You are raising Fund III while Fund I has not returned capital.

You're building a firm. That means raising new vehicles, meeting GP commitment expectations, retaining talent, and keeping your LPs invested all at once.

But the capital you have earned is trapped. Carry does not pay out until exits happen, and exits are taking longer than ever. GP commitment expectations have climbed to 2 to 5 percent of fund size. You are expected to write a bigger check into every new vehicle while your prior fund's economics remain locked.

Selling carry is not an option. It signals a lack of conviction to the very LPs you are trying to retain. Traditional lenders do not underwrite fund economics. And draining your personal balance sheet fund after fund is not sustainable.

You need a capital partner that understands how fund managers actually build firms.