Are you aiming to be a “fund of funds” and/or a “fund”? I wonder whether the LPA has a mechanism to disclose the risks and regulatory issues that may arise from a blended approach? Or - as you’re asking here - perhaps there are pioneers who’ve been down this trail before and can help identify the pitfalls and risks which they or others have found ways to adequately mitigate on behalf of your LP’s and the Fund.
For Fund 1, you should pick one approach. It’s hard enough to sell one or the other (FoF is a much harder sell BTW). The LPA will need to updated by counsel if you want to go with this approach.