This is a provision in an investment fund’s offering documents that allows the investment manager to restrict redemptions and identifies the circumstances when such restrictions can be applied. Gates typically come in 2 forms; share-class level gates and fund-level, which reflect how the gate is measured and applied. A manager may apply a share-class level gate when total redemptions in a share-class exceed a prescribed limit, typically 25%, on a redemption date. The share-class level gate is only applied to that share class. The fund-level gate is applied when the redemptions exceed the prescribed limit for the entire fund and is applied to all redemptions in the fund. Gates can either be applied on a pro-rata (i.e. all redemption requests are treated the same) or a first-come first-served basis (i.e. those who submitted redemptions for prior quarters, and may have been gated, are given priority over new redemptions).