How to launch your fund in 2025

single asset fund, SPV, this is what they are doing. This is the efficient entrepreneurial way to launch a fund. So down to my iPad. Let's go down here. This is the fund launch formula. You might have seen stuff like this in the past about how we teach how entrepreneurs launch funds. So let's dive in. So this is the fund launch side of things. Now I've redrawn this over the last little bit into a circle. And this is how, again, we've launched our funds. I now run 2 funds. We manage about just under $50 million AUM in those 2 funds. And we're now investing into other funds there. What we see is step number 1, focus on the deal and strategy. Seems kind of obvious, right? How do you find asymmetrical risk in your deal? How can you get relatively low risk for relatively high return, you know, risk-adjusted rate of return? Now, most of you, if you're on this call or you're watching this, you probably already have some of this figured out. You're like, Bridger, I'm going to go buy, you know, I'm going to go buy real estate or I'm going to go buy, you know, whatever the thing is. I know what I'm doing. I'm trading options. Cool. Most people at this point, they want to go and hire a lawyer. Okay? They want to jump to this phase right here, which is the legal phase and the launch phase. And I always go, hold on, wait, wait a second. Before you go to the launch phase, phase 2, let's figure out if we can actually validate this fund. And I'll tell you why in just a second. So phase 2 here is actually, can we go frame and structure the the fund. So what does that mean? That means something like, you know, what's going to be your waterfall? How are you— what's the terms of the fund? How are investors getting paid back? What's how much, you know, what's the time? What's the length of this fund? How's it going to run? How's it going to function? The partner, the team, everything around frame and structure. We're going to think through that beforehand because I'll just tell you from experience, lawyers like to make money. Can I get an amen? Lawyers like to make money. Over here, They're going to bill you, you know, $800 to $1,200 per hour to set up your fund. Okay? I had actually a friend tell me they spent roughly $500,000 setting up their first fund. And it's because they didn't do the Fund Launch Formula. They went right from deal to strategy. They jumped right to the lawyers. They went to legal formation and they worked with the lawyers. And as they changed their frame and structure, like, hey, we should change our waterfall. We'll talk about what a waterfall is in a minute. open-ended fund or a closed-ended fund or an American waterfall, all these different really technical terms they started to learn about in their fund. Their lawyer said, oh yeah, we can change that for you. And they would bill them $800 an hour to change those things. This is why they spent literally half a million dollars setting up their first fund. When in reality, for a full-out fund, you know, like my last fund, I spent about $10,000 launching it. Now most, yeah, most funds are $10,000 to let's call it $35,000 in legal costs to set up. Now that's paid for by the fund, but still, you don't, you know, you don't want to spend $500,000 setting up your fund. So what do people using the Fund Launch Formula use? Why has this become known across the internet as the way to launch the fund? It's because of the next phase here. And I'll kind of show you here. Instead of jumping to the lawyers here, I'll kind of erase this. We do the frame and structure. Phase 3 is we actually go get validation. Okay? Our goal on our fund here is to go and get validation. So what we're doing, step number 1, we're vetting out our deal and strategy. We're framing that deal and strategy and how it'll look. And then third, we're going to go ask real-world investors if they want to invest and get validation on our fund. There's a quote I love, and I'll write it down here. And anybody on here before ever tried to raise money before? There's an old phrase that I love. It's, if you ask for money, you tend to get advice. Anybody ever done this? You go and try to ask somebody for money. Hey, do you want to invest in my fund? They go, ah, no, but hey, you should do this. They generally give you advice and you're like, that's not useful. I'm just looking for your money. Anybody else can give me an amen in the chat. Okay? But I love the contrary of this. When you ask for advice, you generally get money. This is very true on your first time raising capital. What I tell people with the Fund Launch Formula, again, we've now helped hundreds of people launch funds. We actually have, I think we're over 350 funds launched out of Fund Launch. Wow. $4.7 billion reported client AUM. We help people launch funds day in and day out. I run 2 funds right now. We invested, get this, Fund Launch Partners, one of our GP stakes funds, we reviewed 1,200 Fund 1s last year. 1,200. And we did 8 deals with an average check of about $1 million commitment into those funds. This is Fund Launch Partners. We actually review some of your funds, by the way. You guys can apply to work with Fund Launch Partners. We reviewed 1,200 funds. We did 8 deals. I think we have 2 more under LOI right now. We're going to be close to 10 here pretty soon. But that's the pipeline. We look at a lot of these. And again, so we've seen tons of funds. What we've seen work time and time again for people launching funds is following this. If you— if a lot of you have your deal and strategy, we can talk about that in a minute. You frame it out and then you go and get real validation. Go and ask. Call up someone in your network. Hey, You know, if we're friends, hey, Bridger, do you have 11 minutes that I could run this fund idea by you? Can I come to your office or we can hop on a Zoom call? I just want to get your advice. I know you look at a lot of funds. Can you give me your advice on this offering? I'm asking for advice. What happens is when you ask for advice, they will give you advice. And oftentimes, they might poke holes in your deal and strategy or your frame and structure. And you'll keep doing this wheel until— You get validation. The whole goal of this is to validate that you have a good idea. One of the best ways to validate is, hey, you know what? You liked this. They're like, actually, this is a pretty good idea. Cool. You like what I'm doing? Can I put you down? Can I soft circle or get a verbal commitment of, you know, that you would come into this fund? Yeah. You know what? I could put down a soft commitment of this. Soft circuit in. Great. I've got now some validation that the idea I'm doing is right. Then we move to this phase, which is the legal formation. To be frank, to me, this is the easiest phase. We've done so many funds. You just, you pay the lawyers, you set it up, you set this thing up and bam, you move to launch. Okay? We file our Form D, we launch our fund, and then we get into this fund management category. I'll kind of just undo all this here. Now that your fund is launched, We're going to go back to the capital markets. We're going to get a first close. We're pulling the money in together. We're then going to go buy the assets and do asset management, and then we're going to continue to build our firm. We're going to bring on partners, interns, employees, and we're going to keep doing this. We're going to raise capital, do asset management, and build our firm forever. Okay? That's the game of the fund manager. Okay? So, I'll zoom out so you guys can get a picture of that if you want or whatever. This is the Fund Launch Formula. This is how We've now helped hundreds of people launch funds. It's how we launch our own funds is through this exact same formula. Now, during today's call, I want to go a little bit deeper with you, but I wanted to give you the overview of how this works from the beginning. Is that cool? Yep. Now, if I zoom up a little bit, you can see the Fund Launch Formula with all of our subframeworks as well. So, when we get down into the deal and strategy, we can talk about the risk control return, how we're actually Finding asymmetrical risk. Asymmetrical risk, which is a fancy word for how do we find an investment that has relatively low risk for relatively high return? There's a couple of things we can do there. We talked through the frame and structure. You know, what kind of, how are we going to pay back investors in our waterfall? Are we going to do a closed-end or open-end fund? There's things that we can do there. We'll talk about that in a minute. Are we going to, you know, how are we going to run our GP and LP structure? And then who are we going to raise money from? Are we going to raise money from high net worth individuals, family offices, institutions? How are we going to do that? How are we going to get in the right rooms, connect in those rooms, and then finally close those rooms? We have subframeworks here as well that we can do. Are we, you know, what type of investors are we targeting? Ultimately, what is the edge in our fund? Okay. Do we have an edge with our asset class, our strategy, our team, or our structure, or a mix of all 4? You can see some examples here of different edges that we've put out. And we keep doing this until we achieve validation. Then we go to the legal formation phase, which is, you know, we have different fund types, what kind of licenses we need, all that kind of stuff. Checklists. Here's a few checklists you can use. And then post-launch. Great. How do we then go close