A pool of aggregated capital, known as a fund-of-funds, is designed to invest in multiple venture funds. By participating in a fund-of-funds, limited partners (LPs) can expand their involvement in venture capital investments without having to fulfill the minimum commitment criteria for each separate fund. The rising popularity of these funds has not convinced all LPs, as they come with an additional layer of fees (carried interest and management fees) that could be saved if one were to opt for investing directly in a typical venture fund.