In today’s evolving investment landscape, institutional investors are increasingly seeking innovative structures that align with regulatory requirements while maximizing returns. One such structure gaining traction is the Rated Note Feeder. This memo provides a clear and concise introduction to rated note feeders—what they are, who they’re for, and why they matter. Whether you’re an asset manager exploring new capital channels or an institutional investor navigating regulatory capital treatment, this overview offers valuable insights into how rated note feeders can enhance access to alternative investment funds through structured debt instruments.