Princeton graduate Benjamin Spacapan has several years of experience in the financial services industry and is concurrently working toward law and MBA degrees from Harvard Law School and Harvard Business School. As an associate at the private equity fund manager HIG Capital, Benjamin Spacapan analyzed middle market opportunities and managed portfolio companies for institutional capital. Funds of funds or multi-manager investments are a special kind of private equity fund that replaces some typical investment avenues. Here are answers to some common questions that surround them: Q: What is a fund of funds? A: A fund of funds is a type of investment vehicle that primarily holds a portfolio of other funds. Effectively, this allows people to invest in a fund rather than directly into stocks, bonds, or securities. Q: What are the advantages? A: Typically, fund of funds managers have access to top-performing equity partnerships that wouldn’t otherwise be available to some investors. Q: What about the disadvantages? A: The biggest disadvantage is the increased management costs associated with a fund of funds. These costs include management fees of the fund itself as well as management fees of the underlying funds.