Building a Fund In 60 Minutes

So I can just prompt my agent sidebar, and it's going to go update live. Let's see. It's working on it. You can see the previews working up here. Dusty Heritage, Dutton Dutton Ranch Fund One. I kind of like it. Okay, there we go. Dutton Ranch One and three X got updated. Fifty fifty million dollar target fund size. Oh, look at there's no M right there. Change the $50 to $50 million target fund size. Okay, while it's doing this, what I can show you as well. So these are your other, you know, styles. These, like I said, it's a mix of a pitch deck and a website because I can come here and actually publish this. I'll hit publish. This works for all of them on here. I'll hit view deck. This is now a working website. So you can see here, here's the link. Coming soon, you'll be able to put your own custom domain here. And this would be Dutton Ranch Fund 1. Look at this. There's my executive summary, all the kind of essentially parts of the scroll deck. And again, we haven't edited any of this. This is just off the rip. We can come make this look prettier and more organized. But You get the idea. There's all these motion graphics moving things on here. Isn't that pretty cool? So let me come back to this. I'll hit done. I'm gonna hit unpublish. Uh, I can also download this to a PDF or a tear sheet if I want a one-pager. Come back to Dusty Heritage. Okay. $50 million target. Pretty cool. Okay. Let's come back to— so as I'm building this, I'm going to go through and we'll spend a little more time making sure all these are red. I want to give you another thing though, is what happens on this is it actually is also drafting my legal docs. So one of the biggest annoying things about a fund, building out a fund, is you have to put together what you want, maybe in a pitch deck or in some kind of format, You then call up an attorney and you have to explain what you want. You usually do an intake form. You're going back and forth a little bit. They then start drafting docs for you. They ask you, hey, are you doing an American or European waterfall? And you're like, I don't know what that means. And they start to teach you about American or European waterfalls. You choose one. It goes back and forth. It takes months to do this. And it's $800 an hour with lawyers. What's happening here inside of Fund Launch AI? So what you're seeing right now is 3 entities. We have our management company entity, our general partner, and our limited partnership entity. And what are these down below? These are all legal documents that someone is viewing. So for example, here's a PPM for Dutton Ranch Fund 1, $50 million limited partnership. Now I got to go through here and some of these things aren't filled out. We got to make a, you know, pick our date. So it's actually going to prompt me and help me figure out like what needs to be fixed and approved as I go through and do this. If I scroll down, give you a sense, this is a full-fledged working PPM that is kind of dynamically updating. So as I update things, it'll update all in real time. You can see all of them here. Here's another one. Here's our LPA. So if you're more of a legal lawyer person, you can actually read through these. And start you know working on these in the lawyer version. But again, if I change, let's take this like ten years. Okay, so we set this as a ten-year fund. If I go change this to eight years, I hit enter. That updated the docs. It also updated all the other legal docs in real time that all have dependencies. It also updated my scroll deck. So if I come back to here, you can see. Ta-da! It's now at 8 years. It also dynamically updated like my target IRR returns. It also dynamically updated my fund builder all at the same moment. Isn't that amazing? So instead of, you know, when you change one thing one place, you got to go find it everywhere else, everything dynamically updates. And inside of here, you can see these are all the different types of documents that go into building a fund. This is a subscription agreement. Right here, already mapped out. Now, what happens at the end of building these? You can see these little bars here is progress bars. So I have to go through and I'm confirming essentially these fields. I'm confirming, yes, I do want the name of my fund, Dutton Ranch Fund One. Boom! I'll hit approve. That greens and crystallizes that thing. You know, I do confirm I'm doing 20% carried interest. And at any moment, if I catch up right, I can just come talk to the. I'm like, what is? What is catch? And what should I set? I can actually ask my agent on the left. It'll train and teach me, and it and it can go edit it for me, or I can edit myself. All are options. Isn't that pretty cool? By the way, if you guys want access, comment AI. I will send you the link, or you can go to beta.fundlaunch.com/start, and you can do your own seven-day free trial. Just you can start building your own fund on here. It is live right now. Come build a ranch fund with me. Dutton Fund Ranch One. Okay. Come build it with me. It says your fund is 100% catch-up. This is market standard. Great. So just leave it. Awesome. I'll just approve and leave that. What's happening here? I'm approving my my legal docs. Once these are all green and filled out, maybe we'll start building them in a second. I hit this little button, submit for legal review. This will actually crystallize the fund data. We then have a— one of our partner law firms is paired with you. You sign an engagement letter with that law firm. They then— they're very familiar with these documents. We've actually had 3 or 4 law firms tear into these documents. The documents are sent to them. They can send comments back and forth. We go file your entities. So these 3 entities get built. Your Form D is drafted. All your ERISA filings are drafted as well. And you have a final sign-off call with your lawyer. That whole process is about 7 days long. So once you have thought through your fund, you've designed what you want, you get your score up higher, you actually can submit real lawyers step in and build that out. And by the way, if you get stuck at any moment, we have the marketplace. So this is where you can talk to real humans. This is Ben Julius, for example. He's syndicated around $250 million. Wow. In real estate. You can use some of your credits. You have some credits up here to book a one-on-one call with him for Monday at 9:00 AM. I can talk about this one. Actually, I can book a call and talk with Ben Julius. He's actually, this is a real person that's live. One of our Black Card advisors is in here. We also have office hours. So you can actually come and meet with people that are live every week. These are free to attend if you're in the platform. So, you