Raise capital from anywhere
Global capital, local compliance.
Spin up feeder funds in 10+ jurisdictions instantly.
US investors → Delaware feeder → Master fund
EU investors → Luxembourg feeder → Master fund
Asian investors → Cayman feeder → Master fund
KYB
Automated globalFX
Treaty optimizedTax
Treaty optimized
Typical architecture
A feeder is a funnel. It collects money from a specific jurisdiction or tax status and routes it into the master fund, which holds the assets.
US feeder
US Taxable LPs (Delaware LP)
Offshore feeder
Non-US/Tax-Exempt LPs (Cayman/BVI)
EU feeder
European LPs (Lux SCSp)
The master fund
Holdings [Startup A] [Startup B] [Startup C]
Delaware LLC / Cayman L.P.
Why you need feeders
Accepting foreign capital directly into a US fund creates tax problems for your LPs.
The ECI trap (non-US investors)
Problem
If a foreign investor receives income "Effectively Connected" to a US trade/business (ECI), they must file a US tax return. They hate this.
Solution
Use a Cayman "Blocker" corporation. The Blocker pays the US tax (21%), and the investor receives a clean dividend. No US tax return needed.
The UBTI trap (endowments)
Problem
US Tax-Exempts (Foundations, Pension Funds) are taxed on "Unrelated Business Taxable Income" (UBTI) if you use leverage/debt.
Solution
An Offshore Feeder acts as a shield, converting the income type so their tax-exempt status remains safe.
Parallel vs. Master-feeder
In some cases, parallel funds work better than a master-feeder structure.
Feature
Master-feeder
Structure
Funds flow INTO main fund
Parallel fund
Funds invest ALONGSIDE main fund
Feature
Master-feeder
Portfolio
Identical assets
Parallel fund
Can differ (flexibility)
Feature
Master-feeder
Cost
Lower (One audit)
Parallel fund
Higher (Two audits)
Feature
Master-feeder
Best for
Tax blocking
Parallel fund
Regulatory segregation (ERISA)
Feature | Master-feeder | Parallel fund |
|---|---|---|
Structure | Funds flow INTO main fund | Funds invest ALONGSIDE main fund |
Portfolio | Identical assets | Can differ (flexibility) |
Cost | Lower (One audit) | Higher (Two audits) |
Best for | Tax blocking | Regulatory segregation (ERISA) |
*Infra One supports both structures. Choose "Parallel" if you need to keep assets legally separate for regulatory reasons.*
Feeder cost model
Delaware Feeder
$5,000
Cayman Feeder
$15,000
UK Feeder
$12,000
ADGM Feeder
$15,000
Annual admin
Comparison$10k
/ year per Feeder
Includes compliance, tax coordination, NAV calculation, and regulatory filings.
Global support matrix
Luxembourg (SCSp), UK (LP), Netherlands, Austria, Germany
Required for raising from European family offices and institutional investors who need an EU-domiciled vehicle.
RAIF / SCSp structures
GDPR compliant
Euro-denominated banking
Delaware, Cayman Islands
The standard for venture capital. Cayman feeders allow tax-neutral investment for global investors into US assets.
Standard GP/LP
Tax blockers (C-Corp)
Exempted LPs
Singapore (VCC), India (AIF)
Singapore VCC is the standard fund structure in the region. Increasingly used by funds investing in Asian markets.
Variable capital company
SEBI AIF (India) support
MAS compliant
Abu Dhabi (ADGM)
Used for Middle Eastern sovereign wealth and private capital. ADGM operates under common law.
SPV & fund structures
0% tax environment
English common law
Knowledge base
The Dictionary
Alternative Investment Fund Managers Directive. The EU rulebook for marketing funds.
A corporation (usually C-Corp) set up to pay tax so the LP doesn't have to.
Effectively Connected Income. US income that forces foreigners to file US taxes.
Know Your Customer / Anti-Money Laundering. Mandatory ID checks.
The right to market a fund across the entire EU once approved in one member state.
Unrelated Business Taxable Income. Tax on non-profits for income derived from debt.
Tax deducted at source (e.g., 30% on dividends) before paying a foreign investor.
Variable Capital Company. The modern flexible fund structure used in Singapore.
Infrastructure partners
