Fund of funds
A fund that invests in other venture funds rather than directly in startups — LP exposure to many managers through one commitment.
A fund of funds (FoF) raises capital from its own LPs and deploys it as LP commitments into a portfolio of other venture funds, rather than investing directly in startups. It adds a layer of manager diversification — one commitment buys exposure to many GPs' picks — at the cost of an additional layer of fees on top of the underlying funds' own fees and carry.
For women and other underrepresented emerging managers specifically, fund-of-funds vehicles have become an important source of anchor capital: some funds of funds explicitly prioritize allocating to diverse or first-time GPs, functioning as a stepping stone that helps a new manager build a track record and attract other LPs.
Why it matters
A fund of funds can be a lower-effort way to diversify across GPs if you don't have the network or time to diligence individual managers yourself — but check the total fee stack (FoF fees plus underlying fund fees) before assuming it's the cheaper path.