that capital in? How do we actually run our fund, build an investment committee, do this thing? And then actually, how do we build our firm out, build out all the— we call it what we call the fund waffle, all the roles here. You know, here's International Feeder Funds and go from there. All right. So welcome on today. We'll see how much we can cover today. But that's a little bit of the basis for the call today. We're going to talk about building a fund in 2025. Does that sound like a fair plan for today? Yeah. All right. Give me a yes in the chat. I know we're live here today. So what's up? Welcome on, y'all. I'm going to flip over to my computer here. Say hello. Can I get a yes? You guys there? Hello? Hello? People there? Yeah. What's going on? Actually, let's do this. If you're live on the call, type a yes in the chat. We're going to give away $100. This is how it works. If you type a yes in, I'm going to pick somebody at random and whoever that is gets $100 on Amazon. That sound good? You can type in yes as many times as you want. I'm just going to randomly scroll through the chat and then I'm going to pick somebody live. We do this on all of our calls. Sound good? Okay. Because we're having fun here today. Funds can be a little boring, can be whatever. We're going to make it fun today. So 5, 4, 3, 2, 1. Boom. Let's grab somebody on here. Wow. They're coming in fast. Okay. Sarah Angem. Is that right? Sarah Angem? You got $100 to Amazon, Sarah Angem. Congrats. So send an email if you can. Send your email to my team. Christian or Adam Smith are behind the scenes here. Send your email to them privately. And we'll send you $100. If we don't get you, message me at bridger@fundlaunch.com. Sound good? Sarah, congrats. You got $100. Yeah, we— yes, we are live today. Okay. So let's dive in. Let's have a little bit of fun today. So if you can share my screen now, let's try this. We're going to talk about raising your first fund in 2025. We just barely talked about the Fund Launch Formula. We're going to talk about this in a minute. This is how we base all the formation of your fund, what you're doing, how you're building your fund. To be successful. Okay? So I already went through some of this. You guys have already seen this. We'll talk today about closed-ended funds, open-ended funds, how those work. Now I want to frame today's conversation like this. This is something I love to do. I love to watch what people do, not what they say they're going to do. You following along? I'm going to do a little pop quiz. Okay? What do the following people all have in common? Grant Cardone, Cody Sanchez, Tai Lopez, and Pace Morby. What do all 4 of them have in common? Type in the chat if you guys are live. What do they have in common? All of these people are, like someone just said, online influencers. They all teach something online. You know, Grant has taught real estate for a long time, sales training. Cody Sanchez does buying businesses. Tai Lopez taught online marketing. Pace does Sub-2. But again, I like to watch what people do, not what they say they do. I like to follow what they're actually doing. They, all 4 of those people and more, are all starting investment funds. I'm not sure if you're aware about this. Grant Cardone has a $4— I think they're almost about $5 billion AUM. Cody Sanchez is doing private equity. They're buying businesses. Pace Morby, he's raising a $100 million fund. Tai Lopez, they bought— they built a full fund. They bought Pier 1 Imports, RadioShack with their fund. I think it's kind of gone south. But anyways, they did a fund. OK? Why are all these influencers who teach other things all now launching funds? Well, I would say because it's the best business vehicle on earth. Alex and Leila Hormozi building Acquisition.com. That's essentially a private equity firm. This is actually a picture with me and Mason and Alex and my dad there on a boat at Bear Lake. We went boating all day. It was a couple of years ago. This is me. I had to show off my guns to Alex. There we go. There's us right there. But this is us hanging out with them. They actually joined Fund Launch years ago and they were like, hey, we're going to do a private equity fund through acquisition.com. Take Russell Brunson. This is me with Russell right here. There's a picture of us. I actually spoke with Russell on stage just 2 weeks, what is it, 3 weeks ago, something like that. He is buying businesses at scale. Why are all these online influencers now doing funds? Well, I'll tell you this, because again, it's one of the greatest vehicles on earth to create wealth. There's an old saying that says, you guys, you've probably heard this before. What's the number one category of millionaires? What's the number one asset class that made the most millionaires? Type it in the chat if you're live. The answer is real estate. Most millionaires are created through real estate. The next question though is, what's the category that created the most billionaires? And the answer is private equity or private investment funds. Forbes 100 list. I don't know if I have the slide here. Yeah. Forbes 100 list. The number 1 category of billionaires is investment fund management. Number 2 is tech. Number 3 is fashion. The category of the most billionaires created. Huh? No wonder why all of these influencers right here are going and launching funds. Okay? This is this massive, it's the biggest game on earth. And I'm a big believer of when you get into something, pick the right vehicle to play in because we're going to be in this game for a long time. So, you might as well be in the vehicle that's going to produce insane amounts of wealth. I love the quote. There's, you know, I used to look for these hacks on YouTube or like, you know, what's a quick way to get rich? Or what's a, could I do this fast way or do this thing? What I found was most of those shortcuts didn't work because the long, the long route is actually the shortcut because most shortcuts don't get you there. Most little hacks, most little side hustles don't actually do it for you. The hack is doing the hard work, playing the long game, and playing in the biggest game possible, which is investment fund management. Yeah. Can I get a hurrah for that? Give me some love in the chat. Give me a little hoorah. All right. We're, we're live for a reason. We might as well chat it up. Y'all follow along. So for today's call, I want to anchor in what we're going to be talking about a little bit today. Sound good? There's 3 distinct categories on someone building a fund. Now in the chat, how many people have raised? Well, actually, just do this for me. Maybe if you've done nothing, just say, I'm just starting. That's, that's totally fine. If you've done a few deals that you've self-funded, type in self-funded. If you've done like an SPV or single asset fund and you've raised money from other people, but it was on a deal-by-deal basis, that would be a single asset fund. And then a full-out fund would be what we call a blind pool fund. Okay? That's where you're doing, you're raising a pool of money to buy multiple assets. Type in the chat which ones you guys have done. We're going to talk about all 3 of these today and how they work together. So type in the chat for me what you guys have done. So, hey, I'm brand new, done nothing, or I've self-funded a few deals, or I've done a single asset fund where I've pooled money together or I've done a full-out blind pool fund. This is the general path that most people go on. Let me explain why. I'm going to jump ahead for a second. You guys can see some of this stuff here. I'm going to jump ahead. I want to share about this. Okay? So these are, you know, some examples of people that have chose this path. So here's a quick example of This is a small town. It's called Dairy Queen. This is in Heber, Utah. Anybody ever been here before? This is an amazing restaurant. It's a one-off restaurant. You know, like in a small town, they're just like, they have the best burgers and fries and shakes. That's what this is. Okay? And you're probably saying like, why isn't this a big chain? It's just this, you know, it's a mom-and-pop shop. They make the best pizza or the best hot dog or the best whatever. Well, a few years ago, a couple of friends of mine, this is Andrew and Shawna Smith, they started to find find some of these one-off small little shops. And they said, what if we could scale this? And they started kind of small. They went a little bit bigger, then bigger. And now they have a full-out multiple funds, hundreds of millions of dollars. They found— anybody, any of you guys seen these brands before? If you're in the, you know, Western, kind of Midwest, Western United States, you probably have known some of these brands. East Coast, not as much. They found Swig, for example, when they had, I think, 1 or 2 locations. They found Mobetta's with 3 locations. Houston, Texas Hot Chicken, R&R Barbecue. These were all small one-off shops that they said, what if we could inject capital and buy, you know, find something like a Dairy Queen that's a one-off shop and scale it into 20, 30, 50, 100 locations? And they built a whole brand on this called the Savory Funds. And Andrew and Shana Smith have blown this up. I mean, they are— maybe move my thing so they can see their names, but— These guys are phenomenal at what they've done. That's a— they're full. They now have a multi-hundred-million-dollar fund crushing it in the food and beverage space. We see other people doing this with, if I go back, they're doing this with, you know, business owners that want to scale and buy out their competitors. We have people doing, well, let me go back. Anyways, stock traders. We have people that are scaling their portfolio. If the only thing stopping you from scaling is money, A fund can be a really great thing to bolt onto that idea. So, instead of buying a duplex or a fourplex in real estate where there's lots of competition, we have people building funds to go buy a 100-unit apartment complex or a 500-unit apartment complex. And I'll give you a few reasons why. Number one, You have economies of scale. You can actually do way more. Number 2, there's less competition at those levels. A quick story was I went and bid on a duplex a couple of years ago. You can put me full screen if you want. I went and bid. Anybody done— this is back in the height of the real estate market when money was so cheap. I'm like, I'm going to go buy. I got to get in real estate. I got to get some tax stuff. I went and bid on a duplex. I put in a full price offer on this duplex. Okay. Within the time period was 48 hours. I believe they got 32+ full offers. 