Is it realistic for LPs to invest in part-time GPs managing funds under $15M for pre-seed/seed investments?

For any fund at $15 MM and under, the fees are not large enough for the General Partner or Partners to make a living. As a result, it is expected that the General Partners are either (a) not full time or (b) working on a second fund. In addition, some Limited Partners may not ask the GP to make a capital contribution to the fund in the smaller sizes. Limited Partners make investments into part-time managers all of the time. In such cases, it is very important for value add and secret sauce to be world-class.