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Fundraising

What is the typical 10% IRR hurdle faced by first-time funds for limited partners?

What is a standard hurdle on carry for first time funds? I have an LP saying at least a 10% IRR is what they're used to.
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0 - do not put in a hurdle!
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Thanks  @Mike Suprovici
 - Very valuable info. Is it because as emerging fund managers, we have small fund sizes? Is this the same with Recycling rate?
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When you have a small fund size, you're optimized for the carry rather then the fees. Hurdle rates make it harder for you to receive carry.

Recycling has little to do with the above. 
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Many thanks!

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