The Unique Economics of Seed Stage Managers

LPs have a lot of scar tissue from very large asset managers that can do it incredibly well on management fees alone. And we think that creating really good alignment all the way from the LP through the entrepreneur is a great way of building an iconic firm. An annualized management fee is a shot clock, right? Because you can't do nothing in a year while charging your LPs 2%, right? Or you can, but it's hard to.