Looking Glass Capital

Gradient GP @darian314 is bullish on solo GPs, but only ones that raise sub-$50M funds. "I think that the sub-$50M solo GP is a great business. If you can raise the money, you can get allocation in rounds. You don't have to compete. It's when you get above $50M that it becomes really challenging because you're going to be ownership-constrained. You're competing against someone like us. We write larger checks." "It's going to be really rare for solo GPs to grow fund size well beyond that. So you have to be comfortable being a fund of one with no help. And you have to be, because your fee structure is not going to be able to support much more than that." "But I am bullish on it — especially with AI tools. You can really diligence companies and run your back office entirely without needing other people." "[Solo GPs] have struggled to raise more recently. LPs are not deploying capital at the pace they were when solo GPs were breaking out in 2021 and 2022. I think you're going to see a lot of them join funds, and a lot of the really good ones with good returns will raise their next fund."

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