Small quant HF manager looking for advice

Looking for some advice if you would be so willing.

My story: I was a quant trader at a major IB for 5 years and decided to start my own firm. I bought the code I wrote from the bank, raised 25M in capital from a major bank and was off and running.

Fast forward 15 months, despite solid performance, the bank decides it is getting out of hedge funds in general. They pull their capital. By this point I had raised another 5M from another investor, so I kept plugging along.

Since then I raised more capital from a single investor and am back around 25. I am having good performance, but I am starting to realize that I have tapped my network and don't have a good line on more capital. Lately I have been thinking that small managers like me are a dime a dozen and very few get to the next hurdle to be taken seriously by FOFs and FOs (100m? more?). I am wondering what you all think my best move here is; play it out as a small manager as long as possible despite long odds on raising more capital and at the mercy of a single client, or try and get into a larger HF to run my strategy there?

Appreciate your thoughts.

 

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