What is a Fund of Funds

The difference between a fund like this, where you’re raising money blindly and then you’re gonna go acquire assets, versus a fund of funds, as you can see it’s a very similar structure, but instead of investing in a piece of property, you’re gonna invest in somebody else’s syndication. That’s what a fund of fund is. You’re good at raising capital, and so you raise a bunch of money to your fund, but you don’t wanna operate, you don’t wanna go through, you don’t know, maybe you don’t even know too much about, you’re not an operator, right? You know a lot of great operators like there are in this room, and so you wanna go to that operator and say, hey look, I’ve got $10 million in my fund, why don’t I write you a million dollar check or a $2 million check, I like your property, let me become a limited partner in your deal, and then you write a $2 million check.