Fund Structure
What is Blind Pool?
A blind pool is a fund in which LPs commit capital before the GP has identified specific investments. LPs trust the GP's strategy and judgment rather than investing in a known set of assets.
Most private equity, venture, and real assets funds are blind pools — LPs commit based on the manager's strategy, team, and track record, not on the specific deals the fund will make. This structure gives the GP maximum flexibility to deploy capital across a range of opportunities as they arise.
The alternative is a co-investment or deal-by-deal structure where LPs see and approve each investment. Blind pools carry more GP discretion risk but are the industry standard because they allow timely deal execution.
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