SD-13.3 — Investment Vehicle & Fund Master

Business Domain: BD-13 Investment Data & Reporting (Cross-cutting — data) · Applies: BOTH

Purpose

Maintains the golden record of investment funds and the legal vehicles that make them up. SD-13.3 serves two distinct facets of fund master data, determined by the institution’s relationship to the fund:

Allocator facet (PM-01 Fund & Vehicle): the reference data for the funds an institution commits to as an outside investor — their GP / management companies, administrators, and the family hierarchy that ties the related vehicles of a single raise together. A “fund” as an allocator experiences it is rarely one legal entity: a single raise is commonly a main fund, parallel vehicles, feeders, co-investment vehicles and continuation vehicles. SD-13.3 holds both the individual-vehicle record and the fund-family hierarchy across the full private-markets capital structure. A fund interest is an instrument — so SD-13.1 owns the generic instrument shell of a fund interest, and SD-13.3 owns the fund-specific structure, terms and family hierarchy that hangs off it.

Manager / issuer facet (FO-01 Fund Product): the product master for funds the institution registers, prices and distributes as an issuing fund manager — the regulatory wrapper, dealing terms, domicile, base currency, launch date, lifecycle status and product identifiers that govern how the fund operates as an offered and distributed product. This facet activates for any institution that operates as a fund manufacturer, regardless of the asset class of the issued fund: a public-markets UCITS/ETF manager with no private holdings activates this facet; a GP that also operates a registered fund activates both.

An institution that both invests in third-party funds and operates its own carries both facets in SD-13.3. Most large asset managers do. The discriminator between the two facets is the issuance axis: PM-01 records the allocator’s commitment obligation; FO-01 records the manager’s issued-product attributes.

Service Operations

Allocator facet (PM-01 — funds committed to as an outside investor):

Fund onboarding — create the golden record for a fund being committed to: assign the golden key, capture vintage, strategy, target size, domicile and structure, and link it to its instrument shell (SD-13.1) and its GP and administrator (legal entities owned by SD-13.2).
Vehicle-hierarchy maintenance — record and maintain the multi-vehicle structure of a fund — main fund, parallel vehicles, feeders, co-invest vehicles, continuation vehicles — and the fund-family grouping, so that both “my position in this vehicle” and “my total commitment across this fund family” can be answered.
Fund-terms registry — capture and maintain the standing terms of a fund as reference data: management-fee rate and basis, carried-interest rate and hurdle, the waterfall type, the commitment period, fund life and extension options. The negotiated, per-LP side-letter terms are SD-10.5’s; SD-13.3 holds the base fund terms.
GP and management-company reference — maintain the reference link from a fund to its GP / management company and key persons, drawing the legal entities from SD-13.2 and recording the fund-specific relationship attributes.
Administrator and service-provider reference — record the fund administrator, depositary and other service providers attached to each vehicle, supporting operational due diligence (SD-03.3) and reconciliation (SD-12.10).
Fund entity resolution — when a fund or vehicle arrives from a manager document, a data vendor or a commitment process, decide whether it is an existing record under a variant name or a new vehicle; private funds resolve almost entirely on alias and attribute match, having few standard identifiers.
Manager-succession handling — record the events that change a fund’s manager or key-person line-up — GP restructurings, spin-outs, key-person departures — and maintain the reference record through them.

Manager / issuer facet (FO-01 — funds the institution registers, prices and distributes):

Issued-fund registration — create the product record for a fund the institution launches as issuing manager: assign the product identifiers (ISIN, Bloomberg, internal code), capture the regulatory wrapper (UCITS, AIF, 40Act, CIT), domicile, base currency, legal structure and fund form (open-ended, closed-ended, semi-liquid), and link the product record to the issuing management company (SD-13.2).
Dealing-terms and pricing governance — maintain the dealing terms of each issued fund as reference data: dealing frequency, pricing basis (forward / historic), notice periods, subscription and redemption gates, and the share-class dealing calendar. These terms drive the transfer-agency and NAV workflows consuming FO-01.
Regulatory-authorisation lifecycle — record and maintain the fund’s regulatory lifecycle state (in-registration, open, soft-closed, closed, terminated) and the authorisation history per jurisdiction, so downstream reporting (SD-16.2) can answer regulatory-status queries at any point in time.
Product-record master distribution — publish the curated issued-fund product record to the consuming domains (transfer agency SD-12.15, client onboarding SD-15.11, distribution reporting SD-15.14, owner reporting SD-16.2, fund accounting SD-12.9) as the single authoritative issued-product reference.

