May also be called "blank check underwriting" or a "blank check offering".
Blind pools are often a product of late-stage market rallies, when investors and financiers tend to become more greedy than prudent. Many fraudulent deals in the 1980s and 1990s gave blind pools a bad name. Sometimes these pools are born and later dissolved without making a single investment - but the managers or general partners still make off with hefty fees.
Some of the largest and most-respected Wall Street firms have underwritten blind pools. However, this backing aside, investors should be very cautious of any investment without a stated objective.
Investment dictionary. Academic. 2012.
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