What is the professional term for a small investment company?

I have pooled together a dozen friends with average of $50K to invest. None of us are accredited or professionals, but have all had various types of personal success.

We've done well separately by funding start-ups, short-term loans, small projects, some entertainment (such as concerts), and maybe joining in on crowd funding. We would like to start an investment company and make it a legal entity. Our collective pool would have between $50-$600K.

At this early stage, we don't want to deal with too many regulations, but we also want it to be legal to pool our money and have one of us manage it. We're probably going to stay away from securities and the stock market and stick with identifying private opportunities. We've looked into the various types investment companies/funds such as VC's, Angels, Hedge Funds, Private Equity, and Investment Clubs. Where do we fall in this market in terms of what we are? If we're just a small group investing in private companies, do we need any licenses? Can all can we invest in without raising flags?