Both facets:

Master distribution — publish curated fund and vehicle records (both allocator and manager facets) to the consuming domains as the single authoritative fund reference, scoped by the consuming domain’s facet needs.

Inputs and outputs

Inputs (allocator facet): the fund-commitment process (SD-03.5) and its legal documents — the LPA and subscription documents, parsed by SD-13.6 and SD-13.11; manager and administrator data; the legal entities for GPs and administrators from SD-13.2.
Inputs (manager / issuer facet): the fund-launch contribution from SD-15.2 Product Development & Launch (the agreed product specification, regulatory filing, and initial dealing terms); regulatory-authorisation notifications from external regulators; management-company and depositary legal entities from SD-13.2; share-class and pricing parameters from the fund-launch process.
Outputs (allocator facet): the golden fund and vehicle record — consumed by BD-03 Manager & Fund Investment, SD-01.10 Commitment Pacing, SD-08.3 Private-Asset Valuation, SD-09.7 / SD-09.8 private-markets analytics, SD-11.6 Fund Finance & Capital-Call Liquidity, SD-12.8 Capital Call & Distribution Processing, SD-12.9 Fund Accounting, and SD-13.10 reporting.
Outputs (manager / issuer facet): the issued-fund product record — consumed by SD-12.9 Fund Accounting (NAV calculation and book-of-record), SD-12.15 Transfer Agency (subscription, redemption, and settlement against the fund’s dealing terms), SD-15.11 Client & Investor Onboarding (fund eligibility and distribution-channel registration), SD-15.14 Client & Investor Reporting (product-level distribution analytics), and SD-16.2 Owner & Investor Reporting (fund-level regulatory and investor disclosure).

Entities

Owns: PM-01 Fund & Vehicle (the golden fund record, including the Fund Family / Group grouping); FO-01 Fund Product (the issued-fund product record from the manager’s perspective — the manager-side complement to PM-01); FO-02 Share / Unit Class (the class record within an issued fund — ISIN, fee schedule, distribution policy, currency, hedged flag — the static class reference data at which NAV per unit, investor holdings and fee disclosure attach); PM-02 GP / Management Company as a fund reference relationship (the underlying legal entity is owned by SD-13.2); PM-03 Fund Administrator (likewise); PM-05 Legal Vehicle; PM-10 Fund Terms (the base, non-side-letter terms); PM-11 Manager Succession Event; the fund-side rows of E-13 Entity Alias and E-14 External Identifier.
Consumes: E-01 Legal Entity (the GP, management-company and administrator parties, from SD-13.2); E-02 Instrument / Asset (the fund-interest instrument shell, from SD-13.1); E-09 Asset Class; the SD-03.5 fund-commitment process; the SD-13.6 parsed LPA and subscription documents; the SD-13.11 parsed LPA and subscription documents; SD-15.2 Product Development & Launch (the fund-launch contribution — agreed product specification, regulatory filing, and initial dealing terms — manager / issuer facet).
Open question: the split between PM-02 / PM-03 as fund-relationship records here and the underlying E-01 legal entity in SD-13.2 — confirm the ownership boundary. The in-record-array versus normalised E-13 / E-14 question is shared with SD-13.1 and SD-13.2.

Standards

FIBO — fund and collective-investment-vehicle concepts align to FIBO Funds semantics where they are modelled there; the FO-01 product entity aligns to FIBO CollectiveInvestmentVehicle and FundManager.
ILPA (Institutional Limited Partners Association) — the ILPA Reporting Template, ILPA Capital Call & Distribution Template and the ILPA Model Limited Partnership Agreement (with ILPA Principles 3.0) shape the fund-terms registry vocabulary for the allocator facet; the negotiated side-letter layer is SD-10.5’s.
UCITS / AIFMD / COLL — the issued-fund / manager facet operates under the EU UCITS framework, the Alternative Investment Fund Managers Directive (AIFMD), and national fund-scheme rules (e.g. UK COLL); the regulatory-authorisation lifecycle and the fund’s KIID / PRIIP obligations are governed by these frameworks and reflected in FO-01’s regulatory-wrapper and lifecycle-status attributes.
Identifier reality — private funds have few standard identifiers; some carry an LEI for the legal vehicle. The master is built for the no-universal-identifier case and resolves on aliases. Issued public funds (UCITS, ETFs) carry ISINs and Bloomberg tickers; SD-13.3’s manager facet maintains these as FO-01 product identifiers.

Open extensions

Confirmation of the PM-02 / PM-03 ownership boundary with SD-13.2.
The fund-terms model split — base terms (here) versus negotiated side-letter terms (SD-10.5).
Continuation-vehicle and GP-led-secondary representation in the vehicle hierarchy.