know, Bridger, I go live every Wednesday on Zoom. Dan Pearson, he does private equity and real estate. He goes live on Wednesdays. So you can come and actually join any of these office hours every week. We have Cherry Beckert. They're a tax and audit attorney. They're all, they are live right here. You can actually watch the recording from a few days ago or join their one next week. Isn't that pretty cool? All here on platform. We have our events as well. We have the Black Card Cabo cruise in September and our summit at our offices in January. And you also can join our Black Card community on Slack being a pro member. So again, it's 7-day free trial, beta.funlaunch.com/start, or just comment AI down below and I'll send you the link. What's going on, everybody? Drop questions in the chat. We are live right now. So drop any questions you have. I'd love to, you know, we can poke around and do things that you would like. We're building out a full ranch fund right now. So let's get back to it. So I've filled out most of terms and structure. Let's see. Fund size over here. Let's make sure this one's looking good. Okay. So my target is 50. My minimum though is different. Let's put, uh, maybe it's 10 mil. Actually, I can use the sliders too. My maximum fund size would be, let's call it 75. That probably makes it seems appropriate. Great. I filled that out. So you can see I've now, I have this whole bucket is now turned green. So great. I finished that one. Now let's go to this, This red one down here. So I'm going to start filling out my my key persons. Okay, and I can fill out our background experience as well. So let's go here. Here's my board of advisors. I'm going to have three people on my board. My firm AUM of all the assets so far, I've ran three investment funds. We've raised eighty four million of equity. But you know, I guess firm AUM is about six hundred thirty million. So We'll go the lower number. So $84 million firm AUM. Years as a team. Let's actually, let's start building out our team. So here's our team members. We got myself in there. Let's build, uh, well, let's look at me real quick. Let's make sure I'm correct on here. Let's add my headshot. By the way, this is necessary because it goes into your pitch deck. It also goes into your, uh, PPM and your documents need this information as well. So This is why this is crucial. I put my little name, my photo in here, my address. I'm part of the GP, the management company. I'm on the IC. I'm also a signer on these things as well. Um, yeah, regulatory, you know, I'll be the compliance contact and I'm a key person. I'll say, you know, Inc. 5000, number 2652 winner, you know, founder of Fund Launch, Ugly Unicorn. Fun Launch partners, you know, etc. We can give a big bio here. I'm gonna hit save changes. Let's add another team member. So I'm gonna add, uh, let's add Mason Vrains. He's my business partner, co-founder. mason@funlaunch.com. I'll put an address in here. He's also on the GP. He's just like me. Cool. He's also in the, you know, he does taxes here. We're gonna mark him as a key person. He won the Utah business, 20 in their 20s. He actually did win that. That was pretty cool. Kudos to Mason. And I'd add a few more bio pieces. Great. I just created Mason as a co-founder. And now we're the, you know, we're on here. What's the, who's the guy's names that are on Yellowstone? What's his name? Kevin Costner. But what's his name in the show? Do you guys remember? In the chat, what's his name? Anybody? I forgot his name. It's Kevin. What's Kevin Costner's name in the show? John Dutton. Yeah. There we go. Thank you. John Dutton. Okay, we're— this is Dutton Fund Ranch 1. So we'll put John in here. We'll put john@duttonranch.com. We'll put his name in here. He's on the GP. He's on the investment committee. He's a managing member. You know, um, you know, the, the guy, Mr. Kevin Costner. Okay, so he's going to be on our front fund as well. So we got John Dutton Mason here. There we go. So I'm going to hit there. We'll go back. And so we started to build out our fund in the fund builder, the key persons, our background. This is becoming more green as you can see this. Okay, so again, this platform as of today is designed to help you build out your fund in minutes. So scroll deck, the marketing materials, you can see we even made a custom of, you know, for Dutton Ranch Fund 1. It helps you build out the legal docs. It also helps you build out the entire fund. And then also, you can meet with real humans in The Loop to help get advisory services or partnerships. We have community events. And then you meet with real lawyers to sign off and launch your fund. Now, coming soon, we're working on prototyping right now, is you can see down here, which we're calling Project Artemis, will help you agentically raise capital. So all the things around raising capital. Now, do I believe agents are going to raise capital for you? No. Okay? Agents are not going to like ever close a deal. But could they help you put, could they help put you in a great position to raise capital? Yes. Could they help go and set up appointments, meetings? Could they help you find dinners, relationships? If you're traveling to New York, could we find the top 50 family offices in the area that are interested in Dutton Fund Ranch 1. Yes. That's our next phase, what we're calling Project Artemis. And then coming later is Project Aries, where you can actually manage your fund on platform. So once you're live, this would be your banking, accounting, compliance, deal room, deal sourcing would all be in one spot. And you could custom tailor your agents internally to how you see fit. So you could say, hey, I'm going to build a custom agent in here. to go find me the best farmland in Kansas that's off-market or on-market and build me a pipeline of phone numbers and emails, people I can reach out to and try to, you know, do some land acquisition. That would all be tailored in here, which is, anyways, pretty darn cool. Yeah? Now what's special about Fund Launch AI as well is this, you know, what we've built the last year, this has been about $1 million of development. And with a lot of partners, law firms, et cetera, to get here, which is pretty cool. We, the biggest piece though that we have built is the stuff you don't see. It's this, actually this agent bar. This took an immense amount of work, was this thing on the left. Because it's not just a generic agent bar. This thing acts on your behalf. It will go edit things. If you saw earlier, it changes stuff. It'll actually go edit all these things on your behalf in context of your entire fund. I can also ask it just like, hey, what should I work on next? I just, you know, or I can hit this little button. What's next? It'll go look through my