The fund size drives the outcome expectations. If you raise a $500 million fund, you need to return $1 billion to get a 2x, which is the bare minimum. So you're inherently driven to look for trillion-dollar outcomes, which shifts your goalposts dramatically compared to a smaller fund focused on $100 million exits.
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Howard Marks — The Most Important Thing: Uncommon Sense for the Thoughtful Investor
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Alex Konrad
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Packy McCormick