Richard Wilson: a completed fund sequence before a larger target
In his mistakes module, Richard contrasted filling smaller funds in sequence with leaving an ambitious first fund open for years. The comparison concerned what an investor could see the manager had completed.
A target can remain an unfinished first attempt
Richard described a first fund seeking a large amount and remaining open for years. He compared it with completing smaller funds and then increasing the target. His answer emphasized seeing how the earlier ventures performed as the manager moved forward.
The sequence creates a history to examine
The example gives the investor several completed fundraising efforts and their results to review. Richard acknowledged that some teams can begin with a large fund. His discussion concerned the difficulty of treating that exceptional starting point as the expected path for a new manager.
In Richard C. Wilson's words
"People like to see momentum" (Richard C. Wilson, Richard C. Wilson's recorded Rainmaker Series module)
How to use this
- Separate the desired eventual scale from the first fundraising target.
- Document what earlier funds completed and how they performed before describing the next step.
Questions and answers
What two paths did Richard compare?
Completing smaller funds in sequence and keeping a much larger first fund open for years.
Did he say a large first fund was impossible?
He acknowledged that some teams can do it, while describing the difficulty for many beginners.