[Verse 1] In the boardroom where the wealthy park their gold Fund of funds diversifies what hedge funds hold Like a basket filled with baskets, spreading risk around Multiple managers competing for the crown Feeder funds collect the cash from every door Master fund invests it all, that's what it's for [Chorus] Master-feeder, fund of funds, side pockets lock it tight Gates can slam when panic calls, protecting overnight Hurdle rates and high water marks, performance fees align Hedge fund structures, learn the dance, operations by design [Verse 2] Side pockets hold illiquid assets off to the side When investments can't be valued, there they hide Frozen separate from the flow, marked at cost or less Till the market clears the fog and ends the mess Meanwhile regular portfolios keep trading free Two-tier system working in transparency [Chorus] Master-feeder, fund of funds, side pockets lock it tight Gates can slam when panic calls, protecting overnight Hurdle rates and high water marks, performance fees align Hedge fund structures, learn the dance, operations by design [Bridge] Gates limit redemptions when the exit door's too crowded Ten percent per quarter keeps the fund from being clouded By forced selling pressure when the market turns around Lockup periods hold investors to the ground [Verse 3] Offshore master takes the pension fund's big check Onshore feeder serves the taxable investor's trek Same portfolio, different tax treatment flows Through the structure that the smart money knows Prime brokerage lending shares to short and trade Complex webs of capital that fortunes have made [Outro] From Greenwich to the Caymans, structures intertwine Fund of funds and feeders in the money machine
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