Raising a first-time fund? This is the worst time to do it in 10 years

Chart shows amounts raised by emerging managers

Investors have been predicting this for a long time: Emerging managers are in trouble.

It’s already hard enough as it is to convince a limited partner to take a chance on you. While you may have a compelling pitch—or even a list of promising companies you backed the last fund you worked at, you’re still going to market with something pretty new—and without a strong track record.