What Is a Fund of Hedge Funds?Fund StructureFund-of-Funds OperationsStrategiesFee StructureActive Portfolio Management and MonitoringImproved Communication with ManagersLower Barriers to EntryAdditional Layer of Due DiligenceDiversifying within the Hedge Fund SectorEconomies of ScaleDisadvantagesThe Current State of Funds of Hedge FundsIndustry InsightConclusion