VC fundraising

A friend of mine is a partner at western european VC fund (~$50mm AUM). It's their first fund and they have a pretty unusual structure:
- GP is the biggest investor in the fund
- No strict commitments - deal to deal funding approach
- No mgmt fee
- All of the investors are HNWIs

They invest in HiTech, Internet, CleanTech, etc., mainly focus on Europe, but also invest in US, Israel, Asia.

They are thinking about expanding in US at some point (after a couple of exits): building an infrastructure (i.e. local office, team, etc) and fundraising (they already have several american investors in their first fund).

If you have some experience in VC fund raising, what would you recommend in terms of approaching potential investors (who, when, how)?

Thanks in advance,
Rumata

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