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Nice read, thanks for reflecting on the process!

Did you try anything creative with the fund terms or was it pretty standard VC fund structuring? I've heard that there's often LP pushback against changing standard terms, even if the changed terms might better align LP and VC incentives. I'm also curious if LPs view investment in a micro-fund the same as they would a larger, traditional VC fund.

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we ended up with pretty standard terms. our lawyers had lots of info on data from other funds they helped raise and our LPs gave us their feedback as well. the reality is that if you're looking to make money being a smaller VC, it's really about raising multiple funds over time, so the opportunity to work with the best backers trumped any small concessions we could have gotten from less sophisticated investors.

Thanks for the response, Hunter! Looking forward to seeing where y'all invest.

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