What is the typical structure of a hedge fund?

The typical structure of a hedge fund involves a limited partnership, where the investors are limited partners and the investment manager is the general partner. The investment manager makes the investment decisions for the fund, and is responsible for executing the investment strategy, managing the portfolio, and generating returns for the investors.

The limited partnership structure provides limited liability for the investors, who are only liable for the amount of their investment. The investment manager, as the general partner, has unlimited liability for the fund's obligations and liabilities.

In addition, hedge funds may have various share classes or fee structures, such as performance fees or management fees, depending on the terms of the fund's offering documents.