entire fund in context of what my goals are, prompt me and help me complete and build my fund. Isn't that pretty slick? So it says right now, hey, your fund is scoring at 825. Here's some quick wins, some other stuff that we should figure out. Let's work on your target property type, your target cash yield, and your property class. Okay. Want to knock those out? Quick wins? Yeah. Let's do it. Yes. Let's do it first. So it's actually, I don't have to do anything. I could just talk to the agent bar on the left and it's going to help walk me through the process of doing all this. By the way, if you want to start and try this for free, a 7-day free trial, it expires tomorrow night at midnight. So this offer expires tomorrow night. But you can go to beta.funlaunch.com/start and you can go and actually just try this out for yourself. We have a few hundred people live right now playing on it, building funds. We are testing right now a few people going through legal and now launching their funds. So they're in the process. We have people now booking calls with one-on-one advisors or joining our group office hour calls as well. So all happening here live on platform. Now let's go back. It says, hey, 2 of these I can set confidently right now. Land or property is obvious. Farmland, ranching fund. I just need 2 answers for you. Target cash yield. What annual cash are you promising LPs while they wait? I'll say, you know, 4% is what we're targeting. Property class, we're gonna target, I think Class B would be the other one. Got it. 4% and then property class. Yeah. Let's go Class B. So again, I can just sit and work here on the second on the left. It will go update my stuff on the right. So I can see over here, you know, it's actually going and building out my— I think that's under strategy. Let's check. It's going to go and rewrite these fields. Now let's click on this narrative section. This one's red right now. And so it's asking, what's your playbook or what's your competitive edge? For this fund, now we've kind of guessed a few things, but we don't really know what's your competitive edge. So, and this AI rubric in here, look how cool this is. So it's going to give me a baseline of what is you know what should we do and how could we revise this? So I can say yeah sure let's look at this revision plan here. We're going to collapse this into one edge. We know we need a few. So let's actually just let's go apply revision plan. It's actually gonna. Push this revision plan into the agent bar here. I can give it some more context. Well, I didn't yet, but let's let it just draft what it's got going, and it's going to help think through my defensible edge based on our background, our team, what it knows about me already. So we'll give it a sec. This is kind of a bigger prompt. Okay, here's what we change. We collapse this into one load-bearing edge. We named our account 9 Active ROFOs Across 5 Counties. Awesome structure. One thing to flag, like what? So like, I'll add, please include that, you know, we've spent, you know, 15 years, especially us with John Dutton. Okay. We spent 15 years in the farmland space in the Midwest. My partner John Dutton family has been here for over 100 years and has deep ties to city council, you know, the mayor, right? The governor, governor, and other regulatory bodies to get things approved. Okay, that's part of our edge. So I'm going to give it some context to now rewrite my edge because me and John Dutton Partners. And we're building the Dutton Ranch Fund 1. Okay? So it's going to go ingest that. And again, it is auto-updating across the entire platform. It's pretty darn amazing. Right? This puts so much power in your hands. Again, the old process, the old process is talk to a lawyer on the phone. They bill you $800 an hour and say, come back on Thursday. Let's get my associate on. He's also billing you because the associate's got to get paid. So they're both billing you for the call that one person could take. They're going to ask you questions like, you know, walk me through, you know, are we going to do, do you have a cash yield component? Ah, what should that be? I'll tell you a personal story. As this is going through, it looks like it updated all the stuff. Perfect. We actually, we engaged a very good tier 1 law firm. So kind of like this. And they had given us, this wasn't for a fund, for a different thing, but they gave us 15 documents at the end, just like this. All these different types of documents we had to execute. Our legal bill was north of $50,000. Tier 1 law firm. And in there, first off, they— thank goodness for AI and agents because I ran my documents through those and it was like, hey, there's a couple of things that are off here. And so I asked them, I said, hey, our intent was to have this certain provision in there. And they, and what had happened was they updated it on one document. They didn't update it on the other 2 or 3 documents across the line here. And because of that, we were, had documents that were mismatching. Thank goodness for AI to cross-reference these documents from a tier 1 law firm I had spent 50 grand on these docs from. And then guess what happened? I said, hey, can you guys, I, you know, we found, my AI found, There's some mismatches. They said, oh, you're right. So apologies. We'll go rework the documents. They went and reworked the documents. They changed them. But they also changed a bunch of things that didn't work on the other documents. And so they sent us back another revision. Thank goodness for AI and agents. We walked through it and we said, hey, you're still missing stuff. And they said, oh, we'll fix it. And we went, we did this 3 or 4 times. And then they had the audacity to send us another $10,000 bill for the changes That I caught, and I emailed them back and said, "Hey, you guys are nice guys. You're great. But like, please don't bill me for your mistakes. You're already billing me fifty grand. Don't bill me another ten grand because I caught your mistakes." Y'all following? Maddening. What we have done here is all these documents auto sync. They all work together. They've already been approved by about three or four law firms that have torn into these documents. Furthermore, these documents change depending on what fund you build. So we built a real estate fund. But if you built a private equity fund or a hedge fund or a venture capital fund or a private credit fund or a crypto fund, these documents all change. And actually, it's the dashboard slightly changes as well for your fund builder because each one of those funds is different. But again, once you're done and crystallized, these go to a real law firm. We still have real partner lawyers. That go in, they sign off on your docs. We file your Form