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ARTICLE · 20 FEBRUARY 2016

Feeder Funds

Mayer Brown
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A feeder fund is an investment vehicle, often a limited partnership, that pools capital commitments of investors and invests or "feeds" such capital into an umbrella fund, often called a master fund.

United StatesFinance and Banking
Zachary Barnett
Zachary Barnett
Mark Dempsey
Mark Dempsey
Jonathan Rosaluk
Jonathan Rosaluk
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Erika Gosker
Matthew McDonald
Matthew McDonald
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Keywords: Feeder Funds, investment, fund management,

A feeder fund ("Feeder") is an investment vehicle, often a limited partnership, that pools capital commitments of investors and invests or "feeds" such capital into an umbrella fund, often called a master fund ("Master"), which directs and oversees all investments held in the Master portfolio. A Master/Feeder structure is commonly used by private equity funds or hedge funds ("Funds") to pool investment capital. The Master's profits may be split on a pro rata basis among its Feeders in proportion to their investment. A Feeder is a separate legal entity from the Master and is relevant to both lenders and Funds when discussed in the context of lending relationships, particularly in structuring a subscription-backed credit facility ("Facility").

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