CaliberX open marketplace is accessible via the Instrument API. The API delivers search and retrieval functionalities across our diverse fund offerings. Each instrument offering comes with detailed information sections which you can utilize to inform your customers with key data across the lifecycle stages of the fund offering, from its fundraising inception all the way through to its conclusion when the fund fully realizes all underlying investments and distributes proceeds to all Limited Partners (LPs).

Instrument Types

Type	Description
Fund of Funds (FOFs)	These can be Publicly Registered Funds, Privately Registered Tender Offer Funds, or Interval Funds. They pool capital and invest in a diverse portfolio of other investment funds. FOFs offer greater diversification, lower minimum investments, thus allowing a broader range of investors, including accredited and retail investors, to participate.
Feeder Funds (FFs)	These are privately registered funds that pool capital and invest it into a single investment fund. Feeder Funds typically require higher minimum investments than FOFs and are designed for qualified purchasers who are seeking a more focused investment strategy.
Fund (F)	These represent the underlying funds for both FOFs and FFs. In certain cases, we can facilitate direct Limited Partnership (LP) investments for qualified purchasers.

Instrument Information

Property	Description
Investable	Whether this fund is directly investable or must be wrapped within another instrument
Instrument Overview	General information about a fund leveraged for fund raising
Investor Qualification	Qualifications required to invest in the instrument (if investable)
Fee Schedules	Tiered fees based on minimum commitment which may be applicable to this instrument
Funding Schedules	When capital calls or funding rounds are expected to take place for this fund
Lifecycle	The different phases of the fund's lifecycle: fundraising, investment deployments, distribution to harvesting
Service Providers	Service providers employed by the instrument such as fund administrator, auditor, transfer agent and custodian
Performance	Target performance based on historical returns of fund manager, current instrument performance along with historical fund performance
Reporting	Tax information for the instrument including instrument entity type, tax forms, tax jurisdiction, NAV strike frequency
Capital Calls	The history of enacted funding schedules
Distributions	Description of previous distributions from this instrument

{
  "id": "70e5812d-5e66-4ba7-9a98-d75ce0bf5190",
  "instrument_type": "fund",
  "fund":{
    "investable": false,
    "fund_overview": "",
    "investor_qualification": {},
    "fee_schedules": [],
    "performance": {},
    "reporting": {},
    "funding_schedules": [],
    "capital_calls": [],
    "distributions": [],
    "lifecycle": {},
    "service_providers": [],
  }
}

Data Model

The Instruments data model is built to scale over time as we add on more alternative investments offerings. We have adopted a polymorphic API structure, which incorporates a wrapper object with an 'instrument_type' attribute. This structure provides the necessary context of the instrument type and its concrete schema.

Instruments can be associated with single or multiple underlying instrument allocations. We have embraced a composite data structure approach, where our APIs encapsulate and define these relationships and hierarchies among various instruments.

{
  "id": "70e5812d-5e66-4ba7-9a98-d75ce0bf5190",
  "instrument_type": "fund_of_funds" | "feeder_fund" | "fund",
  "fund_of_funds": {...},
  "feeder_fund": {...},
  "fund": {...},
  "parent_instruments": [...],
  "child_instruments": [...],
  ...
}

{
  "id": "70e5812d-5e66-4ba7-9a98-d75ce0bf5190",
  "instrument_type": "fund_of_funds" | "feeder_fund" | "fund",
  "fund_of_funds":{...},
  "feeder_fund":{...},
  "fund":{...},
  "parent_instruments": [
    {
      "relationship": {
        "percentage": "0.2",
        "status": "committed"
      },
      "instrument": {
        "id": "0b7c931b-8514-4f02-b143-7a2d5a8e2951",
        "instrument_type": "fund_of_funds",
        "fund_of_funds": {
          ...,
          "investable": true
        }
      }
    }
  ],
  "child_instruments": [
    {
      "relationship": {
        "percentage": "1.0",
        "status": "pipeline"
      },
      "instrument": {
        "id": "0b7c931b-8514-4f02-b143-7a2d5a8e2951",
        "instrument_type": "fund",
        "fund": {
          ...,
          "investable": false
        }
      }
    }
  ],
	...
}

Instrument Relationships and Traversal

The Fund is the leaf level non-investable instruments and you would most likely need to be an institutional investor with large multimillion dollar commitment to subscribe directly. To democratize access we construct funds that can provide a vehicle for investors with smaller commitments to participate. Our Fund of Funds and Feeder Funds built with the innovative legal fund structuring provide the investable vehicles.

In our data model, when applicable, you will find properties that allow you to traverse this hierarchy:

Set of child instruments to traverse underlying instruments
Set of parent instruments to traverse overarching wrapper instruments

The relationship wrapper provides properties on the composite relationship between instruments

Property	Description
Percentage	If provided, how much of the investable instruments allocation is committed to underlying fund
Status	During portfolio construction underlying funds will be placed in consideration status of "pipeline". If the fund passes diligence it will be updated to "committed" else it will fall off and will no longer be shown

{
  "id": "70e5812d-5e66-4ba7-9a98-d75ce0bf5190",
  "instrument_type": "fund_of_funds" | "feeder_fund" | "fund",
  "fund_of_funds":{
  	...
    "investable": true
  },
  "feeder_fund":{
  	...
    "investable": true
  },
  "fund":{
  	...
    "investable": false
  }
  ...
}

{
  "id": "70e5812d-5e66-4ba7-9a98-d75ce0bf5190",
  "instrument_type": "fund_of_funds",
  "fund_of_funds": {
    ...
    "investable": true
  },
  "child_instruments": [
    {
      "relationship": {
        "percentage": "0.2",
        "status": "committed"
      },
      "instrument": {
        "id": "0b7c931b-8514-4f02-b143-7a2d5a8e2951",
        "instrument_type": "fund"
        "fund": {
          ...
          "investable": false
        }
      }
    }
  ]
  ...
}

{
  "id": "70e5812d-5e66-4ba7-9a98-d75ce0bf5190",
  "instrument_type": "feeder_fund",
  "fund_of_funds": {
    ...
    "investable": true
  },
  "child_instruments": [
    {
      "relationship": {
        "percentage": "1.0",
        "status": "pipeline"
      },
      "instrument": {
        "id": "0b7c931b-8514-4f02-b143-7a2d5a8e2951",
        "instrument_type": "fund",
        "fund": {
          ...
          "investable": false
        }
      }
    }
  ]
  ...
}

{
  "id": "70e5812d-5e66-4ba7-9a98-d75ce0bf5190",
  "instrument_type": "fund",
  "fund": {
    ...
    "investable": false
  },
  "parent_instruments": [
    {
      "relationship": {
        "percentage": "0.2",
        "status": "committed"
      },
      "instrument": {
        "id": "0b7c931b-8514-4f02-b143-7a2d5a8e2951",
        "instrument_type": "fund_of_funds",
        "fund_of_funds": {
          ...
          "investable": true
        }
      }
    },
    {
      "relationship": {
        "percentage": "1.0",
        "status": "committed"
      },
      "instrument": {
        "id": "6b265c51-d433-49f1-9e1e-ca3b3cb7bf39",
        "instrument_type": "feeder_fund",
        "feeder_fund": {
          ...
          "investable": true
        }
      }
    }
  ]
  ...
}