PM-01 — Fund & Vehicle

The golden record of an investment fund and the legal vehicles that make it up — the primary commitment vehicle for an investor that invests through external managers. Includes the Fund Family / Group grouping that ties the related vehicles of a single raise together.

Specialises: E-02 Instrument / Asset. An LP’s stake in a fund is a Holding (E-04) in an Instrument of instrument_class = fund_interest; PM-01 is the entity that specifies the fund behind that instrument.

What the master covers

A “fund” as an investor experiences it is rarely a single legal entity. A single raise is commonly three to five or more vehicles:

• Main fund — the primary vehicle.
• Parallel vehicles — investing alongside the main fund pro-rata, as separate legal entities for regulatory, tax or investor-type reasons. Legally distinct, economically equivalent.
• Feeder funds — channelling capital into a master fund structure.
• Co-investment vehicles — deal-specific, outside the main fund.
• Continuation vehicles — manager-led secondaries moving assets from a maturing fund into a new vehicle.

The investor needs both individual-vehicle tracking and a family hierarchy: “what is my position in this specific vehicle?” and “what is my total commitment across every vehicle of this fund family?”

Why it is hard

The difficulty is not managers calling the same fund different things — a manager knows its own fund’s name. The real challenges: cross-source naming variation (the same fund appears differently across a capital-call notice, a manager report, an administrator statement, a data vendor and the investor’s own system); structure complexity (the main / parallel / feeder / co-invest / continuation set); and vintage-series ambiguity (Roman versus Arabic numerals, regional suffixes).

Attribute schema — Fund

Attribute schema — Fund Family / Group

Structures the fund model carries

Three fund structures are distinct and the model keeps them so:

• Master-feeder — a feeder vehicle channels capital into a master fund of the same raise. Intra-family. Handled by fund_family_id + vehicle_type = feeder.
• Parallel vehicles — separate legal entities investing alongside the main fund pro-rata. Intra-family. Handled by fund_family_id + vehicle_type = parallel.
• Fund-of-funds — a fund that holds positions in unrelated, third-party funds rather than in portfolio companies. This is not a family structure and not a vehicle type — it is recorded as the fund’s strategy, and its structural expression is that its PM-09 Fund Investment rows have holding_type = fund. A fund-of-funds also commits to the funds it holds: it appears as the committing LP on those PM-06 LP Commitments, in the Legal Entity LP role. See PM-09 and PM-06.

Resolution

Three-tier matching — exact external-ID match, alias / normalised-name match, steward review queue. Funds carry lower unresolved volume than portfolio companies: most are onboarded proactively by investment operations before the manager’s data flows. Unresolved cases are usually naming variations or genuinely new parallel / feeder vehicles within a known family.

Out of scope

• The generic instrument record a fund interest specialises — that is E-02 Instrument / Asset of instrument_class = fund_interest; PM-01 specifies the fund behind that instrument.
• The investor’s position in a fund — that is E-04 Holding / Position; PM-01 is the fund, not the holding of its interest.
• A fund’s own holdings in portfolio companies or underlying funds — that is PM-09 Fund Investment, reached by look-through.
• The fund’s economic terms — hurdle, fee, carry, clawback — that is PM-10 Fund Terms, one versioned record per fund.
• The LP’s commitment to the fund — that is PM-06 LP Commitment; PM-01 is the fund itself, not the commitment relationship.
• The manager’s issued-product view of the same fund. PM-01 is the allocator’s commitment-vehicle view — the institution as an LP or outside investor committing capital to a fund. The manager’s issued-product view of that same fund — the registered, priced and distributed collective investment vehicle from the issuing manager’s perspective — is FO-01 Fund Product (fund-operations pack). The two are discriminated on the issuance axis: PM-01 records committed_capital_usd (the investor’s own obligation to the fund); FO-01 records the product-lifecycle, dealing-terms and regulatory-authorisation attributes that govern how the fund operates as an issued product. An institution that both invests in funds and operates its own carries both records for the same fund.

Owned and consumed by

• Owned by: SD-13.3 Investment Vehicle & Fund Master.
• Populated via: SD-03.5 Fund Commitment & Subscription, SD-13.6 GP & Manager Report Ingestion.
• Consumed by: SD-03.6 GP & Manager Monitoring, SD-09.8 Private-Markets Performance Analytics, SD-11.6 Fund Finance & Capital-Call Liquidity, SD-12.8 Capital Call & Distribution Processing, SD-12.9 Fund Accounting & NAV, SD-12.15 Transfer Agency & Investor Dealing (the fund vehicle record anchors the investor register).

Open extensions

• Alias / external-identifier canonicality. E-13 Entity Alias and E-14 External Identifier are canonical for the fund’s aliases and external identifiers; the in-record known_aliases array and external_ids map on PM-01 are a declared denormalised read-cache, derivable from E-13 / E-14 and regenerated from them, not an independent source.
• The relationship to PM-10 Fund Terms — one Fund Terms record per fund, versioned by effective date.
• The master / feeder nesting and SPV-nesting depth.
• The fund-interest instrument (E-02) and how a fund’s lifecycle attributes flow to it.