Cayman Feeder

A Cayman feeder is a Cayman Islands–incorporated feeder fund (typically an exempted company or LP) that aggregates capital from non-US LPs and invests it into a US Delaware SPV. Cayman is the most common jurisdiction for SPV feeders because of its tax neutrality, established legal framework for investment funds, and broad acceptance by international institutional investors. A typical structure pairs a Delaware master SPV (for US LPs) with a Cayman feeder (for offshore LPs).