17 of them were cash, and I think 8 of them were over asking price. I did not win the deal. Okay? I was like, whoa! This is like some dinky apartment, you know, duplex in Utah. Why? Why was that the case? Well, at the time, money was cheap. Furthermore, everyone and their dog can get some money together to go bid on a duplex. It was like a $450,000 duplex. There's a lot of people that can do duplexes. Talking to one of our guys in our group here at Fun Launch, they were bidding on a 1,200-unit apartment complex. 1,200 units. Guess how many bidders there were? 2. And the other bidder, kind of fell through. And so there was only really one. They got the property at a huge discount because very few people know the mechanics of how to play at that level. And furthermore, there's much more meat on the bone so they can hire teams. They can have people do surveys and land things. It's not just them, one or two people running the show. They have a full team that can help build and scale. Furthermore, at that level, you can get cheaper financing from banks. You have, like I mentioned, economies of scale. So crews and construction teams, painters, the new carpet, all can be done at a cheaper cost per unit, cheaper level because you have, again, economies of scale. Okay? So we're going to dive into this a little bit more today on business owners who can scale. If you put me back to my screen there. Sound good? Now, my goal for you today is you should consider launching a fund. Okay? I'm going to skip back. I kind of skipped forward and then skipped back. So why do I have authority to talk on this subject? I'm going to talk about, you know, what we've done in just 60 seconds or less here. But this is me. I'm Bridger Pennington. There's my beautiful family. I'm in Utah. I got a wife. We got a brand new baby, like 5 months old. This is a pretty new picture. That picture was taken like a month and a half ago. It's my beautiful wife, Lauren. We grew up on the same street together and had a great time. Now, we have a decent social media following. Some of you have seen us on social media. We teach a lot about funds, how funds are built. Let me go back a little bit. This is how we started. So I started with BlackBridge Holdings out of college. Long story. I won't share the whole story, but I come to find out in college my dad is running a deca-billion-dollar family of funds. We lived in a small house. My dad drove a car with a dent in the door. I did not really realize how big of funds they were running. In college, I pitched my dad for money. My dad says, no. He says, I'm not going to invest in your funds, but I'll be a great mentor to you and teach you this game. And so, I started to learn about funds in college. In college, I launched my first fund at 22 years old. Blackbridge Holdings, you can see there. Our first group of investors got a 64% return on their investment. So, it was a small fund but very good return. It was actually similar to a single asset fund. Our second fund, we did 219 deals over 3 years. Again, my dad never invested. Wasn't a partner on it. Just was someone I was just an advisor and just helper to the fund. That fund did extremely well. We actually had a competitor come and buy us out. We actually sold this entire fund. Today, I run 2 funds, Ugly Unicorn and Fund Launch Partners. This is roughly a $20 million blockchain investment fund. This is a GP stakes fund. We just closed $27 million. We've invested into a number of funds in the last year. We invest into our favorite funds that come out of FundLaunch and Black Card. During this process, a lot of people started to ask us, you know, how did you guys build these funds? My dad ran some big funds. I ran some funds. My brother is an investment funds attorney. He was at the largest law firm in the world. Now he's actually running his own real estate fund with a few partners. And people started asking us, how'd you guys do this? We're in Utah, for crying out loud. None of us went to Ivy League schools. None of us worked on Wall Street. None of us have this background. Furthermore, my dad didn't invest. He actually, I'll give you this, 8 years later after this, he invested his first check into Fund Launch Partners. That was his first check in 8 years. Okay? And so I finally closed him. You guys have heard my story before, probably. But they're like, how did you do this? So myself, my dad, and my brother, we started making YouTube videos. And they started small and we started to make, you know, but people caught on. People started to like what we were doing. And you can see the results here. It took off. We've had over 110,000 people take one of our courses online. Our mission at Fund Launch is to democratize Wall Street. I want y'all to know how this game works. I felt so fortunate enough to have a dad and a brother who taught me this game. And we thought, we got to let more people figure this out. My dad came from North Las Vegas, got Cs and Bs in college at the University of Utah, like nothing special. None of us went to this. And but yet we figured out how to play in this game. And so we thought, what if we could really democratize Wall Street and help more people do this? So that's what we put together, Funnel Launch. So anybody gone through one of our courses before? Anybody on the chat? We have a— we built AltStreet, a completely free platform. All of our courses are pretty much for free. We give away, just so you guys are aware, we now pretty much give away everything for free. Like, our goal is to democratize Wall Street. AltStreet has 10 full-plus courses on funds for free. We have a full course on fundlaunch.com for free. I want more people to understand this game. OK? How this game works and runs. And what Fund Launch does now is we just help you with the implementation. So, you can learn, like this webinar today is free. All of our YouTube videos are for free. You can learn as much as you want. We want more people to understand this game. Because I believe we need more people to combat BlackRock, State Street, Vanguard that are taking over the world. We need more people like us to understand how this game is played. And so Fund Launch's mission is to democratize Wall Street. And then if you need help implementing and putting the lawyers together and running your fund, give us a call. We can help you with a single asset fund or full-out fund. That's how we, you know, we've done over, I think this is getting closer to $40 million in revenue. And we've helped over 300 people launch their funds, $4.7 billion reported client AUM. Does that sound fair? That's me just giving you away the sauce. That's what we do. I teach everything for free. And if you want help implementing it and launching your fund, awesome. We'd love to help you out. Sound cool? Okay. Enough about me. But that's the mission. That's where we're going. That's me just kind of telling you what's going on. This is a picture of my dad and brother at our last event, Fund Launch Live. Here they are, my dad and brother here. on stage again, helping more people launch investment funds. So let me go forward here for a second. I want to tell a story. Let me go back. Where is it? Well, actually, let's start here. So let's talk about what do we even mean by a fund and what's this traditional path that most people are going on? So let me go back to my— let's go to the iPad here for a second. So what is a fund? Like what are we even talking about? So a fund is in the most basic, and then also what's the difference between a hedge fund, private equity fund, debt, real estate, venture capital? Like what are all these types of funds? Like what do those even mean? What do those words mean? Something that frustrates me so much about the world of finance is they make these very technical terms that regular people don't quite understand. And so it feels complex, but then once you learn what it is, it's not that hard. Anybody else ever felt this before? Can I get like an amen in the chat? Like, it's like, oh, like once you learn what that is, like, oh, that's pretty simple. Okay. It's really not that crazy. So let me draw it out here. What is a fund? When I use the word fund, what is a fund? A fund is pretty simple, actually. All a fund is is a pool of money. Investors, I'll put them in green. Investors over here are putting money into a pool. And then fund managers over here are drawing from that pool and they're going and making investments. You following along? Okay. Whenever