Hardest time I have ever seen to be a GP
Just here to vent. I run a small investment shop as a GP and normally bring on a sole LP, usually smaller/mid market funds or a HNW family office, etc. This is by far the hardest time in my 15+ years of being in this business to do deals.
The returns these LP's promised to their investors is too high, and LP's still expect off market deals with insane returns and zero risk. Along with that, they'll hem and haw on fees/promote even though you haven't done a deal in a year because it's impossible to find anything that checks the right box. And God forbid you bring an on market deal that you can execute on. Half the time I can't even get an answer/feedback after there's initial interest, i've spent weeks putting together comps, a business plan and a way to get the deal done.
How are GP's expected to keep the lights on? Oh, and also sign on guarantees, and pay for DD costs, put down a deposit, etc.
SUCH a tough time.
