Feeder funds, mirrored end to end
Aggregate LPs by jurisdiction, tax status or ticket size into a feeder that mirrors allocations to the master vehicle, with pass-through reporting on the underlying holdings.
Feeder funds let a GP accept LPs whose tax, regulatory or ticket-size constraints prevent them from investing directly into the master. The mechanics are well understood, but the operational load, mirrored allocations, jurisdiction-specific reporting and reconciled cash flows, is where most fund admins and GPs lose time. Reuben AI treats the feeder as a first-class vehicle wired to the master, so every capital call, distribution and valuation flows automatically and reconciles by construction.
Why this vehicle needs purpose-built infrastructure
Different LPs need different wrappers. US taxable, US tax-exempt, non-US, DFI and family office LPs often cannot share the same vehicle. A feeder gives each cohort the wrapper they need while preserving one investment strategy at the master.
Manual mirroring is where errors creep in. When feeder allocations are mirrored by hand into the master, small timing and rounding differences accumulate. By the time the auditor arrives the numbers no longer tie. Automating the mirror removes that risk.
LP reporting must reflect the underlying. Feeder LPs expect to see the actual portfolio companies, not just the feeder-level NAV. Pass-through reporting requires the feeder to consume the master's position data cleanly.
Jurisdiction matters. Common wrappers include Cayman feeders under the Exempted Limited Partnership Act (2014), Delaware feeders under DRULPA, Luxembourg SCSp feeders under the Law of 10 August 1915 and Singapore VCC feeders under the Variable Capital Companies Act 2018. Each has its own reporting and tax obligations.
How Reuben AI handles it
Master and feeder as linked vehicles
The master and every feeder are set up as linked vehicles with a defined allocation policy. Changes at one propagate automatically to the other, with a full audit trail.
Automated mirrored allocations
Every capital call, drawdown, expense and distribution at the master is mirrored to feeders in proportion to their master interest, with rounding rules that keep balances reconciled to the cent.
Pass-through position reporting
Feeder LP reports show the underlying master holdings, not just feeder NAV. The look-through is generated from the same data layer as the master's own reporting.
Jurisdiction-aware reporting packs
Cayman, Delaware, Luxembourg, Singapore and other feeder jurisdictions get the reporting packs their regulators and administrators expect. Currency, tax and disclosure differences handled at the feeder level.
Reconciled cash flows
Feeder-to-master cash flows are reconciled against bank statements and administrator records on every close, so audit trail is complete and errors are caught immediately.
Related solutions
Common questions
Does Reuben AI replace the fund administrator?
No. It sits above the administrator and reconciles to their books on every close. The administrator continues to strike NAV; Reuben AI operates the master and feeder as one live data layer for the GP and LPs.
Can we run more than one feeder against a single master?
Yes. Any number of feeders can be linked to a master. Each has its own LP base, jurisdiction, currency and reporting cadence, all mirrored to the same underlying positions.
How is FX handled when feeder and master trade in different currencies?
A defined FX policy is applied at the feeder level with the rate, source and timestamp captured for every conversion, so LP capital accounts are auditable in the feeder currency and the master.
See Feeder Fund in Reuben AI
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