Feeder fund
A vehicle that pools investors and invests all its capital into another fund (the master or main fund), often to accommodate investors with particular tax, regulatory or minimum-size needs.
In practice
Feeder investors' returns are the master's returns adjusted for the feeder's own expenses, so both levels must be accounted for and reported.
In FUN/D
FUN/D accounts for feeders and masters together, with each investor reported at the level they hold.
Related: Master-feeder structure · Blocker corporation · Parallel fund · full glossary
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