Fund Structures – Section Index
What This Section Covers
These files explain how alternative investment funds are packaged, who is involved, how they are governed, and what alternatives to the standard limited partnership exist. Read this section after the Concepts section, before moving to risk and operations.
Files in This Section
| File | Structure |
|---|---|
| Limited Partnerships | The standard closed-ended fund legal structure |
| LP Roles | Responsibilities, rights, and protections of each party |
| Open-Ended vs Closed-Ended Funds | How fund type determines liquidity and governance |
| Fund of Funds | Investing in other funds; diversification vs fee layers |
| Co-Investments | Direct deal access alongside a fund |
| Secondaries | Buying and selling existing fund interests |
| Separately Managed Accounts | Bespoke mandates for large investors |
Suggested Reading Order
- Limited Partnerships — understand the legal container first
- LP Roles — understand who does what within the container
- Open-Ended vs Closed-Ended Funds — the most important structural choice affecting liquidity and NAV
- Co-Investments — builds on LP structure; adds deal-level access
- Secondaries — understand how LP interests are traded
- Fund of Funds — layered structures; understand after single-fund mechanics
- Separately Managed Accounts — bespoke; read last
Most Important Links
- Limited Partnerships — underpins almost every other file in this bundle
- LP Roles — without this, waterfall, carry, and LPAC mechanics are opaque
- Open-Ended vs Closed-Ended Funds — the structural distinction that most affects liquidity, NAV, and redemption risk
Self-Check Questions
- What is the liability position of an LP in a limited partnership?
- What decisions typically require LPAC consent?
- What structural features allow an open-ended fund to manage redemption pressure?
- What is the typical cost advantage of a co-investment relative to a fund commitment?
- What is a GP-led secondary and how does it differ from an LP-led secondary?
Related Sections
- Concepts — waterfalls, carry, and NAV operate within these structures
- Operations — capital calls, subscriptions, and reporting depend on structure type
- Risk — liquidity and operational risk differ significantly by structure
- Sources — Invest Europe and ILPA Principles are the key sources for this section