D. We file your entities. Get we prep your all your ERISA doc excuse me not ERISA FINRA documents for a fund. Trains you on how your fund is going to work, and it goes from there. Pretty cool, yeah? Okay, type drop AI in the in the comments. I'll send you the link. You guys can go play with this on a seven day free trial. How it works is beta.fundlaunch.com/start. This goes away. This offer expires in one day. and 7 hours. Okay? You can start on a 7-day free trial. And then after, it's $850 a month and you get 1,000 credits a month. You can actually come and you get to access all of our one-on-one advisors, the office hours. You get to access our in-person events, the Cabo cruise we're doing, the Funnel Launch Summit at our offices in Salt Lake City, Utah. And you get to join our Black Card community with over, what, 1,800 members in it right now, all people building and launching funds. Anyway, it's pretty darn cool. Someone's commenting, will this be available for white labeling? No, no. But what you are doing in here, we're not going to let people, other people white label this, but you are building your whole fund on here. So this, like you can go build your whole custom deck. This is yours. This is your deck. Again, you can publish this to a website. This is a now live, you know, you can see here a live working website with a URL. Here's our domain. Of Dutton Fund. So like this is yours. These are all your assets. The documents you download, they are yours. Okay? So comment AI down below. We'll send you the link or go to beta.fundlaunch.com/start. The offer expires tomorrow and my my invite is just come try it. Come play with it for free. Come test it out. Okay? So we'll go back here again. You can you can play with all these things. Coming soon is capital more agentic capital raising and agentic fund management. We're working on those right now. We're pretty darn excited. Okay? All right. Let's get back to the build here. So we're building Dutton Fund, Ranch Fund 1. Okay? I've got a few things. I'm scoring 840. I'm doing pretty well. Let's go back. We have a few things that are still red in here. Let's go to experiences. Okay. Prior fund count. So I have launched 4 funds prior to this. That's actually true. I launched Ugly Unicorn Fund 1 and Fund 2. We've now launched Fund Launch Partners Fund 1 and just launched Fund 2. And I've launched Blackbridge Holdings. I guess that's 5 funds now. So we've done 5 funds. If you notice, when I did this, it actually opened up all these subcategories to ask what was our prior fund's net IRRs, prior fund's track record, gross IRRs, to get some more data, senior team average experience. I've been running funds now for about 10 years. I started my first fund about 10 years ago, which is pretty crazy. I guess, is it 10? 11. 9. It'd be 9 years right now. Almost 10. 9 years. Isn't that kind of cool? So we'll come through, build this. Now all these aren't necessary. Some of these, like a hedge fund doesn't usually have, you know, DPI or these like exits aren't used in a hedge fund. Exits are used in private equity or real estate funds, et cetera. So you can come fill out your— we'll fill out some of our experience here. We're scoring an 8.3. We're doing pretty well. Let's go back. There's a few. Oh, let's go market focus. That one's red. Let's see. We're in the Midwest, sector-focused farmland. Huh? Why is the scoring low? Let's see if we can get it higher here. Now what you're going to notice here, by the way, see this little thing that says 15 narratives out of date. So as I've been changing things, what's happening is some of these narratives under here of like, what's my sourcing pipeline or competitive edge are out of sync now because I've changed a bunch of stuff as I've gone. So what I can do is I can actually hit regenerate and it'll re-update all the underlying fields. Is that making sense? So let's, let's wait on that for a second. Let's go look at a few things here. So my value-add playbook, I don't have anything for this. So let's do this. Let's say, let's get insights on value-add playbook. It's going to give me some ideas on what my value-add playbook is. But honestly, I've got to kind of come up with this because like what makes us unique? And so now we already gave it context prior. That's maybe where the regenerate comes from. So it's going to give me a few picks. This is red because it's empty. For this, here's a few things that could be a value-add thing that you guys do. Maybe you do. So it's giving me ideas. Soil remediation, water infrastructure, fencing and grazing rotation, lease restructuring, parcel consolidation. Those sound pretty good. Your playbook should be specific in sequence and tied to your numbers rather than a generic list. It should read like a five-year operating plan. Want me to write it out now? Yes, help me. Help me write this. What we're great at, you know, my partner is John Dutton, so we're good at. We're very good at neighbor relations. I've only seen a few episodes of Yellowstone, but. Neighborhood relationships. We're good at working the city council. City council. We're good at, yeah, the farm rotation. What was the other ideas up here? Water and water infrastructure. Didn't they like blow the canyon, like divert the water? I think I saw that one episode. Anyways, water infrastructure. Okay? So let's see. It's going to help me write it out. I gave it a few tips here. And we're gonna— and by the way, this is important because this goes into a lot of times your PPM. It goes into your marketing materials. It actually goes into your offering docs. So this kind of stuff does matter. Again, if you guys want to play with this free trial period, we are bringing in our— this is a cohort of people we're bringing on. We're launching all of their funds with them right now. Tomorrow at midnight is the deadline. Okay? So tomorrow at midnight is the deadline to join the 7-day free trial. So fundlaunch.com— or excuse me, beta.fundlaunch.com/start. Or if you just go to fundlaunch.com/start, you can click the top and it'll take you right to the spot there. Okay. Here we go. It gave me a few things here. Let's see. Phase 1, acquisition and community positioning. Great. We're good with our neighbor relations. Me and John Dutton are pretty good at this. Okay. We're good at water infrastructure. Yeah, we're pretty good at that. Anyways, we're going fast here. Happy to tighten a section. Say the word and I'll write in the field. This looks great. Let's add it in. Okay. So my agent will go and I could, I could have copied and pasted it, but I'm like, let's just let the agent do it, dude. This is all about the, you know, let's just let it do everything for me. So the agent's going to go and rewrite the fields. If you saw