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▶ Skip the reading, listen to this email…in my voice.

Three of your investors are going to fire you in the next 90 days.

Same fund.

If you run a fund with $200M to $5B in AUM and you're evaluating iCapital, CAIS, or any wealth platform, this one's for you.

And if you're a first, second, or third time fund manager who hasn't reached that AUM yet, you should read this twice. Because you're about to get steamrolled by the big boys who do exactly what you do.

…at a fraction of your fee.

…with a subscription workflow you can't match.

Here's what's coming:

These platforms are marketplaces where financial advisors buy private funds for their wealthy clients.

If you partner with iCapital, thousands of advisors suddenly have a button to invest in your fund through a feeder vehicle.

Your traffic just got robbed.

It sounds like free distribution...

...it's not.

Picture an investor who committed to your fund six years ago. She negotiated her fee over dinners and property tours. She trusts your team.

Her advisor logs into iCapital one morning.

Sees your fund.

Sees a fee that's lower than what she's paying.

A fiduciary advisor has exactly one question to ask in that moment...

"Why are we paying more than the platform price?"

By the time your Investor Relations team notices the redemption notice, three more are drafting the same one.

You didn't change your fee.

The market changed it for you.

And the first investors to leave aren't the small ones. They're the sophisticated ones. The ones whose advisors were paying attention.

There's a second cost most sponsors miss...

Wealth platform capital is patient when markets are calm. It runs when markets aren't.

Blue Owl just learned this in public. They restricted redemptions on their retail private credit fund in February. A shareholder lawsuit followed in the same window.

The advisors who brought you the capital are champions on the way up...

...they're critics with distribution on the way down.

I wrote the full breakdown in this week's Letter. The math, the redemption mechanics, the Blue Owl story, and three questions you need to answer before you sign anything in the next 60 days.

→ Read it here

If you're on the platform, the math is the math. If you're not, the competition just got harder.

Either way, the math isn't optional anymore.

Hoping you have a great day and it's 1% better than yesterday.

Andrew

P.S. If you're a Family Office or a manager wrestling with how to build consistent deal flow or raise new capital consistently, hit reply. I've been having more of these conversations every week and I'd love to compare notes and help out.

F6 Partners is an alternative real estate asset manager that I’m currently advising, specifically assisting in the buildout of their Investor Relations department to raise another $100M for Student Housing, and so far they are on a roll.

Learn more about F6 Partners →

I build LP investor relations infrastructure (lead list building, pitch development, data room, family office strategy, nurture systems, and accountability structures) so your raise actually closes.

Three things I do that most placement firms don't:

If you're raising for a real estate deal or a fund in the next 90 days, reply to this email or visit this page and fill out the form and let’s see how my team and I can help you.

This message, including any hypothetical scenarios described, is provided for informational and illustrative purposes only and does not constitute professional advice. These scenarios are hypothetical and are not indicative of any specific outcome or past performance. Results will vary based on individual efforts and external factors. We make no promises or guarantees regarding your success or income level.

Please note that individual successes are influenced by personal abilities, market conditions, and other external factors. We assume no responsibility for decisions made or actions taken based on the content of this email. Always consult with qualified professionals before making significant business decisions.