Started a firm with a few partners four years ago. We work in a niche industry developing infrastructure with private equity money and have had a lot of interest, but we have not closed a deal since mid 2022.
I feel fatigued from the years of pitching, getting IOIs, weeks of diligence calls, mgmt presentations, then having IC say no because of "x" issue (e.g.: macro issue, risk/return, limited buyer universe, too niche, want to see what happens with rates). Never the same issue twice and the feedback is always positive on the quality of the collateral, process, and investment thesis.
To some of the entrepreneurs who failed or almost failed and figured it out:
- When do I call it and move on?
- When do I admit the investment thesis is wrong?
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