Commentaries: Art. 126s

An L-QIF feeder fund is an L-QIF that invests at least 85 per cent of the fund’s assets in units of the same L-QIF target fund (L-QIF master fund).
Master-feeder structures are permitted for L-QIFs, provided this is permitted by the fund contract or the investment regulations and both the master fund and the feeder fund are L-QIFs.
The investors in an L-QIF master fund are its L-QIF feeder funds. Other investors may be admitted provided that:
1. they are informed in advance that they are investing in a master fund; and
2. it is ensured that they are treated in the same way as the L-QIF feeder funds.
Articles 56–64 CISO-FINMA¹in its version dated 1 January 2015²on master-feeder structures apply by analogy, with the exception of the obligations to inform FINMA and to obtain FINMA approval.

Art. 126s