those investments make money, the investments flow back to the pool of money and then are split between the investors. And the fund managers. Not too complex, right? So this is like the oldest business model on earth. Like, take me back 500 years and it was like, hey, let's put some money together and we're going to go open up a blacksmith shop. And whenever the blacksmith shop makes money, we're going to split the returns. All right. Like, that's— this is all a fund is. Okay. It's really not that complex. It's just a pool of money. So then what's the difference Between a hedge fund, a private equity fund, a real estate fund, a debt fund? I'll put them down. Well, I'll just put them back here, I guess. So what's the difference? The difference is what they invest into. Again, we've helped all these people launch these funds. The real difference is just the investment below it. They're really, they're structured almost exactly the same. So we'll start kind of here with some easy ones. So what is a real estate fund? A real estate fund is a pool of money. Investors put money in and they buy— ta-da! I'll put it— I'll draw it in red here. They buy real estate right here. Not that hard, right? A real estate fund buys real estate. Okay, so what's a private equity fund then? What does that mean? What's a private equity fund? A private equity fund is a pool of money. Instead of buying real estate down here, they buy private equity. or private ownership in businesses. So, they go buy private businesses. Like I showed you the, you know, the Smiths earlier, they bought these small companies and rolled them together. If you're a business owner, private equity would be buying other businesses around you. Sycamore Partners on Wall Street, they own Nine West Shoes, Aeropostale, Staples Department Store. 2 years ago, they were trying to buy Victoria's Secret. Last year, they were trying to buy Kohl's Department Store. That's a private equity firm. Makes sense? Not too hard, right? So, what's a hedge fund? A hedge fund is a pool of money. Instead of buying real estate or private equity, they buy public equity or public securities. They buy stocks, bonds, options, forex, things like that. Is that kind of making sense? Not too hard, right? They're all structured almost the same way. So, what's a debt or a private credit fund? A private credit fund issues debt or issues loans. So, they, you know, mortgages. If you want to borrow money, great. We'll lend money to you. It's a fund that lends money out. A venture capital fund is a pool of money that makes, you know, small investments into startups, kind of like Shark Tank. Is that kind of making sense? Follow along? Give me a yes in the chat if that's making a little bit of sense. So now they don't call it a pool of money. They have a different name for it. Okay? And that different name is, I'll kind of go over here. That different name is right here. So that pool of money is called a limited partnership. Okay? I'm going to give you now the technical terms. A limited partnership. There's a little, see my little beautiful pool? I put that in there myself from Google Images. Okay? That's my beautiful little idea. This is a limited partnership. It's a pool of money, your fund. You then have investors, also called limited partners, that join, that invest in the fund. Okay? Just like before. We then have fund managers over here. And these are usually broken up into 2 entities, your general partner. and your management company. Okay? And we'll talk about why that's, you know, in a little bit, we can talk about that. These are your fund managers and your managers, and they, the general partner manages the limited partnership of, that's comprised of limited partners, your investors. And then this goes and makes investments down here. Just like before, whenever those investments make money, it flows back to the limited partnership and then is split between the limited partners and the general partner. Y'all following along? This is all governed by what we call the Bible or the LPA and PPM. These are thick legal documents. They're about 200 pages each. They're very complex. They're very expensive. Okay? But these are the Bible. They tell all the rules, the regulations, everything that goes on in your fund. Now we call it the Bible because you— number one, it has all the rules and regulations, all the covenants, but also you get to write the Bible. Imagine— so there's people on the chat, I'm sure, that— Bridger, can I do a fund that invests into crypto and real estate and also does these other wonky things? The answer is yes. You just write it in your Bible. You put it in your LP and PPM, and now it's in the law. Bridger, can I do a fun— this is a true story. I had a guy call me. He's like, Bridger, we're going to pay Blue Origin when they do their moon mission. We're going to go to the moon, get moon rocks, bring them home, and turn them into art. And then we're going to sell that art and get a return on our investment. And I was like, that sounds like the craziest thing ever. He says, can we do it? I go, yeah, you can do that. Just put it in your Bible. Put it in your LPM, PPM, and we can do that. Now, do you want to do that? I don't know. But can you? Yes. All right. That's a big difference right there. But can you do it? Yes. In your— are y'all following along? Making sense? Now your GP and management co— we'll talk about this in a minute. You have 2 separate entities here for a reason. This entity earns your management fees. This entity earns your performance fees. There's 2 main ways fund managers make money, performance fees and management fees. This has created some of the wealthiest people on earth, performance fees and management fees. Generally speaking, these are split 80/20 into a waterfall. Here's the waterfall over here. This is generally speaking how these are split up. So you have a management fee, you have a pref, a catch-up, and carried interest split, generally speaking, 80/20. Okay? I'm going to, I'll come back to this in a little bit, but that kind of how is that, that's how that's split. If you've seen that before, it gives you a little reminder of how how those are split together. Sound good? So, coming back to now the fund, I want to share a story. Is that cool with you guys? Let's go to my iPad here and let's talk about Mr. John D. Rockefeller. If you know who he is, this is the guy who launched Standard Oil back in, you can see right there, 1870. Here's a few crazy stats about John D. Rockefeller. Okay? He was worth $900 million in 1913. I mean, that is wild. He— so adjusting for today, at the time, it was 3% of U.S. GDP in 1913. Okay? Was his net worth. Now, the United States has moved its position in the world since 1913. So, this is A little bit off, but if you did, went 1 for 1, 3% of the U.S. GDP today is $600 billion. Safe to say John D. Rockefeller is one of the richest people to ever live. Safe to say, right? These are all the companies they ended up, you know, they said they were a monopoly. They split them up. So Chevron, BP, these are all the companies today that came out of what he built back then. He had the largest oil empire in the world. Now I want to tell 2 stories here. I want to tell the first story just for fun. This is kind of— John D. Rockefeller has a Total villain origin story. That's pretty wild. Most people haven't heard this. So, there's a great book called 38 Letters from John D. Rockefeller to His Son. Maybe move my thing there so people can see it. 38 Letters from John D. Rockefeller to His Son. This book is exactly what it says. These are just letters comprised of what he was writing to his son, and they put them together in these letters. So, he shares, it goes through a lot of his life. of how he thought about the world. A crazy story from John to his son. This is just a side— You guys cool if I just tell you a side story? Yeah. This is like his villain origin story. He tells his son that he had a picture on his desk and he goes, this is one of my most prized possessions. And it's a picture. And this is one of the wealthiest men on earth, if not the wealthiest man on earth, has a picture on his desk. He goes, this is one of my most prized possessions. And it's a picture of him when he was a schoolboy with all of his schoolmates in front of the school. And he writes in the letter to his son, he goes, this is what happened. I was, you know, I think he was 8, 9, 10 years old. He grew up in a poor family. They go to school. They had a photographer coming to school that day. And so, the photographer said, we're going to, you know, take everyone's pictures. Everyone dressed up nice that day. They all come out front and John is in front. They're about to take the picture. If you can envision this, the photographer says, hey, who's this scraggly boy in the front with the, with the bad clothes? Which is John. They go, can we remove him out of the picture? He's going to ruin the picture for the rest of the children. Please remove him from the picture. And the teachers do it. They remove him from the picture and he stands on the side and watches all of his classmates get a picture taken of themselves. Pretty sad story. And that's the picture he has on his desk, is of all the other schoolmates that he grew up with, and he's not in the picture. And he writes to his son— this is years later— he goes, I look back at that day as the day my life changed. He goes, that was the moment I decided I was gonna be the richest man to ever live. That I was going to build an empire so large and so vast that I would