Regional Fund

It only invests in the region. Like...Southwest Florida Swampland Ventures. Its goal? Turn swamps into golf courses, condos, and spas where they teach yoga and give coffee enemas. That fund will invest in the Southwest Florida region, and likely be funded by Floridians who want to make improvements to their state, presuming that this venture is, in fact, improvement.

Regional funds tend to be done both for profit and for do-gooderness, or for some broader, geographically loyal reason. Otherwise, it's hard enough to make money investing and do "better than the market"...so you'd not be regional if you just cared about making money. That is, you'd just invest anywhere you thought your dough would work well for you, instead of in a region.

Tell that to the future-shoes/alligators here.