Pioneer Alternative Investments has had to restructure a pair of its funds of funds hurt by exposure to Bernard Madoff’s ponzi scheme.

The firm has established separate portions of their funds of funds to isolate their exposures to Madoff, Financial News reports. Directors of the firm’s flagship AllWeather fund and Momentum AllWeather Strategies have also frozen subscriptions to their portfolios, according to a filing with the Irish Stock Exchange.

The firm said in a regulatory filing the move would “protect existing investors in the fund from the illiquid assets, which the fund has received and which represent approximately 27% of the net asset value of the fund.”

AllWeather was exposed to Madoff via its investment in the $2.8 billion Kingate Global fund.

Investors withdrawing from AllWeather and at least five products feeding into it will receive their redemption partly in cash and partly in shares attached to the isolated portion of the vehicle.