feeder aif
as defined in Directive 2011/61/EU of the European Parliament and of the Council of 8 June…, Article 4(1), point (m) (Definitions)
an AIF which: (i) invests at least 85 % of its assets in units or shares of another AIF (the ‘master AIF’); (ii) invests at least 85 % of its assets in more than one master AIFs where those master AIFs have identical investment strategies; or (iii) has otherwise an exposure of at least 85 % of its assets to such a master AIF;