The Data Minute

How PE Funds Really Get Started | Stephanie Srulowitz (Co-Head of U.S. Private Funds at Weil, Gotshal & Manges)

Jul 31, 2025
Stephanie Srulowitz, co-head of U.S. Private Funds at Weil, Gotshal & Manges, shares her insights on launching private equity firms. She discusses the motivations behind experienced professionals spinning out and starting their own funds. The conversation covers vital strategies for securing seed capital and the nuances of engaging with limited partners. Stephanie also highlights the importance of fund terms and negotiations, revealing how being 'too creative' might limit appeal to investors. Overall, it’s a masterclass for aspiring fund managers.
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INSIGHT

Weil's Breadth In Private Funds

  • Weil serves a broad private funds practice across PE, credit, real estate, and secondaries.
  • They work with both billion-dollar managers and emerging managers to build long-term relationships.
INSIGHT

Spinouts Drive New PE Firms

  • Most emerging PE managers spin out from existing sponsors rather than coming from operators.
  • Motivations include desire for flexibility, different risk profiles, or simply to be the boss.
INSIGHT

Why Talent Is Spinning Out Now

  • Strong performers are increasingly leaving established firms, enabling more successful first-time fundraises.
  • Institutional LPs are slowly warming to first-time managers if the team is well-known.
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