It sure sounds small for a full-time gig.

If you end up doing 250x+ like Lowercase I, you can still make a lot of money.

But the one thing that’s non-obvious with small funds is they often call all or most of the fees up-front. Fees often are equal to about 20% of the fund size, so a $3m fund might call $600k for “fees” — salaries, rent, etc. up front, and try to invest quickly enough for that to cover costs for the team, and then raise a larger fund.

Bigger funds still have fees, but they generally call just a portion (typically 2% of the fund size, and often less in later years) each year, not all at once.

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