{
  "slug": "fund-operations",
  "name": "Fund Operations & Structure",
  "description": "Legal, structural, and operational mechanics of running a hedge fund — fund formation, fee structures, side pockets, gates, master-feeder, prime brokerage, and audit.",
  "key_concepts": [
    "master-feeder",
    "fund-of-one",
    "side pocket",
    "gate",
    "high-water mark",
    "hurdle rate",
    "prime broker"
  ],
  "core_questions": [
    "What is a master-feeder structure?",
    "How does a high-water mark interact with crystallisation?",
    "What is the difference between a side pocket and a gate?"
  ],
  "related_categories": [
    "regulatory-compliance"
  ],
  "term_count": 60,
  "key_terms": [
    "auditor",
    "capital-account",
    "capital-call",
    "carried-interest",
    "cayman-islands-fund",
    "clawback",
    "committed-capital",
    "commodity-pool",
    "commodity-pool-operator",
    "crystallization",
    "custodian",
    "delaware-limited-partnership",
    "distribution-waterfall",
    "dpi-distributions-to-paid-in",
    "drawdown-pefund",
    "dry-powder",
    "equalization",
    "expense-ratio",
    "fund-administrator",
    "fund-domicile"
  ]
}