what is a master feeder structure 
a master feeder structure is a device commonly used by hedge funds to pool taxable and tax exempt capital raised from investors in the united states and overseas into a master fund separate investment vehicles otherwise known as feeders are established for each group of investors investors put capital into their respective feeder funds which ultimately invest assets into a centralized vehicle known as the master fund the master fund is responsible for making all portfolio investments and conducting all trading activity management and performance fees are paid at the feeder fund level 