This book is aimed at those interested in understanding, working in or investing with hedge funds of funds. There are some fantastic books on underlying hedge funds (for me the best is Ridley (2006)), however, from my point of view as Chief Investment Officer of Key Asset Management – itself a hedge fund of funds – there has been nothing that I could recommend to those interested in this specific area. To redress this, I decided to write a book in this area that could be used by Key's potential investors and our trainees but also be beneficial to my students on the course I teach on this area at Cambridge; hopefully, the readership will extend a little beyond these groups also. To this end, I have sought to be as jargon-free and informal as possible whilst retaining a good degree of rigour – a bit of a tall order at times. Finally, I am not a great fan of books in this area that try to be coldly technical and dispassionate about their subject and so I have tried to be as pragmatic as possible and ‘tell it like it is’ even when this may not be to the benefit my ‘day job’. If nothing else, this approach should give readers an inside view of the area and empower them with some tools to get to the bottom of how hedge funds of funds really work – for good and bad.