Bell Rock glossary
Feeder Fund
A fund through which investors access a strategy by investing substantially all of its assets into a master fund.
A feeder fund is the vehicle investors subscribe into within a master-feeder structure; it invests substantially all of its assets into a master fund where trading occurs. Structures commonly use a Cayman feeder for non-US and US tax-exempt investors alongside a US onshore feeder, allowing investors with different tax and regulatory profiles to access the same strategy. A Cayman feeder that is open-ended will typically require CIMA registration.
Related guidance
Limited Partnership Agreement · Limited Partner
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