blind pool

Definition

A real estate investment fund where investors commit money before knowing which specific properties will be purchased. It's financial dating with a blindfold—what could go wrong?

Example Usage

The REIT raised $50 million through a blind pool, promising to acquire 'value-add multifamily properties in growth markets' at some future point.

Origin

Investment term borrowed from oil and gas syndications, adapted to real estate in the 1970s-80s

Fun Fact

Blind pools require extraordinary trust in the sponsor, which is why they usually offer higher potential returns—or at least promise to.

Source: Real estate syndication and investment terminology

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