Term. Cash from selected KEMIDs that has been combined to create a larger balance of funds to be invested by the fund manager. Pooling allows for greater diversity of investments and more consistent returns. This investment is managed internally and is not available on the open market. It may also be known as a ‘common fund.’ A pooled fund distributes a payout on a regular frequency determined on the market value of the fund. The rules for the payout are defined in each institution’s spending policy.