One of the great things about money is that is really focuses the mind. Now that I am thinking of launching a fund again, I am thinking deeply about the two problems that all fund managers have to deal with. How to make money, and how to raise money. Young and naïve fund managers often have a belief that as long as they make money, then they will be able to raise money. Don’t get me wrong, making money is important, but if you want to have a business you need to raise money. And typically, you need to offer something that institutional investors need. So what are allocators worried about?
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