You will be an employee, not a fund manager, and I have never seen these situations work out. As a simple test, ask them to send you an LOI plus a term sheet for the economics by next Wednesday for you to seriously evaluate the opportunity. My guess is that this will not happen. There is a phenomenon called ‘LP Love,’ where prospective LPs will say things that shower you with love, but they never execute. You will have people promise that they will participate for 50% of your fund, and they never do anything but keep promising. So, get it signed as an LOI and in writing. Then, there is a 75% chance that this is real. Ask Rafeh Saleh about his similar experiences in the last cohort.