Note also that the startup and ongoing administrative costs are no joke. It took me years to get back to break even… much longer than I had originally anticipated.
Also, I absolutely abhor fundraising. It’s hard to grow a business from scratch if you’re not a natural salesman (I am not).
Yeah, that’s why I was hopeful to that doing a smaller fund ($50M or less) with fewer participants from directly in my network might have some standard documentation / contracts / agreements that were sufficient to cover the upstart.
The administrative / service state is onerous and costly. Definitely inhibits innovation.
