Single-asset funds generally have easier compliance and in my experience more successful fundraising. Blind pools are betting on the quality and expertise of their sponsor. If you're a national brand name like RXR, you can put together a blind pool with $500 million of equity. Otherwise, it will be tough to raise equity. Single-asset funds allow investors to evaluate individual projects and make the determination based primarily on the strength of the project, not on the reputation of the sponsor.