025), the fund achieved a return of 12.47% (IA EUR share class). All performance figures are stated net of fees.
An investment may entitle you to benefits provided by Gopass SE, with discounts of up to 75%. These may include, for example, a Gopass SKI Season Pass (with or without a Fast Pass), Fresh Track tickets, summer cable car tickets and stays at selected TMR hotels. The scope of benefits depends on the initial investment amount. For a detailed overview, please click on the following link.
The fund generates returns primarily from rental income and from interest on financing provided for the development and refurbishment of selected projects. Additional returns may arise from capital appreciation upon the future sale of properties.
Investors do not need to deal with property acquisition, management or occupancy. The minimum investment is significantly lower than the capital required to purchase an individual piece of real estate. At the same time, investment risk is reduced, as returns are not dependent on a single asset in one location but are diversified across the portfolio.
Investors may request the redemption of their shares in accordance with the conditions set out in the fund’s statutes. No exit fee is charged on redemptions of up to 6% of the investment value per annum.
For qualified investors under Section 272(1)(i) of ZISIF (Czech Act on Investment Companies and Investment Funds), the minimum investment is CZK 1,000,000 (or the equivalent in EUR).
We recommend investing for 5 years.
To express your interest, please complete the contact form at www.xxx.xx, or email to xxx.
Clients of J&T Banka may also contact their relationship manager directly.
Yes, capital contributions may be split into multiple payments. However, it is essential that all payments are received in the fund’s account by the final day of the quarter, so that the investment can begin to accrue returns from the following period. The total amount must meet the minimum investment requirement.
Yes, investments can be made in CZK and EUR, provided the total minimum investment of CZK 1,000,000 (or EUR equivalent) is met. The minimum contribution is CZK 100,000 for CZK investments and EUR 5,000 for EUR investments.
An entry fee of up to 3% of the invested amount is charged upon subscription of shares. The management fee is up to 1.5% of the fund’s net asset value per annum (see Section 12.3.1 of the fund statutes). A performance fee of up to 20% may be charged on returns exceeding 6% per annum (see Section 12.3.2 of the fund statutes). The exit fee is tiered based on the holding period and ranges from 0% to 30% of the investment value. The fee is 0% after a holding period of 3 years or where annual redemptions do not exceed 6% of the investment value. All performance figures are stated net of fees.
Related risks are described in detail in the fund statutes.
Investors may request the fund to redeem their shares, either in full or partially, provided the minimum investment level (CZK 1,000,000 or EUR equivalent) is maintained. The applicable exit fee is determined in accordance with the fund statutes. After 3 years, the exit fee is 0%. Alternatively, investors may sell their shares to a third party who meets the criteria for a qualified investor, or via a stock exchange if the shares are listed.
Why the TMR Fund
Investment portfolio
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Why the TMR Fund
Investment portfolio
Benefits
About Us
What’s new
Contact us
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