I would obviously want to stay informed, but I would require little to no control over what investments the fund makes.

I would want to ensure that as an inexperienced investor, I would not be taken as a rube and relieved of my money. Assuming that my money would be invested at the same priority with other money in the fund, that doesn't seem like it would be a problem. Please correct me if that is an incorrect assumption.

Do not be concerned about the risk of losing the entire amount. Assume that I have access to X dollars, and I am willing to lose up to Y% of that. If the required amount exceeds that percentage, I would not invest.

The definition of "well-respected" is vague, but to me, it means that the people running the fund are considered trustworthy/honorable (to prevent getting fleeced), and have a record of profitability.