This legal structure involves a master trading vehicle that is domiciled offshore. The master fund typically has two investors: another offshore fund, and a US (usually Delaware) Limited Partnership. These two funds are the feeder funds. Investors invest in the feeder funds, which in turn invest all the money in the Master fund, which is traded by the manager. It is also possible that the feeder fund may have two or more share classes in different currencies being traded within the master portfolio.