that just turn green, it actually wrote this out into our values here. Done. Our value playbook is set. Awesome. Okay. Now I'm going to— let's regenerate these 15 fields because I think some of these are going to be changed based on what I told it. So let's hit regenerate. It's now going to work on 19 sections. So investment philosophy, market opportunity, strategy summary, all these ones here. It's going to take a second to do this. So we're going to give it a second. While it's doing that, I wanted to show you this. So we can actually go and play with an economics model of what our fund would look like building, you know, with John Dutton. Okay? And by the way, drop questions in the chat. I'd love to answer any of them. Please drop those in. And Jackie, please, yeah, let me know if anyone's popped up that I need to get Get answered or handled. So fund economics model, here we go. We can actually play with the numbers. So I can say, what if we raised a billion dollars? Right? You know, I can revert back to I think our current one was fifty somewhere in there. Okay, my leverage. I can play with these numbers. How much leverage we want in our fund? I can play with interest rates might go up now this year. We'll see with the new Fed chair. Our gross IRRs, we're doing farmland, so they're probably, honestly, they're probably going to be lower. We charge a 2 and 20, but what if we charge less? How much money would we make more or less? How much would— and we can see our GP earnings versus the LP earnings. So what this does is give you somewhat of a picture of what your fund is going to do. And also, if I like any of these, I can hit sync values to fund. And so this will go sync my updated values across the board here. Okay, I can do my gross, you know, target MOIC, target a 2x. We'll go back there. So anyways, you can play kind of a nice feature. You can go play with these things. Uh, it's giving me an error, affiliate services out of date. Let's say this, uh, can you help me fix affiliate services? Okay, so it's gonna help me work on that one. By the way, one of the coolest pieces of this, it's not just software, it's people. So I love agents. I think agents are amazing, but also there's a huge human element to building funds. And the fact that you can come in here and say, hey, I'm looking at a real estate type of fund, here's some of our real estate coaches. Many of these people actually run their own funds as well right now. Some have worked in funds to a very high degree. Some are good at different things too, like sales and marketing. Scott Hoffman has spent 20+ years in sales and marketing. He's helped an immense amount of people on Black Card. Awesome dude to meet with. Some people just need help with more like, you know, coaching leadership. Tanya, author of an amazing book and does peak performance. She's also in here. So it's like someone else you can meet with outside of just funds. And then over here, these are all just included as office hours. So these are just, you can join on a group call. and meet with people, talk with them, share, et cetera. So if you guys want to get access, it ends tomorrow night, beta.funlaunch.com/start. Go check that out. Good news, affiliate services actually scoring green, is already fully built out and detailed. Property management, it's solid green. Okay. Huh. Edited fund deal, no match. Okay. Why is it bothering you? Well, because it's telling me it's out of date. Actually, let's just hit regenerate. Maybe that'll work. Let's just try that one. Um, let's go back to our scroll deck. So again, I— you can kind of bounce around. You can work on multiple things at once and build out your whole fund. We are getting pretty close. Like Dutton Fund Ranch, you know, one, we're looking pretty green. Now see these little gray spots? I still need to fill out a few of these. So let's look at like entity structure. Okay, I've not filled these out. So initial closing date, Let's set a closing date for, you know, next month. Final closing date. Let's do— let's give ourselves 2 years. You know, typical timeline is 2 years. So I can go like this, 2028. I also, again, can ask the agent on Gens Insights, but I'll set those ones, turn them green. Let's go to regulatory. Okay. We got a bunch of things on regulations here. Potential third-party conflicts. None that I, you know, I, you know, this is for our PPM disclosure. We have to disclose if there's conflicts of interest. So I would say, I also run Fund Launch Partners, Fund 1 and Fund 2. And I'd probably write this out much more succinctly or much more detailed. I also run these other funds. They will not invest into Midwest farmland. So this doesn't pose a conflict of interest. Now, that's kind of a brief summary. Let's do this. I'm going to go like this. See how it's— see how this is highlighted right here? It's potential third-party conflicts. It's already highlighted. I'll say, help me rewrite, you know, this section. Here's some notes. And so this will actually help me rewrite this section to probably be a little more robust and make it kind of put together. Isn't that kind of cool? If you guys want access to this, comment AI down below. I'll send you the link. We have a 7-day free trial. You guys go test it out. Okay, got it. Here's the draft for it. Okay, the general part. Let's see. Let me scroll up. Okay, the general partners, principal Bridger Pennington currently serves as managing partner of 2 other investment vehicles, Fund Launch Partners Fund 1 and Fund Launch Partners Fund 2. They pursue investment mandates for Dustin Friend Ranch 1. Specifically, neither, you know, a little bit written more legally. Great. Any shared LPs? I'll say no shared LPs. Currently, so I can answer that question. Anyways, it'll help me kind of draft these out. We'll let that come back. So again, it's taking in the context of 200+ data points, all of my fund, all the stuff I already told it, all in one spot to answer a specific question of third-party conflicts that I probably wouldn't have thought of if I was just trying to build a fund. But now I'm thinking about it because it's here and it's bright red, and I got to fill it out before I move on to launch my fund and talk to my lawyers. Isn't that so cool? Okay, it's already filled it out. Disclose. Here's the final version. Um, awesome, looks great. Okay, so it can go and update that for me. Let's look at some of these other ones. Professional long-term relationships. Do we have long-term relationships with anybody? Um, you know, I'll just say none. Okay, here we go. A.H.Y.D.O. compliance policy. Okay. So is this for a you know high yield discount obligation rules? Now I'm like I don't know what this is. Does this apply to me? Does it not apply to me? The old model