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Go do primary research and see if you can find backgrounds from both scenarios that moved to where you want to go. Reach out to those folks to get advice and be upfront about what you're looking for out of those conversations in advance.

Your question is hard to answer not knowing what LMM means in this case. If it's a random no name $150M first time fund, then that sounds impossible to move to UMM+ after. If it's a ~1B well known, high performing sector-focused firm, that seems a little more doable to move upstream.

 

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