b'Raise as You Need it Thismodelmeansyouonlyraisemoneyasyouneedittoacquire specific properties. This is the most common model chosen by new fund managers. You will want to use this model unless you have a long list of ready,willing,andableinvestorswhoarereadytopre-committhe maximum fund amount. Commitments and Capital Calls In this model, you will get commitments from investors for the full amount of your fund as quickly after your fund launches as possible, but you will only call for a portion of the capital each investor has committed as you need it to acquire a specific asset. Your fund documents will include built-in penalties for investors who fail to honor their required commitments. You will use this model only if you have a long list of ready, willing, and able investors who are ready to pre-commit the maximum fund amount shortly after the fund is launched. Blind Pool Distribution Models There are twoprimary distribution models for blind pool funds:Whole Fund Model This model blends the returns from each property owned by the fund at thefundlevel.Thismodelisadvantageousifyouwillhavedifferent properties in different stages of acquisition, renovation, operation or sale, and you want to offset losses from one against another. This gives your investors the diversity that comes from investing in multiple properties, but 126'