Investors in your first fund and first close are almost always people that you know, which are referred to as Confidants. If you do not know anyone with enough resources to invest in your fund, then you can pursue institutional sources of capital as a last resort, such as high net worth individuals, small family offices, and corporates. These new relationship normally take 6 months to a year to build, so it delays closing a fund for 18 to 24 months.