How to Launch a Fund in Two Calendar Years

There's no great time to launch a fund, but it takes roughly three to six months from launch to have a first closing. Sometimes you want that to happen early in the new year or you can bridge it over two calendar years. There's no playbook for all of this, because it's so reactive to what the marketplace thinks of a fund. The macroeconomy has effects and you can't expect it to follow a script.