Thoughts on the Viability of a Starting a Fund?

Howdy,

I've been working at a decently sized syndicator for a while now, but I'm still relatively new to the business so take it easy on me if I get something wrong lol.  The company has around 1 billion AUM right now, and despite the current market difficulties we have managed to stay afloat and haven't had to do any cash calls or anything.  We primarily go for multifamily, value-add type deals, and have been in the business for nearly 30 years.  Additionally, we have a terrific in-house management company that handles all of our assets.  

I've been going through our historical performance and on its face it seems excellent.  I don't have ALL the data I'd like yet, but I do know that between 2014 and 2024 there were 20 properties that we acquired AND exited during that period.  Across these 20, the combined AAR is 36.5%, and the equity multiple is 1.98.  Unfortunately, I don't have what I need to come up with an IRR yet.  The combined value at acquisition of these 20 assets is around 600 million.  There were more acquisitions during this period that we're still holding as well.

Am I crazy for thinking that between our historical performance, our risk management (we don't use floating debt or rate caps, for example), our strong history and relationships in one of the best markets in the country (DFW), and our AUM/volume, we are in a solid enough position to begin considering a fund?  I can't stop mulling over all the advantages.  Based on my research, I think we have a history of exceeding the performance expectations held by the types of institutional investors that we would need to pursue.  I know that the information is limited, but just based on what we've got, do you think we have a chance at getting $100-200 million in capital commitments for a closed-end, value-add fund?

I'm really not sure what to expect.  I see a lot of advantages to it, but we have very limited experiencing courting institutional investors.  We work with a handful of PE companies, but historically our retail investors contribute the bulk of the capital.  Would we be snubbed for appearing less sophisticated?  I'm researching the opportunity and have been asked to prepare a pitch, and I want to make sure I know what I'm talking about.

If we chose to move forward with the idea, it's a given that we'd hire on somebody (or a few people) with more experience with large PERE fund management.  The fact is, we perform well and are well established in our market, but we tend to appear somewhat casual.  

Anyways, that's about it.  I want to see what you guys who have experience in this area think.  I'd like to hope that this could be a good opportunity for us!