never be left out of a photo again. Pretty crazy villain origin story, right? But then he, in the letter, this is years later, he says, I don't look back at this letter with hate or sadness. This was the day that made me who I was. It put me on a course of life that I could never get off. It set a fire within me that I couldn't flush out. And he goes, that picture— I, I— he goes, I honestly look back with so much gladness and I smile when I see that picture because it made me who I am today. Kind of crazy villain origin story, am I right? Now that's also true for us today. A lot of us have parents that did us wrong or problems that happened in the past, and sometimes we look back at those of That's what messed me up, or that's what— oh, that put me on a bad course of life and whatever. And I got to— You also have to thank those people for those bad things that happened to you. I know as much as we hate them, we want to change the past. But without those things, it wouldn't make you who you are today. So if you had a bad father or mother or somebody raised you, whatever problems you had growing up, we all have them. Look back and say, at the same time, you have to say, thank you. Thank you for all the problems you gave me because it made me who I am today and/or gave me more empathy to work with other people going through the same situation. All right. That's the first story from John. That was kind of a side tangent. You guys cool with side tangent? The second story was pretty interesting. So, this is from back to Standard Oil. If you share my screen one more time, you can see this empire he was building. So, he wanted to build this vast empire. He says, There was a— he was in Ohio. There was a man who started building another oil empire in Pennsylvania, and he wanted to supply from Pennsylvania to New York. And this competitor came up. And so, John, first thing he does, he goes and gives this guy an offer. He's like, I'll just buy your business from you. Because this guy was— he goes, this guy was interfering with my plans to have a full oil empire. And he goes, I couldn't let that happen. So, he gives this guy an offer. The guy turns it down. He goes, fine. We'll play hardball. So then he calls, and this guy was again Pennsylvania supplying a pipeline to New York. He calls his buddies who run the railroad business. You can put me full screen if you want. And he says, do not, I'll pay you. Do not let this gentleman put pipelines across, over, or under your railroads. And the guy's calling back and goes, sorry, he's already got to us. He's already paid us off. He already has pipelines going under our railroads. And he's already supplying to New York. So he goes, John goes, crap, I had to reset my war plans. This is, again, think of the mindset of this guy. He then goes, I'm going to buy a strip of land across all of Pennsylvania. He's looking at it. He goes, I went and bought land from farmers, all these farmers, so that this competitor couldn't cross my strip of land to supply oil to New York. But then he writes later, he goes, This competitor of mine figured out how to get around my plant. And he goes, I made these farmers super rich. I gave them offers they couldn't refuse. And now I own all this land in Pennsylvania and this strip of land that doesn't do anything for me. So then he comes back and goes, I was facing defeat. And now this competitor had built the pipeline. He was supplying to New York. But then he came back to the drawing board and said, my ultimate vision is to have the greatest empire on earth of oil. I couldn't let this guy take over. So, he changed. He goes, I changed my war plan. He goes, first thing I did, I went to a supplier that was in the Northeast that supplied— they supplied, like, I don't know what the correct word is, but barrels and, you know, like barrels of oil, like drums, like where you house and like containers for oil. I don't know the correct word, but the supplier who built these, he goes to the supplier and he gives him a massive order and a very unrealistic timeline to fill this order. And he said, hey, if you want to work with me, I got a huge order for you. Here's a big sum of money. And you need to fulfill on me first and put me in the front of the line, which the supplier does, putting his competitor in the back of the line. So the competitor now can't get these big containers for oil. That was step number 1. Step number 2, he goes and buys as many refineries as he can and end buyers of oil in New York. OK? He buys up the actual customers. He buys their businesses. Number 3, He puts his price for oil low to operate at a loss so that every buyer of oil in New York started to use him and started to buy oil from Ohio instead of Pennsylvania. And what happened over a few months, 6 months, a year, he bled this competitor dry in Pennsylvania. And then finally, he called them up and said, hey, do you want to merge or do a partnership here, or can I buy your company? And the guy said, yeah, you know, and he was beaten down quite a bit. Said, yeah, let's do a transaction. He ended up buying that and it made him the ultimate largest producer of oil in the United States. Crazy story. All right? Now go back to my screen. Now you might say, well, that's, you know, that's wild. That's unethical. And that was 100 years ago. It might not happen. Let me share another story with Mr. Jeffrey Bezos. This is the story of AWS. You guys know AWS? Amazon Web Services. Amazon Web Services is insane. This is the backbone of the internet. It has 33% of global market share in the internet database. By itself, does $106 billion in revenue in 2024. It's an estimated $1.4 trillion market cap by itself. This is a company most people haven't heard of. They just know Amazon for like buying goods. AWS is like the backbone of the internet. Jeff Bezos has a famous quote. It says, your margin is my opportunity. Most people, when they launch businesses, they think of, well, how much money can I make? How much margin can I have? Not Jeff Bezos. Not John D. Rockefeller. They think about market share. There's a concept called red ocean, blue ocean. It's great. There's a couple of great books on this called Blue Ocean Strategy, Play Bigger, all talk about the same thing. In the market, there is, in these red oceans, there's usually one company that dominates 74% of market share. There's people out there that are like, oh, I'm going to start a business and I'll do, I'll take 1% of the market share, right? That's a very flawed strategy. What you should strive to do is create a blue ocean. So, a red ocean is red because it's bloody with sharks in the water. A blue ocean is a brand new category. I love sharing this example of Google. So, you know, what's— and I guess I gave you the answer. But the number one search engine on earth, we all know, is Google. They have a massive dominant share in their red ocean. They dominate 94% of the red ocean. And then a competitor came in, Bing. Remember Bing? Microsoft spent $1 billion developing Bing. They wanted to disrupt Google from internet search. This is about 11 years, 12 years ago. They launched Bing. 12 years later, and this is Microsoft, one of the biggest companies on earth. They have all the desktop computers. Like we could just put this as a default setting on all these desktops. Like we will disrupt Google. Not a bad business model, right? Like these are some smart people. They go and launch it. 12 years later, guess the market share of Bing. Less than 3% market share. Google search still dominates. Go back to my red ocean here. Still dominates 94% of this category. So, the question is, what is the second largest search engine on earth? Type in the chat. What's the second largest search engine on earth? YouTube. The answer is YouTube. People don't realize that YouTube is the 2nd largest search engine on Earth. It was a blue ocean. It built something not competitive. It built something different. And that became a— that was a blue ocean. Now it's a red ocean. And YouTube dominates 90-something, 90-plus percent of online video search. And guess what? Google, the big red ocean, came and bought the new red ocean, YouTube. Today, what's the biggest threat to Google? Type in the chat. Amazon. The biggest threat to Google right now is ChatGPT, is online AI search disrupting because it's, again, it's something different. So, when you talk about grabbing market share, think about building something different and/or competitive. AWS, back to this story. When Jeff Bezos, when him and Andy Jassy launched AWS back in the mid-2000s, Their margin was my opportunity. They launched AWS. Let's say, you know, the cost to run it was $1. Most people were charging $1.02, $1.05, $1.07. That was their margin. AWS charged $0.98. They went below market. They ran AWS at a loss for 4, 5, 6 years. And what happened was they grabbed all the market share. from everybody else because everyone's like, oh, I'm just using— AWS is way cheaper. It's a good service. They ran at a loss. They bled dry so that they could grab market share and then they could raise prices and go from there. Interesting. Now, why do I tell you this story? A lot of us are running small mom-and-pop shops. Any business owners in here? We're running these small businesses. We're getting, you know, we're trying to do a little wholesale deal. We're building little websites online. We're not thinking about playing bigger, about grabbing market share. And other people in your category who are thinking about market share will come in and bleed you dry. Now, you might say, well, Bridger, that's