The article discusses Fund of Hedge Funds, which are investment vehicles that pool money from investors to invest in a variety of hedge funds. It covers the history, advantages, disadvantages, taxation, and performance of Fund of Funds. The research also compares Fund of Funds with direct investments, multistrategy funds, and managed accounts. It explores the investment process, strategy allocation, risk management, and recent developments in Fund of Funds. Additionally, it delves into theme-oriented, leveraged, and derivative-based Fund of Funds, as well as the impact of longer lockups on individual managers.