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Fundraising

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How to Accrue Early Non-Realized Performance for Late LPs in a Fast-Closing Context?

*- accrued perf to late LPs -* Hello I am unsure how to formulate it and if relevant in our context of closing quickly. One prospective LP asked me my formula to accrue early non-realized perf to late LPs joining. I answered that • there is no NAV so no such computation • i intend to do the final close in less that 12 months • all LPs get the same perf Did I miss something?

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Do Anchors Seeking Favorable Terms Align with HBS Study Findings on Traditional Private Equity?

Is it worthwhile or advisable to politely push back on anchors requesting favorable terms with resources we find that suggest that 'In contrast to traditional private equity settings none of the interviewed [for this HBS study] anchors sought fee breaks or other preferential economic terms. Some were attracted by the ability to shape the direction and legal structure of the fund or serve on the LP advisory board?' Mike made mention in a previous AMA that such favorable terms actually don't meaningfully move an LP closer to investment anyways which was interesting.

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What is the Best Approach for Sharing Fund Slidedeck with Potential Referrals from Family Offices?

Had a call yesterday with a connector who offered to make referrals to a number of family offices he is currently working with. They are likely to be good quality/well targeted referrals. He asked me to send the fund slidedeck over so he could forward it to them. What should I do here? Just send the two page summary and hold the deck back. Or send the whole deck? Or a trimmed back version of it? It will be going to quite sophisticated potential LP's so I think maybe not a problem to send the whole thing? I can gate them with access to more detailed information (fund model deal memos data room etc) if things progress.

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Is It Suitable to Ask LPs About Their Investment Focus and First-Time Fund Involvement?

Is it appropriate - as a conversation starter e.g. at a conference in 1:1 conversation - to ask an LP (Corporate Corporate VC HNWI or Family office) what their investment focus is and if they only make direct investments or also invest in first time funds (without speaking about the fund thesis to avoid public solicitation)? If they ask us we can then lead the conversation over to what we work on?