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Consolidated structures, Screenshot 2020-11-06 at 17.15.39 - Coggle Diagram
Consolidated structures
Fund structuring extends beyond the vehicle investors will invest into and will include the mechanics for investors to get into the fund and the holding structure utilised at an asset level
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Parallel vehicles
Similar to co-investment vehicles as they are established to invest in the same pool of assets alongside another pariticpant
A key use of parallel vehicles can allow different investor types to be treated differently whilst still investing into the cumulative pool of assets
For example an EU AIF investing in parallel with a non EU fund, this may be desirable where the funds investment objective mean that for the EU investors into it, that the fund would have no presence in the EU. In this way those investors outside of the EU are not subjected to EU regulation unneccesarily whilst a fund structure is established to ensure EU compliance for those investors that bring the fund in the scope of AIFMD
The use of parallel vehicles may also allow for listed funds to invest alongside private funds, giving a wide range of eligible investor types access to the fund
Masters / feeders
A fund established to invest directly into and manage the asstes may be classified as one where the master fund above it is established a separate fund (the feeder) designed to accept investor subscriptions for the purpose of investing (feeding investment) into the master fund
Funds of funds
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The fund manage doesn't manage the investments but instead oversees their performance and makes recommendations as to acquisitions and disposals of other funds
Series/vintages
A family of funds that share similar characteristics ie common investment manager or investment premise
Series of funds can allow for these similarities but also leads room for differences such as different fee structures or differing maturity dates
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