what do you think about a 'minimum commitment'? I found that a minimum commitment is a hell of a strong anchor. 90% of my LPs commit to a minimum. only one asked to go below it and only a couple were ready from get go to go above it. I am a bit surprised. My minimum so far was $100k but given what I see I am thinking of just upping it to $200k. thoughts?
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The best practice is to have a high minimum, but also to increase the minimum for each close as a closing strategy. With a $10 MM fund, the minimum for the first close might be $50K for friends moving to $100K for normal investors. By the second close, the minimum might commonly be $250K.