unethical. That's sad. I'm just telling you that that's just the— that's the game. You might be running a, you know, electrical, you know, HVAC business. Let's just do HVAC. You know, your air conditioning, heating, little small mom-and-pop store. They won't disrupt me. People love me. Okay. What if someone comes to town and they buy up all your competitors and they run at a loss for a year and they grab all the market share to them? What happens to your business? This is happening right now. Any Hour Plumbing, Heating and Air. They're doing this across the country. There's lots of companies doing this. They're rolling up things together because business is always dynamic. Always dynamic. They're playing a different game than me and you. Now you might say, well, I don't like that. They're billionaires. They're whatever. I'm just telling you how the game is played. You can either be mad at the billionaires or you can try to become and play the game. And grab market share and be the one who dominates a category. Right now, we're talking about funds. Why would I tell you these stories? Because when we, in the context of what your business is and what you're doing, it's not like you want to play bigger. It might be you have to play bigger. And people, and my people in real estate, 2021, 1 in 7 homes was purchased by big firms on Wall Street. In 2022, it was 1 in 5. In 2023, it was 1 in 3 residential homes were purchased by Wall Street. OK? This is what's going on. There's a mass consolidation. This is an example of a guy that was in our group running a gun store, buying out his competitors to build a larger enterprise. Stock traders that are going from $20K to $15 million. And emerging fund managers that are growing up. OK? So, I already shared this with you. This is the path that we're on, going from self-funded deals to single asset funds to full-out funds. This is a way that you can play way bigger. Can I get a hoorah here? Yeah? Is that making sense why I feel like this is so necessary for a lot of people on this call that are running small businesses, doing whatever? It's a necessity to play bigger, to grab market share. Because market share won't just be there forever. If you don't do it, somebody else will and consolidate your industry. We're seeing this mass consolidation pretty much across the board. Now I'm going to come back to this in a minute. This is the difference between single asset funds and syndicates. We'll come back to this in a minute and how to actually put these together. We can do Q&A in a minute and go from there. Does that sound fair? Now I'll go through pros and cons of single asset funds and whatever else. I'm going to skip down here for a second. We'll come back. You can see my fun slides here. When you scale, by the way, when you do this as a single asset fund, you can have one management co that has multiple general partnerships and limited partnerships behind it. This is the structure behind what you'll build. to go buy competitors, do bigger deals than you're already doing. Furthermore, the best deals get done with a mix of seller financing, debt, and equity. We'll come back to this in a minute and talk about this. This was a— this quote, by the way, was from a super smart person. They said this, the best deals come from a mix of seller finance, debt, and equity, pulling them together into this structure. This is how the big players make— and that quote came from Bridger Pennington. Okay, from me. All right, that's the best. That's a great quote. All right, quoting myself on my own slides. All right, so here we are. So now I've talked to hundreds of fund managers. Ben Hardy, and we'll actually, we'll come back to this in a second about building kind of the future. And he talks about this concept. Anybody follow Ben Hardy? He actually spoke at our event 2 weeks ago talking about, he has this book called 10x Easier Than 2x Easier. He did his full PhD on how future goals pull people together. He has this book called Be Your Future Self Now. He talks about this time, this concept around time. And I want to share this with you and then we're going to go to Q&A and we'll talk more about your funds. This concept around time where most people perceive time is this, is they have, and you can put me full screen if you want, they have, you know, their past determines their present and their present determines their future. That's how most people view time. But during his PhD, they actually looked at high achievers and high performers. And what they found was they viewed time— these successful people viewed time much differently. And how they viewed it, to summarize a huge book and hours of speeches down to just a minute here, is they did this. Share my screen for me. They had their future self poll their present self, and their present self would be trained on the past to determine the future that they wanted. So, this is where you come down to like visualization. People would visualize the future they wanted and they would— that future would pull their present self into that future. It kind of sounds corny and cheesy, but they did this whole scientific study on the actual power of really thinking through and playing essentially bigger. And he talks about this concept of taking away all other options for massive and big goals and the science behind big goals. Because you might be saying there, well, that's not me. I could never do that. When in reality, you might be able to if you just change the reference of what's possible. And the exercise he loves to give, and I'll give this to you guys that maybe run businesses right now or do deals. If I asked you how to do— how could you 2x your business, double your business in the next year? Make a list of all the things you could do to double your business in the next year. A lot of us could sit down and make a list. Maybe do it with me right now. Actually, just think about it. Like, what are some ways you could double your business in the next year? Well, we could do more social media. We could do some ads. We can make a YouTube channel. Okay. We could hire a couple more salespeople. That would probably help us double our business. We could, you know, hire a new, maybe a compliance, a controller person, a marketing person. There's probably 50 different things that we could write down to double the revenue of your business. Go from $1 million to $2 million a year. Okay? He then asks the exercise, now I want you to write or circle the things that would 10x your business in the next year. That's a different question. Truly, he goes, truly, if you're doing $1 million a year, how would you do $10 million next year in revenue? And what happens is that frame of reference, if you put me full screen here for a second, It narrows the possibilities. There's maybe 50 things that could 2x your business. To 10x your business, it puts it down to maybe only 1 or 2 scenarios or pathways could 10x your business. And what he argues after doing this whole research study with his PhD was those narrowed focus actually gives your team tons of focus. And oftentimes when we focus on too many 2x ideas, They don't work because there's too many of them. And when you narrow down to 1 or 2 pathways that could 10x you, it's a much more focused team and it gives you a better narrow frame of reference. Furthermore, if you go back to my slides, it allows you to pull your future self to pull your present self forward. It's a very interesting way of looking at goals and a scientific approach to just write down goals, right, that are big. Now, why do I bring this up? Because we're talking about playing much bigger. I'm talking today about building a fund and maybe even you building a fund. Now, I'm going to pause for a second. You guys cool? You good if we— we'll come back a couple of these slides in a minute. I actually want to do Q&A and answer some of your questions that people that are live or people in the chat. We'll go from here. Now, for the next few minutes, is it okay if I share something we've been building for the last few months, kind of secret, that could help you scale your business? Would that be cool with you guys? Type a yes in the chat if that would work for you. Actually, let's do another giveaway. We haven't done a giveaway in a second. Pull up the chat for me. Type a yes in the chat if that's cool with you, and then we'll do some Q&A. I'll work with you guys and we'll work on some of your phones. Pull up the iPad. Type a yes. I'm going to pick somebody at random. We'll do a $100 giveaway to someone live. Let me pull my chat up here. Okay, type it in fast. You can type it in yes as many times as you want. 5, 4, 3, 2, 1. One. Wow. We got a lot coming in here. Okay. Let me grab somebody. Juliette Kago. Is that right? Kago? Juliette Kago. Congrats. You got $100 to Amazon. Send us your email. We'll send you a gift card, a virtual gift card. Yeah. Juliette, congrats. What's up? Give— say congrats for me to Juliette. Okay. Not bad. Okay. So I'm going to share for a few minutes something we've been building for y'all to help you play bigger, to help you achieve these goals and even build out a Full-out single asset fund. Sound good? So share my screen for me. So this is what we're going to talk about for the next few minutes. So this is on single asset funds. And we're going to talk about a full new platform that we have built to help you guys go and do this. Okay? So what y'all don't need is another crappy online course with more information and no action. Okay? Like I said earlier, we give away all the