Refers to a contractual limitation common to hedge funds that restricts the ability of an investor to make withdrawals. While a gate is most commonly structured as a cap on the total percentage of the total NAV that can be withdrawn or redeemed from the hedge fund by all investors as of any given date (for example no more than 25% of total NAV as of any fiscal quarter end), it is not uncommon to see a gate take the form of a percentage of an individual investor’s NAV (which in most circumstances will further limit the amount of withdrawals or redemptions permitted at any given time).