Three problems emerging managers are stuck on

Most emerging fund managers I speak with are stuck on the same three problems. And so far, nobody is seriously solving them. They are not easy but not impossible.

Getting capital
Fundraising is a sales process. AI outreach or a clever campaign won't close an LP for you. In early-stage equity, trust still comes from a human relationship. Family offices (including individual investors) and institutions are also two different buyers. A family office decides on you as a person and a short deck. An institution wants proof of operational readiness before it even reads your thesis.

Choosing the right capital structure
This one is very important in the EU. You have the fund, the management company, the GP, the LPs, administration and liability. With a Luxembourg setup and an institutional LP like EIF in the picture, a lot is expected from you before anyone looks at your strategy. The structure has to be institutional enough to convince LPs, but lean enough to survive on the management fee. With little cash before first close, it often makes sense to go SPV by SPV first, then the fund 🫠.

Creating value for companies and investors alike
This is the actual job. It is hard to do it well when you are years into raising and still have no investor CRM, no repeatable outreach and no regular LP reporting.

If somebody solves for them the first two properly, then they can get the best chance to show their full potential.

Do you agree with me?