No, a Qualified Opportunity Fund (QOF) is specifically designed to invest in Qualified Opportunity Zones (QOZs). To maintain its status as a QOF and receive the associated tax benefits, at least 90% of its assets must be invested in Qualified Opportunity Zone Property, which includes businesses, real estate, and other assets located within designated QOZs. Investing in a business outside of a QOZ would not qualify for the QOF tax advantages and could potentially jeopardize the fund's status.