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Fund Structures And Capital Flows

Fund Structures and Capital Flows terms covering fund structures, portfolio tools, indexes, investment strategies, return measures, and account mechanics.

Fund Structures And Capital Flows terms describe how fund structures, capital flows, gates, feeders, fund-of-funds arrangements, switching, and turnover affect investors.

Use this branch when operating mechanics alter liquidity, fees, tax drag, redemption rights, manager flexibility, or cash-flow timing.

Key Terms in This Branch

TermUse it for
Capital CallA fund structure, capital-flow, gate, feeder, switching, turnover, or liquidity-management term.
Distribution WaterfallA fund structure, capital-flow, gate, feeder, switching, turnover, or liquidity-management term.
Feeder FundA fund structure, capital-flow, gate, feeder, switching, turnover, or liquidity-management term.
Fund of FundsA fund structure, capital-flow, gate, feeder, switching, turnover, or liquidity-management term.
Gate ProvisionA fund structure, capital-flow, gate, feeder, switching, turnover, or liquidity-management term.
Master-Feeder StructureA fund structure, capital-flow, gate, feeder, switching, turnover, or liquidity-management term.

What to Check

Check capital-call terms, redemption gates, feeder or master-feeder links, fund-of-funds layering, turnover, switching rules, cash-flow waterfall, and liquidity management tools.

Common Mistakes

  • Ignoring gates, lockups, capital calls, and fund-flow timing.
  • Counting fund-of-funds diversification without checking layered fees.
  • Missing turnover-driven tax and transaction costs.
  • Assuming liquidity terms stay unchanged in stressed markets.

This page is educational and does not recommend a specific fund, security, tax treatment, or account choice.

In this section

Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.

Capital Call

A formal request for a portion of the committed capital from investors, not necessarily tied to physical assets.

Distribution Waterfall

A distribution waterfall sets the order for allocating fund cash flows, gains, and carried interest among investors and managers.

Feeder Fund

Fund vehicle that channels investor capital into a master fund, usually as part of a master-feeder structure used in private and hedge fund setups.

Fund of Funds

Fund structure that invests in other funds instead of holding securities directly, adding an extra layer of diversification and fees.

Gate Provision

A gate provision limits investor withdrawals from a fund during stressed markets, liquidity pressure, or specified conditions.

Master-Feeder Structure

Fund structure in which multiple feeder vehicles channel capital into one master fund so the manager can centralize portfolio trading.

Revised on Sunday, June 21, 2026