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What are the risk of raising equity money for your ManCo? What are the best practices to structure it?

We want to raise money for our ManCo, and we want to understand the risks. 

We will structure it as an SPV in our name and let external investors join through the SPV; this way, there should be no implications for governance and the cap table. 

Is there anything else we need to consider? We have already spoken to a few fund managers who have done the same, and they said they did not face any issues with this structure. 
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Investors in the ManCo will get carried interest in all future funds. While their investment provides working capital in Fund 1, GPs will grow very resentful should the firm be successful in later funds because they will share carry with the investor in perpetuity. 

In order to raise capital into the ManCo, or the GP, you need to add a valuation for the entity. This will impact the price per share moving forward. 

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