Bridger Pennington covers updates to the Black Card incubator for launching investment funds. The program has over 1,000 members managing $4.7B in assets. He argues legal docs alone aren't enough, comparing poorly structured funds to "stinky fish" versus well-crafted ones as a "Gordon Ramsay meal."
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Now we have over 1,000 Black Card members and total Fund Launch client AUM is $4.7 billion. We had 1,500 people on a live webinar last week and announced some huge changes to our incubator that helps people launch funds and I wanted to make sure you guys knew what they were so here they are. This is our group called Black Card. This is the ultimate incubator to launch your fund. Kind of approach funds like this. Anybody, when you're launching a fund, venture capital, private equity, property, anybody can go buy legal docs. Any of you could just go hire a lawyer right now and buy a platter. It's like buying a nice platter dish. But what's on the platter? Plenty of people come to me and like, Bridger, I can't raise capital. I go, I look at their fund and they got a stinky fish on there. It's like awful terms. It's a terrible offer for investors. There's no asymmetrical risk. It's terrible. What we do in Black Card, we try to make you have a beautiful Gordon Ramsay meal, something amazing right here. So anybody can get legal docs. What's on the legal docs is crucial. How do you actually go and launch a fund that investors are dying to have? Inside of Black Card, we have our incubator, we have our mastermind and tools. I'll go through each one very quickly.