Design and stress-test the structure before you build it

Structura

Why it exists

Comparing fund structures is expensive. In conventional structuring, each alternative is worked through by hand, one structure at a time, so most funds start from a precedent. Structura takes a first-principles approach: it derives the alternatives from the governing rules and the stated facts, not from what was built last time, and brings them into view earlier, so practitioners spend their time deciding.

A Rubik’s cube

43 quintillion positions. Any of them can be solved in 20 moves.

vs

A private fund

Roughly 10²³ configurations. Structura is the method.

What you can do

Draw a fund structure, or describe it and let Structura build it. See the tax and regulatory issues for each investor type and asset class, each finding leading with its conclusion. Compare alternative structures side by side, ranked for complexity, cost and fit, with the reasoning shown. Ask why a vehicle is there and see what removing it would change. Then test the economics: returns to each investor class under the stated terms, simulated across market outcomes, and the cost to form and run each vehicle.

Built for fund managers, fund lawyers and structuring teams. Investors and placement agents use it to read a structure quickly.

Scope

Structura covers the ground that comes up in U.S. and Cayman fund formation: single and parallel funds, master‑feeder, blockers, AIVs and private REITs; taxable, tax‑exempt, ERISA and non‑U.S. investors; federal tax, the Investment Company and Advisers Acts, the Securities Act, ERISA, the CFTC exemptions and state rules; and more than 40 asset classes. It also models investor returns under the stated terms and the cost of forming and running each vehicle.

The full scope, area by area

• Structures: single funds, parallel funds, master‑feeder, blockers, AIVs, private REITs and season‑and‑sell credit structures.
• Investors: taxable, tax‑exempt, ERISA, non‑U.S., sovereign, foreign pension and bank investors; accredited investors, qualified clients and qualified purchasers.
• Rules: federal income tax, the Investment Company Act, the Advisers Act, the Securities Act, ERISA, the CFTC exemptions, and state adviser, blue‑sky and tax rules.
• Assets: more than 40 asset classes, from venture and buyout to private credit, real estate, digital assets and liquid securities.
• Economics and cost: investor returns under the stated terms, simulated across market outcomes; formation and running costs for every vehicle, on adjustable rate benchmarks (AmLaw 100 or boutique); whether an offshore feeder earns its place.
• Jurisdictions: U.S. entities in every state, and Cayman partnerships and companies.

Area	What is modeled	What the analysis does
Structures	Single fund, parallel funds, master‑feeder, blockers in their usual positions, AIVs, private REITs, season‑and‑sell credit structures.	Generated, checked against the rules, costed and ranked. These are the alternative structures the tool proposes.
Investors	Taxable, tax‑exempt, ERISA and benefit plans, non‑U.S., sovereign, foreign pension, banks; each investor also carries its securities status: accredited investor, qualified client, qualified purchaser.	Each investor type drives the tax and regulatory findings (UBTI, ECI, FIRPTA, withholding, plan‑asset, Volcker). The securities status drives the offering exemption, the Investment Company Act exclusion and whether performance fees may be charged.
Rules	Federal income tax for those investors; the Investment Company Act; the Advisers Act and state adviser rules; the Securities Act and blue‑sky filings; ERISA; the CFTC exemptions; state fund taxation; formation and running costs.	Applied to the facts on the canvas, at the level of the structuring decision: which exemption, which vehicle, which investor needs blocking, what it costs. Each legal finding cites its authority.
Assets	More than 40 asset classes in 12 groups: venture, buyout, private credit, secondaries and GP stakes, real estate, infrastructure and natural resources, leasing, royalties, structured credit, liquid securities, digital assets, commodities and prediction markets.	Each asset class is assessed for its tax characteristics, liquidity and regulatory treatment. That is what changes the findings when the asset changes.
Related vehicles	Co‑investment and deal vehicles, sponsor holding companies, special‑purpose sleeves.	Drawn on the canvas and included in the rule checks. Fee and carry terms are modeled once, at the fund level.
Economics and cost	Distribution waterfall and net asset value based fund models; management fee, carried interest and expense terms; leverage where the structure carries it.	Cash flows and net returns by investor class, with a Monte Carlo simulation of outcomes. Estimated formation and annual running costs for each vehicle, on a rate benchmark (AmLaw 100 or boutique) that is stated and can be changed. For a master‑feeder, the fund is priced with and without the offshore feeder: the launch threshold at which the added cost falls within your tolerance, the drag at the capital you expect, and the reasons the feeder is there.
Jurisdictions	U.S. entities in every state; Cayman exempted partnerships and companies.	Cayman vehicles are modeled for their U.S. tax and regulatory consequences and for their formation and running costs, with Cayman registration noted where it applies.

Where the answers come from

The findings, the ranking and the costs come from rule logic, not from a language model: the same facts give the same answer every time, and every answer can be inspected and re‑run. Each fact that decides a result is marked as stated by you, derived from the drawing or modeled by assumption. Where the facts do not answer a question, Structura leaves it for you.

Where AI fits

Structura solves and evaluates; the AI proposes and explains. It puts a structure on the canvas from a description, a chart or a PDF, applies changes you describe in words, proposes further variants for Structura to build, check, cost and rank, and explains in plain language what the rules found. It never decides a finding, a ranking or a cost, and never changes a fact. Where it matters, it asks rather than guesses.

See it work

A venture fund in under two minutes: built from a few answers, checked, the alternatives built and ranked, and the one fact that would change the answer.

About

AnchorPoint Labs

AnchorPoint Labs develops tools for private fund work. They grew out of day‑to‑day fund formation practice at AnchorPoint Legal Partners. The white paper and the glossary are open to everyone. Structura is a subscription platform.