information for free. YouTube channel, we have this call today. Everything we give away is just for free. What you need help with is a fund that you can close deals on that can be compliant, honest, and build a track record with real investors. So, the problem with another course is you like you just write down stuff like you need stuff with tangible outcomes. So, to achieve this, we had to think from the ground up. We previously had little things that we had built out and stuff. We decided to build our own custom platform to help you go out and. Build out a full-out fund or achieve and actually implement this into your real life, designed all around the fund launch formula that we talked about at the beginning today. Okay. And we can come back to this in a minute and talk more about this in just a few minutes and do Q&A on this and work on your funds directly. Sound good? So I want to introduce something pretty brand new. We launched it to a beta group of members just a month ago. This is our full fund launch platform. All right. I'm gonna give you a little drive around on this. This is a full platform we built ourselves. We have full devs in our office every single day building this. to help you launch your fund. So, a few screen grabs from this. You can kind of move my little thing around so people can see it better. This is the backend for your full platform. So, let's dig into this for a little bit. This is the Fund Launch Blueprint. You can build out your thesis, build out your full fund. It prompts you with questions to implement the fund for you. We have office hours, Calendly links. Everything's all on this one platform for you to work with. So, let me show you this for a second. So, the fund builder, if you're actually serious about building a fund, we have the full Fund Launch fund builder. You come in and you would select, if you can, Zoom in here. Multifamily. What kind of— this is for real estate, for example. What are you going to be in? Core, core plus. You'd actually build out. It's going to prompt you with questions for what kind of fund you were doing. If you get stuck, there's videos here and more context of, hey, what, you know, what does it mean to be a core plus opportunity or how should I think about structuring my fund? Furthermore, we have AI-assisted tools here. For example, if you're like, hey, if I'm using debt, what would be the largest loan-to-value, LTV? What does that mean? Great. And it would actually teach you what LTV means and how to implement that in your fund to help you build out your fund in the single asset fund platform. Isn't that kind of cool? We've been excited about this to build this out for y'all. Okay. This works for people doing private equity, hedge funds, real estate, maybe move my thing there, venture capital, private credit in, in your fund. So in this incubator, this optimizes your deal thesis and edge. You craft your deal and structure, refine your investor terms, patch all your blind spots and refine your pitch. This is what we're doing inside of the incubator platform. Isn't that kind of cool? This is something you guys can hop in and start building with in your fund. Now on the left here, you'll see we have coaching groups. You have credits and services to events we do, communication to meet with other people on here. And actually you can build your full Fund Launch 360 platform all introduced into one platform here. We launched this last month. We've already had a number of people go through in a matter of days, if not weeks, go through the whole thing. Build and launch their fund. We actually had one person hop in, build their entire fund in one day, and then move on. If you see in here, you connect right into our legal partners and it goes and builds the legal with you in the platform. We had somebody do it in one day. Isn't that kind of cool? Okay, so now I want to give you guys— so that's the platform we built. That was phase 1, and it's already live. We have a couple hundred people on the platform right now that we're working with. They're beta test users. Building out their funds on the platform again to implement and actually launch to scale. So this was phase 1. We launched this last month, was the fund builder for single asset funds and a full private platform. This is now live and functioning, which is pretty awesome. Just last week, we onboarded all of our Black Card members to this. And we're starting to onboard our 20+ service providers on the platform and put communications on platform. So we're right in the middle of phase 2. We're almost done with phase 2. We're moving pretty quickly on this. Phase 3 of this, which is coming out in a number of weeks, is a full Fund Launch AI. So I mentioned the AI earlier, but we're now integrating a full AI fund builder that will build out. It'll sync with building your fund, design your fund with you, prompt you on questions with phase 4. And you can kind of move my thing here with AI agents, marketing materials to build out your legal docs with you. Build out your one-pager, your pitch deck, and all the stuff for your fund. Isn't that pretty exciting? I just saw that we already have an MVP live. I saw the demo yesterday. This is not months away. This is a matter of weeks away to be public where we're going to hit phase 3 and then we'll be at phase 4 pretty quick here. Phase 5 is that AI will then outbound potential investors, pull in databases, maybe move my thing again, and pull this into you for your fund. fund. Okay. Isn't that kind of cool? Yeah, this is pretty sweet. This helps with hedge funds. Like I said before, people are asking in the chat, this helps with hedge funds, private equity, real estate funds, venture capital, and private credit funds across the board. Any fund you're building, it actually is tailored to you depending on what you're doing inside of the Fund Builder. Kind of cool, right? So, this is the everything platform for funds. So, when you join, so today, We opened up our founding members just about a month ago for beta users. Today, we're opening up a single asset fund group for people that want to go and do this with us. So, number one, the first thing you get when you join the single asset fund platform between now and the end of the month is you get the full Fund Launch platform, 6-stage process to find your fund, guided builder to craft each detail of your strategy, dynamic dashboard with progress tracking and full analytics. And you're the first people that are onboarded when Fund Launch AI goes live just in a matter of weeks here. You'll be the first people to use that to build out your funds. Now we thought, what else could we help people with when they join? Oftentimes you don't need tons of help. A lot of you are very smart, but there's sometimes you get just stuck on one or two things. You know what I'm talking about? You're like, hey, I've got it all, but there's just this one question I have that I want to get answered. So we wanted to help you with that as well. So what we said is we want to have group coaching calls. We've done this before in Black Card. It was awesome. We have group coaching calls 4 days a week where you can hop on like office hours and get help with your pitch deck. Investment thesis, legal, taxes, general Q&A from there. So our office, these are our coaches here. We have different coaches for specific things, coaches that are really— so for example, Peter, very, very good at hedge funds, runs a hedge fund right now. This is Ben, very, very good at real estate funds, runs multiple single asset real estate funds into the hundreds of millions of dollars right now. We have Dan right here. He's all things private equity. Okay. And then Dustin also helps with real estate funds more on the Single Asset space as well. Okay. They answer questions for you, help you pitch, help you raise capital. They are actively running funds. They do this 1 or 2 times a week. They do calls to just hop on and have office hours. Okay. You have a full schedule here. Here's the schedule that's going on. This is, again, happening right now. I think their call just happened this morning. The next call will be on Monday. Okay. This is what happens every single week. So the first thing you get is the Fund Launch platform. Next, when you join Single Asset Funds, you have full group coaching for consulting on there. Now, one of the biggest value-add features for our products in the past has been the Wall Street Rebel community. So when you join, you also get plugged into the other few hundred members that are in also launching their funds as well. So you get to communicate, ask questions, work with our team, work with other members, maybe even partner up with them when you join the single asset fund platform. Furthermore, we thought, what else could we give these people to really help them? It's hard sometimes to build your full Excel models pro forma. But it's easy to plug and play data into someone else's model. So we thought, what if we could give you world-class templates for Excel that you could use in your own fund? So we paid a group, I'm not joking, $10,000, sent them a wire to build out just one of these Excel models. We have, I think, a handful of Excel models you can plug and play. One of them was just 10 grand to build out to work with in your fund. So when you join, you get plug and play Excel models to use and reuse for your fund in the platform. Isn't that kind of cool? So again, you get access to all those great things in here. Furthermore, we said, well, you probably will— like when you launch, you're probably going