A blind pool is a private equity or venture capital fund structure in which investors (LPs) commit capital without knowing in advance which specific companies or assets will be acquired. The GP has full discretion to select investments within the investment strategy defined in the Limited Partnership Agreement — subject to concentration limits, sector restrictions, geography constraints, and size criteria. Blind pool funds are the dominant structure in institutional PE and VC, where the GP's investment judgment and deal sourcing capability are the primary value drivers.

The blind pool structure is contrasted with co-investment-only structures, deal-by-deal vehicles (where LPs see each deal before committing), and club deal structures (where specific assets are offered to a defined investor group). LP due diligence for a blind pool focuses primarily on the GP's track record, team stability, investment process, and portfolio monitoring capability — since LPs are effectively delegating the entire investment decision-making to the GP for the fund's lifetime (typically 10 years).

In the Franco-Swiss market, blind pool PE funds raising from institutional and semi-institutional investors are structured as French FPCI (Fonds Professionnels de Capital Investissement) or Luxembourg SCSp/SICAV-RAIF vehicles, with increasing adoption of the Swiss "Kollektivanlagegesetz" limited partnership structure since its simplification in 2024. The blind pool structure's risk for LPs is addressed through governance mechanisms: LP Advisory Committee, key-man clauses, no-fault divorce rights, and investment restrictions in the LPA.

At Hectelion, we advise institutional and family office LPs on blind pool PE fund assessments in our LP advisory mandates.