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First, let's clear one thing up. When Donald Trump and Hillary Clinton rally against "hedge-fund managersfunds" for paying so little tax <ref name = "hillald" />, they are actually referring to private investment funds in general. In short, a private investment fund invests capital in order to achieve returns for investors. It is that simple; although, the types of funds, means through which capital is raised for the funds, how the capital is invested, where the profits are distributed, etc... can complicate the situation. One must understand the basic structure of a private investment fund before considering the aforementioned complications. These funds, set up as limited partnerships or limited liability companies,