you'd call a lawyer or whatever. Let's just hit this little button called get insights. Okay. So give me insight. I'm like what even is this? What is A.H.Y.D.O. compliance policy? So we're gonna let the agent come back and kind of teach us about this a little bit. Now, I believe these are only for private credit funds, but we'll see. This stands for applicable high-yield discount obligation, a tax rule under the IRC that disallows certain interest deductions on debt that has a term longer than 5 years, has yield. In plain English, it's designed to prevent companies from issuing junk bonds with deferred interest and then deducting all at once. For your fund, it's not applicable. Okay. So I would just say no. Okay, awesome. I've confirmed it's no. You saw it turn green. Great. I don't need this for my fund. Awesome. Because I'm not doing that kind of stuff. OID accrual method. Okay, I can see, I'm like, oh, straight line, not applicable. What should we do here? Again, get insights. Okay, so it can actually just come and teach me about what is the OID accrual method. And this helps train you on fund terms. Again, we're doing a Dutton, you know, John Dutton Fund Ranch fund here. This is original issue discount. It occurs when the debt is issued. Oh, let me scroll up here. At a price below its face value, the difference is a discount and accrues interest over the life of the loan. Again, this is for private credit funds, and so it's not applicable. I'm just going to say no to this one. Awesome. It is now saved. The answer is not applicable. Oh, excuse me. That was no up here. We're going to say not applicable. Okay. It's not applicable for our fund. Now, the reason it's here though, some funds might want to add that in. But again, so look at this. We are all green. Now I can go learn what's an ERISA provision. What's this election pulse? I can go learn about all these, but they're green for now. Let's leave them there. So look at, I filled out this entire one. Strategy and market. Let's go to market focus. Uh, let's go like this. I'll say, why is market focus still scoring red? Let's make sure that one's looking good. While it's working on that one, let's look around. Let's look at any other red ones we want to click on now. Some of these are a little deceiving, like that's green, but there's still a red one below it. Okay. Meeting booking URL. So if I wanted to, like part of my pitch deck said book a meeting, I could go put my Calendly link in here. Um, 2 empty fields are dragged down, target geography and state. You have Midwest as geography label and farmland and ranching as a sector focus. These are fine. The system also expects structured state and county fields to be filled out for scoring purposes. Easy fix. Country, US, state, You know the Midwest. We're gonna start like let's go Kansas. Kansas will be my you know primary one. John Dutton's moving, moving a little east. You know I'll put a you know we don't have a meeting URL here. So again we're kind of going through. Yeah we're getting we're getting most of the stuff done. Let's figure out this team and track record is more experienced, which I probably should spend some time on. Let's go. quickly through here. Aggregate fund size, we have $84 million under management between our couple funds. Track record, we have realized and unrealized because we have funds that are still in flight. Prior fund net IRR, I won't put that live here just because for compliance reasons, but for example's sake, let's put just 24%. Institutional background, Prior firm schools. You know, we could we could help AI could help us write this. We'll just put yes for now to kind of fill some of these out. Previous fund net MOIC. You know, we'll put 2.75x again. These are just example placeholders here. Done. Kansas is set as your country. So I'm kind of working on multiple things in flight. Awesome. Tackle either of those team and track record prior. You know sourcing pipeline. Prior fund DPI 1. 2. Again, I'm just going to fill these out so we have them. You would want the real ones here too. You know, this is gross, so 3.4. Great. Senior, you know, average team amount, you know, senior years, let's put 9 years. That's how many years I've ran a fund for. Realized exits, let's say 3. Okay. So I've kind of filled out this team section, gives us a better picture. Now, as I'm filling these out again, you can see regenerate. So I'm filling these out and it wants to go and update all my other fields. So I'm going to wait though. I'm going to keep going, and then I'll hit regenerate once we're all done. Um, let's work on sourcing pipeline. Yes, let's work on sourcing pipeline. So again, what's so cool, I'm building out my entire fund live on here. Again, if you guys want to get access and try for 7 days, beta.fundlaunch.com/start or comment AI and we'll send you the link down below. Okay, here we go. So yeah, how do we do this? Um, You know, we primarily find deals from John Dutton's relationships with his family and friends. Most are off-market. We look at 25 to 45 deals a month. Okay? So I'm gonna give a little context. It's gonna help me draft a response that would be ideal for, you know, what is my proprietary way of sourcing deals? Great. That's awesome. Me and John Dutton, Dutton Ranch Fund 1. What a great fund. Maybe we should launch this fund. Go get some cattle. I'm a wannabe rancher. You know, I'm a wannabe. I got 9 chickens. I got, I actually do have 9 chickens. And we have an acre and a half, me and my wife. We have 20 peach trees. So we're just, we're a little time. But anything to add to her jest? I'll say, looks great. Okay, it's gonna go add that into my sourcing pipeline section. As it updates that, I mean, we're looking pretty good. Look at this, we're scoring at 845. We got a few more gray pieces to fill out, but man, we're looking pretty good. You can see, okay, sourcing pipeline just got updated. Ta-da, there it is. There's the, the full details. Prior fund count, you've run 5 prior funds. Want me to set that track record? How you report performance. Okay, pretty cool. All right, we're getting pretty close. Let's hit regenerate. We'll kind of let all of these things sync up. That'll take a minute. Now again, what it's also doing is syncing up my Legal Canvas. So you can see these are my docs. You can see also the green bar. See how these are starting to fill out as I'm going? Another way to go here is I can go to the fields and I can actually start to approve some of these things. Okay, so as I go through, I'm actually— I'll wait till these regenerate and then, um, We'll finalize everything once this is finished regenerating, but I can look at my extension, you know, 1-year extensions, my leverage max and min, management fee, preferred return. So