# Blind pool

Money raised to buy a business that nobody has identified yet.

It is what a traditional [search fund](https://searchspheresource.com/glossary/search-fund) is, and the reason its terms look the way they do. Backers are buying the [searcher](https://searchspheresource.com/glossary/searcher) before any deal exists, so they take a [step-up on conversion](https://searchspheresource.com/glossary/step-up-on-conversion), [information rights](https://searchspheresource.com/glossary/information-rights), and a say in what gets bought. It also explains why the raise is hard for a first-timer with no record, and why the [deal-by-deal](https://searchspheresource.com/glossary/deal-by-deal) route exists for people who would rather find the business first.

In numbers: A $500,000 search fund is a blind pool: eighteen backers fund two years of looking on the strength of the searcher, the thesis, and the terms, with no business named.

Source: https://searchspheresource.com/glossary/blind-pool
Not dated: A definition is editorial: what a term means, why it matters, and an example. None of it reads a source that can go stale, so there is no date to take and a stamped one would be the build time wearing a costume.

Site index for machines: https://searchspheresource.com/llms.txt