PM-09 — Fund Investment
A fund’s holding in something it has deployed capital into — a portfolio company, or, for a fund-of-funds, another fund. One row per (fund, holding) pair. The entity that connects a fund (PM-01) to what it holds, and the unit at which look-through exposure is computed.
Specialises: E-04 Holding / Position. Where the core Holding is the investor’s position in a fund interest, the Fund Investment is the fund’s own position — the layer below, reached by look-through.
Purpose
When an investor commits to a fund, the fund deploys that capital. A direct fund deploys it into portfolio companies. A fund-of-funds deploys it into other funds. The Fund Investment is the record of one such holding either way: the fund’s stake in one company, or one fund’s stake in another fund.
Look-through exposure analysis (SD-07.5) decomposes Fund Investments to answer “what is our total exposure to this company across every vehicle?” — the question the core Holding entity alone cannot answer, because the investor’s own holding is a position in a fund, not in the underlying. For a direct fund this is one decomposition step. For a fund-of-funds it is recursive: investor → fund-of-funds → underlying funds → portfolio companies. The Fund Investment entity supports that recursion because its target may itself be a fund.
Attribute schema
| Column | Type | Definition |
|---|---|---|
investment_id | varchar | Primary key. |
fund_id | varchar (FK → PM-01) | The fund holding the position. |
holding_type | varchar | What the position is in: portfolio_company (a direct fund’s holding) or fund (a fund-of-funds’ holding in an underlying fund). |
target_id | varchar (FK → {PM-04, PM-01}) | The thing held — a PM-04 Portfolio Company when holding_type = portfolio_company, a PM-01 Fund when holding_type = fund. |
investment_type | varchar | The structure of the exposure: fund / jv / co_invest / sma / blind_pool / fund_of_funds. |
entry_date | date | When the position was taken. |
exit_date | date | When the position was realised; null while held. |
invested_usd | decimal | Cost basis — capital deployed into the position. |
realised_usd | decimal | Capital returned through realisations. |
unrealised_nav_usd | decimal | Current unrealised net asset value of the position. |
moic | float | Multiple on invested capital. |
gross_irr | float | Gross internal rate of return on the position. |
exit_route | varchar | Trade sale, IPO, secondary, recapitalisation. |
Notes
- Fund-of-funds. A fund-of-funds is, structurally, a fund whose Fund Investment rows have
holding_type = fund— it holds positions in other funds rather than in companies. No separate entity is needed for the fund-of-funds itself; it is a PM-01 Fund (its strategy recorded as fund-of-funds), and its holdings are Fund Investments that target funds. Distinguish this from a master-feeder structure, which is intra-family (a feeder vehicle channelling into a master of the same fund family) and is handled by PM-01’sfund_family_id+vehicle_type = feeder— a fund-of-funds holds unrelated, third-party funds. - Look-through is recursive. Because
target_idcan point to a fund, SD-07.5 Look-Through Exposure Analysis must traverse the holding graph to arbitrary depth — investor holding → fund → (fund →)* → portfolio company — to compute true exposure. The entity model supports the recursion; the traversal is the service domain’s. - The
investment_typediscriminator makes co-investment amplification visible: an investor may hold exposure to one company through the main fund and a co-investment vehicle and another manager’s fund. Each is a separate Fund Investment row; look-through aggregation sums them. - The position is held through one or more Legal Vehicles (PM-05); cash flows record at vehicle grain and roll up here. The multi-vehicle case — one investment held through several vehicles — is already carried by
PM-05.investment_id: it is a many-to-one foreign key, so every vehicle whoseinvestment_idresolves to this investment is one of the vehicles it is held through. The relationship is that existing edge read in the one-investment-to-many-vehicles direction; no back-pointer on PM-09 is added (a single foreign key could not hold the set). - A fund-of-funds also makes commitments to the underlying funds it holds — see PM-06 LP Commitment, where the committing LP may itself be a fund.
Out of scope
- The investor’s own position in a fund interest — that is the core E-04 Holding / Position; PM-09 is the fund’s own position, the layer below, reached by look-through.
- The portfolio company or underlying fund a position is in — those are PM-04 Portfolio Company and PM-01 Fund & Vehicle, referenced through
target_id. - The legal vehicle a position is held through — that is PM-05 Legal Vehicle / SPV; cash flows record at vehicle grain and roll up to PM-09.
- A fund-of-funds’ commitment to an underlying fund — that is PM-06 LP Commitment, where the committing LP is itself a fund.
Owned and consumed by
- Owned by: SD-12.1 Investment Book of Record (IBOR).
- Consumed by: SD-07.5 Look-Through Exposure Analysis, SD-07.4 Concentration & Exposure Risk, SD-09.8 Private-Markets Performance Analytics, SD-05.2 Portfolio Management & Monitoring, SD-04.8 Portfolio-Company Stewardship & Value Creation.
Open extensions
- The ownership-percentage attribution needed to compute the investor’s attributed NAV from the fund’s position NAV — applied at each level of a recursive fund-of-funds look-through.
- The recursive look-through traversal and its termination — formalised in SD-07.5 when the service domain is expanded.