Glossary
Alternative investment vehicle (AIV)
A separate vehicle a fund uses to make a particular investment, usually for tax or regulatory reasons, with the same investors in the same proportions.
In practice
AIV results must be combined with the main fund for waterfall and performance purposes, as the LPA usually treats them as one fund economically.
In FUN/D
FUN/D consolidates AIVs with the main fund for waterfalls and reporting.
Related: Parallel fund · Master-feeder structure · Distribution waterfall · full glossary
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