b'Chapter 1What is a Real Estate Syndicate or Fund?Real estate syndication is a means for a group of passive investors, organized by an asset manager whose goal is to pool money with which to acquire, operate and dispose of real estate for profit. The ultimate goal is to generate equity that can be split among the participants (investors and management), each of whom become members of a syndicate or blind pool fund (fund) entity formed for this specific purpose.You may see the terms syndicator, fund manager and asset manager used synonymously throughout this book. All of these terms refer to the core group of active investors who are organizing and running a syndicate or fund onbehalfofinvestors.Thisistheassetmanagerentitythatoversees property managers and reports to investors. The asset manager is solely responsible for the overall performance of syndicate or fund properties. This is a separate and distinct entity and function from a property manager who deals with day-to-day operations of the property.The term issuer or company refers to the entity selling the interests to investors, regardless of whether it is a syndicate or a fund.Funds versus Syndicates The only distinction between a syndicate and a fund is that syndicates acquire pre-identified properties, while blind pool funds (funds) raise capital based on an investment summary (business plan for the fund) so that capital can be raised in advance of finding properties (hence the name blind 2'