b'Below is a typical structure for a blind pool fund: Development Project For development projects, the lender will require that each property be held in a separate SPV that is wholly (or partially) owned by the syndicate or fund where investors funds are pooled. This is important as it keeps investors one step removed from construction liabilities that might arise duringorafterconstruction.TheSPVcanobtainconstructionliability insuranceand will become the defendant in any lawsuit filed by an injured party for any damages or contract disputes that might happen at the property. You dont want the syndicate or fund (and its investors) to get embroiled in litigation.172'