Although the dust has largely settled on the economic ramifications of the coronavirus pandemic and of Russia’s invasion of Ukraine, fund managers still need to position themselves to take advantage of potential market dislocations caused by future recessions, pandemics, invasions and other events, such as the recent unrest in the Middle East. One under-the-radar approach that is likely to continue rising in popularity going forward is the use of a contingent dislocation fund (CDF), which is a closed-end vehicle that is fully committed but remains dormant for a specified duration until its investment period is triggered by a market dislocation. This three-part series provides an overview of the nascent CDF structure and key functions it offers. The first article contains an overview of fundamental elements of a CDF (e.g., its hybrid structure, typical investment strategy, etc.) and trends in the vehicle’s adoption. The second article explores unique features of CDFs, such as the trigger mechanism and synthetic rollover. The third article describes the types of investors and managers that find CDFs appealing, along with potential related risks and downsides. See “Hybrid Investments Counter Public Market Challenges, Says J.P. Morgan’s 2022 Global Alternatives Report” (Apr. 19, 2022); and “Pivoting Investment Strategies: Creating Vehicles for Short‑Term Opportunities and Laying the Framework for Future Disruptions (Part Two of Two)” (Apr. 13, 2021).