What are some pros and cons of each and why? And as the self-deprecating PE associates I know we all are, I’m hoping this thread stays away from siding vehemently on the side of the latter, or acting like starting a company is obviously a much better option. Because let’s be real, it involves a lot of heartbreak and (potentially total) failure. Would appreciate some thoughts.
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Fund economics require significant AUM especially for a first time fund / strategy regardless of strategy. Therefore, without a track record or significant connections on the LP side, starting a fund is incredibly difficult. Most people who launch funds do so as part of an established firm using their seed capital and brand name to help fundraising. Businesses can be started and successful without any track record or network (wouldn't hurt though) although the upside is less likely to materialise.
The way I see it is if you have the proper prerequisites to launch a fund already, this is better risk adjusted way to earn material upside. Otherwise, starting a business and being entrepreneurial is a better option.
The founders I know in the fund field had an exit from their previous startup, a liquidity event. They needed this capital to start the fund, otherwise you'd need capital from someone else. Which is tricky.
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