I’m beginning a raise for a new transaction in the heat of this virus. It’s a lonely position to be in but the numbers work even in this climate. Will be interesting to gauge LP interest. If need be I’m happy to take down the whole deal myself.
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Not at all. There are a slew of reasons to take LPs. Scale, leverage, diversification, etc. I could have taken any single deal I’ve done myself but I would never have been able to buy 90% of the portfolio if I were flying solo.
It's a pretty complicated analysis. Suppose you had found the world's most no-brainer deal ever. There's a chance you wouldn't take it 100% yourself because in the long-term, reputation-wise it wouldn't be the right move.
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There's also the appearance of front running your investors. I open every deal up to outside capital. Cherry picking looks bad.
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Yup, exactly the point of my last tweet. Saying that is probably a good thing to mention as you seek out LPs.
End of conversation
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