Definition of 'Unitized Fund'
A fund structure that allows investors to pool assets while retaining individual net asset values for each participant and keeping track of historical fund records. Each investor in the fund is accounted for separately and has their own unit - their own class of shares of the portfolio's total assets.
Investopedia explains 'Unitized Fund'
This gives investors the benefits of pooling assets and gaining diversification that an individual investor might not otherwise be able to achieve, while keeping their assets separated from the rest of the portfolio. This system allows the fund to maintain and manage all of the portfolio holdings at the fund level, while maintaining fund prices at the different share-class levels.
This type of fund is a common structure for pension funds that may have just a few investors with large sums of money invested.