Fund plumbing

An informal term for the legal and operational structures connecting investors and investments. Feeders channel capital into a master fund; parallel vehicles invest alongside other vehicles under their agreed terms.

Fund plumbing in practice

Hypothetical: a manager considers a feeder and parallel vehicle for investors with different tax or regulatory requirements. Legal and tax review must establish whether the proposed arrangements work for each investor; the structure’s name alone does not prove regulatory acceptance or a particular tax outcome.

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