Bridger PenningtonFund Launch & Investment Expert

He Spent Over $500,000 On Pieces Of Paper 🤯

23 Jul 2025 · 1 min

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A founder spent $500,000 on legal fees before launching his first investment fund because he hired lawyers before validating his thesis with investors. Lawyers at $800-$1,000 per hour revised the fund structure repeatedly as his target grew from $50,000 to $500,000. The lesson: build your thesis, deal framework, and capital strategy together before paying for legal work.

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$500,000 spent on pieces of paper for his first fund. Fund Launch Formula is built for entrepreneurs. I have a friend, he did not follow this. He spent about half a million dollars launching his first fund because what he did was he went to legal first. A lot of people are like, yeah, I'm ready to launch my fund, give me the lawyers. That's what he did. He went and talked to a lawyer first, then he went and talked to people. Investors gave him feedback, he tweaked his deal and strategy, tweaked his frame, and lawyers billed him $800 to $1,000 an hour to tweak and iterate his fund over and over and over again. His fund, the scope was like it was going to be $50 grand, then it was $70,000, then it was $100,000, then it was $120,000, then it was $180,000, and it literally got up to around $500,000. He's like, I wish I would have had this when I launched that fund. So what we invite and teach all of you guys, and the whole— our whole platform is built around this, is number one, work on your thesis, your deal, framework, structure, and capital in tandem.