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feeder AIF

    70(in accordance with article 4(1)(m) of AIFMD) an AIF which:

      1. (a) invests at least 85% of its assets in units or shares of another AIF (the 'master AIF'); or
      1. (b) invests at least 85 % of its assets in two or more AIFs where those AIFs (the 'master AIFs') have identical investment strategies; or
      1. (c) otherwise has an exposure of at least 85% of its assets to such a master AIF.