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Their AUM grows quickly because (a) Frank is a tank and (b) there's a surplus of supply of Limited Partner dollars dedicated by mandate to MWBE firms (minority/women) relative to capable managers.

They perform well, so they're able to announce successively larger vehicles without anyone raising any eyebrows. They close those vehicles pretty quickly, thanks to cozy relationships with the top-tier consultants (Grosvenor, etc.) and gold-plated resumes for the three GPs that make all the public pension guys go "Thank God, someone we can finally write $100 into out of our MWBE pool."

It looks like fast AUM growth because they're able to run their fundraise processes at lightspeed. Save a year on a raise twice (get it done in 6 months instead of 18) and all of a sudden you're into Fund III while most people are in the first year or two of Fund II.

I haven't interacted with them on a deal, but my immediate impression was that they are sharp and polished. No idea what the juniors are like, only interacted with seniors.

I am permanently behind on PMs, it's not personal.

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