Emerging managers shouldn’t rush a first close – even in this market

Fundraising has gotten increasingly tough over the last year for funds of all stripes, and especially so for emerging managers. In the first quarter of 2023, venture firms led by up and coming managers raised $1.62 billion, a mere 13% of the total capital raised in the U.S., according to PitchBook.
Emerging managers and new funds out in the market may find it tempting in this macro environment to hold a first close as soon as LP capital is in the door. But that may not be the best strategy in the long run.
Holding a first close comes with a lot of nuance and shouldn’t be rushed, feels Ka

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