Collective investment funds (CIFs) continue to gain popularity among large and medium-sized businesses. As of 1 July 2012 there were 1179 CIFs operating in Ukraine, 92% of which were ventures. Venture capital funds also account for about 127 of the 137 billion in total CIF assets. Practice shows that venture CIFs are often a tool of financial optimization and refinancing and used by business groups or private businesses for their own purposes, but not as instruments of collective investment.