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Is it better to target a $5M fund and potentially oversubscribe to $10M, allowing room for failure?

If I'm targeting $10M fund 1 but could reasonably carry out my investment thesis with a $5M fund, does it make more sense to state I'm raising a $5M fund and try to oversubscribe to ~$10M giving myself some room for failure?
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Yes. You should set a lower target and over subscribe. Fund models scale up well, but don’t scale down.

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