Bell Rock glossary
Master-Feeder Structure
A fund structure in which one or more feeder funds invest substantially all of their assets into a single master fund that trades the strategy.
In a master-feeder structure, investors subscribe into one or more feeder funds (often a Cayman feeder for non-US and US tax-exempt investors alongside a US onshore feeder), each of which invests substantially all of its assets into a single master fund where portfolio trading occurs. The structure consolidates trading, improves operational efficiency and allows investors with different tax and regulatory needs to access the same strategy. A Cayman master fund with at least one CIMA-regulated feeder generally must itself register with CIMA under the Mutual Funds Act.
Classification and registration depend on the full statutory definition, the entity’s terms and applicable exclusions. Strategy labels alone do not determine the regulatory route.
Related guidance
Limited Partnership Agreement · Limited Partner
Explore related Bell Rock services or start your service request.