In other words would your connections only be interested in a $10M size range fund and not interested in a larger fund if we were able to raise more money from our personal networks?
The Limited Partner Agreement (LPA) governs if you can over-subscribe your fund target. Depending on the LPA, managers may need to consult with the Limited Partner Advisory Committee (LPAC) before taking this action. Over-subscribing a fund is typically a good practice as long as it doesn't have a major impact on the strategy.