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Is Raising the Education Fund Goal from $15m to $50m Beneficial for Attracting Investors?

Been advised that for the ambition my education fund has and the types of investments it will make (in companies and initiatives) the $15m I had in mind is too low and may dissuade some folks from getting involved - been encouraged to look at a higher number e.g. $50m with $15m as a first close. Thoughts?
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It will be extremely challenging for a first time manager to raise a $50m fund. The majority of LP archetypes do not invest in new managers. You should raise a smaller fund to prove out the thesis and to build your track record. Then, use this to raise a larger fund.

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