🔍 Let's talk open-end vs. closed-end funds: 🔒 Closed-End – Fixed term, LPs locked in, distributions-based economics ♾️ Open-End – Unlimited term, LPs can withdraw, capital account-based economics Which is right for you? (Hint: Liquidity is key!) 🔗 loom.ly/geVEa5E

Nashville Happy Hour this Friday, March 28 🍻 Want to come? Shoot me a message or comment below. We have a few spots left, so it's first-come, first-serve. Free food/drink. See you soon! 🥳

If you'll be in Nashville this Friday and want to hang with some cool people and shoot the breeze about funds/investing/entrepreneurship (or whatever else), message me! There'll be free food and drinks. Did I mention free food and drinks? 🥂

Recently chatted with an LP who invests in real estate funds. Her biggest red flag about GPs? 🚩 Not track record, experience, or pedigree, but lack of transparency. 👀 GPs who aren’t upfront, clear, and honest about performance lose trust fast. And she was shocked by how rare

Carried interest is one of the most talked-about — and confusing — concepts for managers 🧑‍💼 and investors 💼. It’s normal to be confused… but don’t settle for normal 😅. Learn how carried interest actually works. 🔍📊 👉 loom.ly/JjtyZsg

Back in the day, the excuse was, "The dog ate my homework." These days, it's probably, "ChatGPT was super slow." In a few years, it'll be, "My personal robot glitched out." 🤖 Times change. Excuses don’t. But producers always find a way to get it done. 💪🏾 Disclaimer: This is

Last weekend, we had our first company retreat of the year! 🎉 The previous edition was in Mexico City — this time, we took it to Nashville 🎸! We aim to be the best lawyers in the fund formation space — and strong team unity, even in a remote setup, is key to that.

Let’s keep de-confusing carried interest! Do you really know the difference between American and European waterfalls? (Hint: one’s more LP-friendly than the other.) Before raising capital, make sure you understand the impact of the waterfall structure on carry. 🧵

This is an incredible chart.

For lawyers (and probably most other professionals), the most important thing to understand about AI—especially LLMs—is this: AI makes stuff up. All the time. I use AI daily in my work. If you give it a detailed, thoughtful prompt, it's incredibly helpful for discrete tasks,

My book on investment funds will be out in early summer 🌞 If you want access to a $0.99 version (available during the first week), please comment below, and I'll shoot you a link to get on the list. 👇 Everyone who is a Fundamentals newsletter subscriber will get the link upon

Drop a comment below and we’ll make sure you’re included. 👇

We ran our first State of the Market Survey some weeks ago. One of the opening questions asked both general partners (GPs) and limited partners (LPs) how they feel about the months ahead. The verdict? 👇

There are key laws every fund manager should understand before raising capital or forming a fund. These laws are crucial in defining how funds are structured, ensuring compliance with regulatory requirements. 🧵

A few weeks ago, we kicked off our State of the Market Survey to understand how GPs are structuring tiered management fees for 2025. This time, we’re diving into tiered management fees and the adjustments GPs are making over time. Here's what stood out. 👇

Kicking off a new series where I walk through a full fund term sheet—start to finish. Every key term. Every negotiation point. Every “wait, what does that actually mean?” 💭 Let’s start with the basics: Why Delaware? 🏛️ Here’s why your fund will probably be called “[Fund

When advising fund managers, we almost always recommend separate entities (usually LLCs) for the general partner (GP) and the management company (ManCo). Why? Because it's just basic liability hygiene. 🛁 For example, if you own a rental property, there are good reasons to hold

If you want to be a GP when you grow up, you need a separate "Management Company" (ManCo) entity. 💼 The ManCo lasts forever and serves every fund or syndication you form. You only need to form it once! It's where you hire employees, pay salaries, and silo the liability that

Real talk: You can’t grow into your full potential professionally without pushing past what's comfortable. That means sometimes (maybe often) you’ll need to: 🔹Stay up way later than you planned 🔹Say “yes” to stretch projects you’re not 100% sure you can handle 🔹Grind through