What is a Fund of Funds?

All we’re doing when we’re doing fund to funds is instead of investing in real estate, like in a typical syndication, you’re going to go ahead and invest in other people’s syndications, but you’re going to raise money into your fund. But instead of buying a piece of property, you’re going to buy some percentage, some LP interest in somebody else’s syndication. That’s what a fund to fund is. It’s exactly the same on the top as if you were doing a regular syndication, but instead of buying a piece of property, you are buying literally shares in somebody else’s company. In this case, they’re LLC, so they’re actually membership units, but you’re basically buying shares in a company just like you’re buying shares in Apple.