Mm PM vs starting own fund

I’m wondering, what are pros and cons to starting you own fund after having an institutional track record, vs working at a mm fund as a PM, trying to grow aum there? Are you limited in how much aum you grow to under a mm fund, or is it basically the better and longer you perform, the more they’ll give you? Also, what is the process of starting a HF like now? It seems like starting an HF with a traditional strategy would be challenging nowadays as it is kind of a contested space? Is this true, or is it easier to grow by just starting your own fund, rather than building a book at a mm fund? Really curious on which you guys think is a better option, and the pros and cons of each? Thanks