I'm gonna start approving some of these. Here we go. Here's my target, NYC. My fund term is 8 years. GP commitments, 2%. LP minimum commitment. I think we wanted that down to 100. GP commit. Here's our, you know, people. Great. Bridger is an authorized person. I'm also a managing member. I'm also on the fund contact. There's my email if they want to contact me. Fundraising contact title. That one looks like it's already locked in. IC experience. Oh, maybe I'll wait on— it's gonna— it might rewrite some of these. It's still working over in the left, so I won't wait till all those— yeah, let's hit regenerate anyways. We'll keep going there. Sorry, I keep messing with it. So as you can see, we're gonna start completing some of these legal docs. Once we're done with all of these, we're gonna hit submit for legal review. That brings in our real attorneys. So you'll sign an engagement letter with real attorneys. They actually It drafts your 3 entity filings and goes and files them on your behalf. You sign an engagement letter with a law firm, do a conflict check. These are great law firms. We've already launched dozens and dozens of funds out of them, out of Fund Launch in the past, been great partners. They then get access to all of these documents. You guys can share comments with each other. And then they go and approve or redline things. That whole process takes about 7 days, about a week. So in about 1 week or maybe less, maybe more, a little give or take, give or take 7 days, your fund is launched, which is pretty darn cool. So we're almost there. We got to get all these things crystallized and done. It's still regenerating 19 fields. So we'll give it a second here as we go. Is this question from IG, is this video related to the funding process? So this is all about building out your fund. So like building the bones of your fund, the legal, the compliance, the complexities, all that stuff here. For capital raising, that is coming soon. So we're actually, that should be down here soon where you can actually build out your CRM, your pipeline, source leads. Let's say Dutton Fund Ranch 1. We're like, hey, we want to find leads in Kansas that like investing in farmland. Find me the top 20 family offices in Kansas that like farmland and find me their name, phone number, email. That's all kind of coming soon, which is pretty cool. Now, will the AI close a deal for you? Probably not. But can it put you in a great position to close deals? Yes. And then coming soon as well, post-launch, you actually can manage your fund here on platform. So the same idea, your agents will have banking integrated, accounting, compliance, legal, everything integrated into platform. If you guys want to try a 7-day free trial, comment AI in the chat. We'll send it to you or go to beta.fundlaunch.com/start. This is what it looks like. You can also just go to fundlaunch.com. You'll see this. We this goes away tomorrow night at midnight. Okay, tomorrow. And I'm getting a little low on battery. Maybe we can give me a charger if you guys can grab me one. You can hit claim now here. This offer is available. You can do a seven day free trial here. You can see more about you know what this is, how it works, and then when you're in the platform as well, if I come back, you can actually start meeting with advisors, coaches, other groups inside of here. You can do one on one calls. You can see some people in here that are, you know, that you can read a little bit about their bio. You can also join their office hours. So just come join. These are private office hours. These are not public. Private to people only on the platform. We also have events. There's a charger right there on your desk, right in front of you. That black one. Yep. That one's a charger. And then you can do the community. So these are the events. So we have the Cabo cruise and the Funnel Launch Summit are all included here, which is pretty cool. And come join our private Slack channel with about 1,500 fund managers there. Thank you very much. Oh, is that cord going to reach? Okay. So that's all included there, beta.fundlaunch.com/start. We'll get the cord in a second for our Dutton Fund Ranch 1. All right. So here we go. It looks like it updated my fields for me. Let's go back to Legal Canvas. I'm going to go to my fields and let's start approving these. Okay? Now, if I was, you know, going a little bit slower, I'd probably look through all these again, just make sure that they are done. But for There we go. Got to pull on it a little bit. There we go. Okay. We should be— yep. We got the charger. Thank you. Confirm my sub-asset classes. I'm going to go and approve all these. So what's happening now, I'm approving like my leverage ratios. I'm starting to crystallize what my fund is. And I've gone through, I've spent some time on here. I've worked with the agent. I've updated some stuff. Let's just leave it. Yeah, here we go. My key persons: me, Mason Brains, and John Dutton. We're building this fund. Boom! We're gonna go approve all these. I gotta put my address in here. Okay, but let me show you what this is doing. So back to the canvas, you can see we've already— these documents are already fully complete. You can see we've confirmed on Dutton Ranch Fund 1 GP. And a lot of these documents are now getting close. You can see the progress bar on the bottom. We'll go back here. So let's go my street address, 123, you know, Dutton Avenue. We'll go, you know, we'll just throw some randoms in here just for placeholders. Okay. There's our GP office. LP certification date. We're actually going to need this. It's determined later, so leave it blank because that's when we file the entities. That'll help us. Our registered agent address, this will actually come when we file our things as well, so don't worry about those. GP authorization date, this will come later, it looks like, as well. Street address, this will come later for our agent. So these are all already green. You can see here, fund office address, 123 Dutton Street. We can come here. It's in, you know, Alabama. Uh, Great. Approve. Now our first name, I'll be the initial LP. Great. Dutton Fund, I'm going to confirm that name. Dutton Fund Ranch 1 Management LLC. That's the name of the different entity. So I can come through, these are coming later, coming later. Street address. Okay. We're just going to, we're putting placeholders in here now to just give you a sense of how this feels. Material conflicts, we've already done this. We've done third-party conflicts. Return basis is on net. No, you know, no preexisting relationships. This will come at a later date. Once we're live, that'll actually go in there. IMA effective date, that'll be later as well as we, as the attorneys approve everything. And