An investment vehicle by which capital can be raised from the public without telling investors how their funds will be used or invested. The raised funds can be used to acquire private companies and convert them into public companies without going through a lengthy registration process. Shares in blind pools are often sold to the public at relatively low prices.

A blind pool could also be a limited partnership in which the general partner doesn’t disclose which investment the partnership will make. For example, in a blind pool equipment leasing partnership, the limited partner doesn’t know what type of equipment the partnership is considering to acquire for leasing.

Blind pools are, by nature, risky investments as the evaluation of their prospects depends on the investment track record of the general partner.