A fund of one is a venture fund structure with a single limited partner (LP). Sometimes called a "managed account" or "separately managed account/SMA," it is used by family offices, large institutional investors, sovereign wealth funds, or other large allocators who want dedicated capital deployment, customized investment terms (specific sector focus, geographic constraints, ESG requirements), and direct ownership economics without sharing fund returns with other LPs. The structure is distinct from traditional multi-LP funds and provides both more customization and more direct control to the single LP at the cost of the GP losing fundraising leverage and LP diversification. It's the fund structure for "one large LP wants their o...