I'm actually going to go through and approve all of these. So it looks like I'm at 90 of 95 approved. I'll go back to the canvas mode. And look at this. We started to complete our documents. We've also completed much of our fund builder. Everything's looking green now. So I would need to complete a few more little things here. And then once I'm ready, I'd hit submit for legal review. I got to complete these last little ones, material conflicts, et cetera. And this actually goes through a crystallization process. It includes the lawyers in the loop. I sign my engagement letter. We go file entities on my behalf. And we start the process of building out Dutton Ranch Fund 1, me and John Dutton. Okay? Isn't that pretty amazing? All in. What was this? Like, I don't know how long we've been on. We've been on for a few minutes. All built out in a few minutes. I can come back. I built a custom pitch deck. I like this deck. Let's say, you know, I want to edit a few things on here. You know, active stewardship. Yeah. Help me draft a new graph that shows land ownership, you know, prices over the last 10 years. So I actually can prompt it to do custom graphs for me. This might take a minute. It's going to now update the preview. I can come do custom graphs. I can actually regenerate. If I don't like this one, I'm like, I don't like the brown. Let's do another custom theme. Let's say, hey, um, Help me, you know, design a Nike shoe-themed, you know, deck. We'll give that a prompt. So I can, again, I can just keep building out different types of decks, different types of prompts, all things that make sense for this. We'll let those generate for a second. But again, my legal canvas is getting almost approved here. I've gone through, maybe I want to book a call with somebody in real estate because I'm not quite sure if I should do this yet. So I'm gonna go work with Rhonda or Vu or Brent. I can also join some office hours. Maybe Chris, you know, he runs PSBP Law. He's a lawyer. Maybe I should come join his office hours. I can watch the recording or I could join his next office hour. It should be next week. Pretty cool. I can actually meet with live lawyers. I can come to the Series 65 study group if I need a license. Isn't that pretty cool? I can just come meet and just build in this community. So again, if you guys want access, comment AI. down below. We'll send you the link. Or you can come join at funlaunch.com/start. You have till Friday night at midnight for this offer, 7-day free trial. Come play with it. Come test it out. You get 100 credits to just play with and test on a free trial. So come play, build, do what you think is best on here. Still working on my Nike one. Here's Dusty Heritage. Okay. It's going to add a new section with land ownership. Okay. So here's a decade of appreciation. Look at this. I asked it for my average dollar per acre. Look at this. It gave me a whole chart over the last decade of cost per acre and how this has gone up. And look at this. It even built me some of these and I can come and just, you know what? I want to change the middle section. It'll just change everything dynamically for you live. Right here. And then, oh, this is already a published version. Let's unpublish this. And then we can republish a new version. And this will be a working website for, you know, look at this. I can request the data room here. Isn't that pretty cool? Schedule a meeting. I didn't put my contact in, but this would, you know, I could go, I put in a fake one, so it's not going to connect. Look at how cool this is. This is a live working website right here. Isn't that amazing? I can also download this to a PDF. I can download to a PDF if I want to send this out or a one-pager tear sheet. It just makes a one-pager, very small, concise PDF. Now let's see how it pops up. We were just working on this actually, because it's funny of how, what do we include and what do we not include? So here's a little tear sheet if you wanted just a quick one-pager on what this fund is doing. Pretty simple, you know, but it gives you at least a tear sheet, something to like put together. Here's more of the stylized version. Isn't that pretty cool? Let's go back to, oh, let's see if I got my Nike theme. Oh, look at this. Here's my Nike-themed deck for Dutton Ranch Fund 1. Just own dirt. That's pretty cool. Look at this. I can say update the headline to be the name of my fund. So let it resync here. Dutton Ranch Fund 1. Boom. So again, you can just, if you don't like the DAX, just make a new one. Just keep playing with it. Keep syncing. The magic here though is we've already gone through, we populated some things. Again, we're going to wrap this stream up in just a minute. So final call, if you guys want to come join, 7-day free trial. You can come test it out. Comment, comment like hello if you guys are in the chat. And people there, hello. Comment hello if you guys are there. I want to see you. What's going on? Say hi. Pretty cool, right? We've been working on this for quite a bit of time and we're, man, it's, it's pretty awesome to see it like working. People launching and building their funds on here. It's, uh, it's pretty fun. So comment AI final call and I'll send you guys the link. If you, if for some reason the link doesn't come through, it's beta.fundlaunch.com/start. Come play with this for 7 days. You can build out your entire fund. Coming soon is capital raising and/or fund administration, fund management, all on platform as well. We're here to democratize Wall Street. That's what we're doing. We're trying to help more people build funds, design funds in a compliant manner that is done the right way. What's so cool about this platform, it also forces you into best practices. It somewhat forces you to Do what is compliant, what's legal, what's best practices. We try to push you into doing what's good. Like some people come with these crazy fund ideas and it's, you know, a little too crazy sometimes. So, all right, you guys, there we are. We built an entire fund, give or take an hour. We put it together. We built out our pitch deck. We put together our entire fund builder. We put together the legal canvas. We, uh, I'm not gonna do it live. We gotta have a legal credit, but we'll submit for legal review. And then we'll go and actually have lawyers in the loop to go and launch and design your fund. That process is about a 7-day period after that. I can come and look at my assumptions calculator here. And I can also talk to real humans in the loop. All right. With that, you guys are amazing. Thanks for being on today. We'll do more of these. We'll probably go live again tomorrow. We'll share more features, updates. Comment if you want different stuff down below. And we'll see y'all later. Bye-bye.