Competition for capital
remains fierce, with potential LPs more rigorous in their due diligence and
more cautious than they have been in years. A sterling track record, a stable
team and a differentiated strategy are now merely the price of admittance in
the hunt for capital.
Snagging
LPs and raising funds is more difficult than ever. “We had a market embracing
risk in ‘13 and ‘14,” says Alan Pardee of Mercury Capital Advisors. “So if
three guys left a big firm and talked about their record in a sector that made
sense, those funds were getting raised, but that’s harder today.”
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