to need help with marketing, funnels, websites, etc. So we thought, how cool would it be if we could give you access to Fund Launch 360? This is a full backend platform. You can build your marketing materials. You can get your CRM, your website builder. I use this for my fund pretty much every day. We send out our email updates, our text messages. Investor pipeline, CRM management, all inside of Fund Launch 360 for my 2 funds right now. Here it is. You have a fundraising toolkit, KYC, AML, all that kind of stuff, investor reporting, entity management, all inside of the Fund Launch 360 platform. So again, you get the Fund Launch platform, consulting, professional Excel models, Fund Launch 360, all included today when you join Single Asset Fund. Now, how many of you would like help putting your legal docs together? Like the biggest part of launching a fund is getting the legal docs done right. When you go through the fund builder, what happens is we take all that data you're giving us and we populate it into— we want to make sure that your data is compliant, filed correctly, and builds confidence with investors when you file your legal docs. So, and something that can scale. So one of the biggest problems in the world is, you know, you don't know what you don't know. It's a scary thing when you're launching a fund is like, I don't even know the unknowns of the unknown. So we wanted to make sure that was done for you inside of this. So when you join, you get full legal setup for a single asset fund. So today when you join, we actually, it's already included in the price today. You get actually a legal team that actually builds the fund with you and launches it with you in a single asset fund. Like I said at the beginning, we help with the implementation, everything around. We're called Fund Launch for a reason. We're here to launch your fund, launch your single asset fund when you go out and do that. So, In here you get fund entity filings, baseline fund documents, formation counsel, banking setup, fund closing support. Okay. This helps with capital raising, fund asset management, LP reporting and records, all in our PaperOS Fund software that you guys get access to in here, included with your Fund Launch 360 subscription here. So this is how it all works. You come in, you'll set up your entities, build all this stuff, and then we actually have a lawyer at the end that signs off on everything when you go to launch. Does that make sense? You can do NDAs, operating agreements, certificates of formation, EIN confirmation letter, one-pagers, all included inside of your documents portal inside of. And then we have a lawyer at the end to review, sign off, check off on everything, make sure it's done, ask, answer and ask questions. It's a white glove service. You get onboarded with our legal team and put together inside of the platform. Available add-ons. If you would like to add these on too, you can do, you can do more entity setups if you'd like. You can get a custom professional pitch deck design. These are add-ons for extra capital. Blue sky filings. You can do a credit investor verification. You kind of see the costs here if you want to go on. These are additional add-ons you can add on if you would like to add those when you launch your fund. So again, you get the full Fund Launch platform, consulting, professional Excel models, Fund Launch 360, and full fund legal setup when you join today. It's like having all the blueprint plans to go out and build the house for you. And I like this picture because You know, some people, and myself included, when I look at businesses, I'm like, oh, I'm going to go learn how to do everything. I'm like, you know, but then I'm like, that's a fallacy. It's kind of like building a house and you're like, oh yeah, like I could build a house. I'm going to learn how to be an electrician for the next 3 years. And then I'm going to learn how to be a plumber for the next 2 years. And then I'm going to learn how to be, you know, do framing. You could do that. And it could take you 15 years to learn How to build every aspect of a house. Or you could have the plans. You have the brain. You have the strategy and direction. And you hire out the plumber and the electrician and the concrete guys to go and build the house for you. It's still your house. But you hire a team to move much faster. That's the idea of what we do at Funnel Launch. Could you go learn how to do all this on yourself? Sure. Could you learn how to build a house by yourself? No. Sure. Or could you hire someone out to build the house for you in a matter of months and not take a decade to learn all the things? That's the crux of what we do. Now, we have, with Fund Launch, we have a couple of different offerings. We have Black Card, which builds out your full fund. That ranges from anywhere from $25K to $45,000. That's what we, that would be a full blind pool fund where you're going to go, you're going to go buy multiple assets in a blind pool. A single asset fund is where you're doing one deal at a time. A single asset. You're doing one deal at a time. Because most people on this call are probably doing single asset funds, you don't need to pay that much. Normally, a single asset fund product is about $12,000 to $15,000 for legal, structure, coaching, all that kind of stuff. But because you guys are here today, we want to build this with you. And we want to highlight some of the best success stories that come out and build this. So instead of charging, $12,000 to $15,000 to go and build this. We wanted to do something cool for y'all today. So when you join today, you can join the Funnel Launch platform, the 6-stage stages, consulting, professional Excel models, Funnel Launch 360. All right here. Sorry. Right here for $8,500. OK? That's the price to join. Furthermore, you can join on a payment plan here. With Klarna, you can come and join. Klarna has full payment plans on $8,500. Instead of spending the $12,000 to $15,000, you can join for $8,500. All on here. You get the Fund Launch platform consulting, Excel models, Fund Launch 360, full fund legal setup. Furthermore, we're only looking for 10 people to join between now and Monday. Today, I don't know, we have a few hundred people live right now. After this call is over, we're going to put this out to our list. Because of the nature of our platform, we want to work with you. We want to have you on our calls over the next week. We really only want to have 10 people between now and Monday. join this platform. Okay, so it's first come, first serve. I'm going to drop the link in a second. How this will work. So when you join, you'll book a call with my team. They're going to walk you through what you need and it's $8,500 to join. Or you can do a payment plan with Klarna here and get a kind of a cheaper discount rate through Klarna for more of a payment plan. So at the end of this call, again, we're only looking for 10 people. We have X number of people live. I actually don't know the live count, but they can probably tell me here in a second. We usually get anywhere from 500 to 1,000 people live when we do some of these calls. After this, we're going to send this out to 250,000 emails on our database. Furthermore, after that, we're going to send this out to 350,000 social media followers. And we're looking for 10 spots between now and Monday. We only want to— this is a relatively new product. We want to make sure people get real results and actually crush it. Right now, we have a few dozen people on the platform. We've already had a number of people go through and launch their funds. We want to make sure this is secure. When you guys crush it when you go through this. OK? So we're going to drop the link here in a second. You guys ready? It is first come, first serve. How it'll work again, drop— we're looking for people by the end of the month. It is first come, first serve. I'm going to drop a link. You'll go on the link and you'll book a call with my team for the 10 people. Sound good? All right, if you guys are ready, give me a little drum roll, please. We'll drop the link. So the link is here. OK? $8,500. Funlaunch.com/sav. You can join now. Through that link between now and Monday. We're going to do Q&A here in a second. We're actually going to look at more of your funds here in a second. But one more time, you get the Fund Launch platform, consulting, professional Excel models, Fund Launch 360, and full fund legal setup for your fund. Now, if you're on the fence, if you're like, oh man, I don't know if this is going to be the right choice for me. Pretty natural response. If you're on the fence, we're going to do something special for y'all. I'm so confident in this product that you guys are going to love it. We're going to do a full 30-day money-back guarantee. If you come in and for whatever reason you don't like it, doesn't work for you, since, you know, if this isn't the right product, send us a message. We can refund your money. OK? I want to take the pressure off of you today. Now, the little caveat, you have to refund before you use the legal services. If you go launch your whole fund and you're successful, you can't ask for a refund. All right? OK, that's the one caveat. So, if you go launch and crush it, No refunds. But if you come in and for whatever reason, it's just not as promised, send us a message. We'll give you a full money-back guarantee. We've worked now with thousands and thousands. We've done this for 6+ years in Funnel Launch. I've seen every little— we've done this for years. We're not brand new. I believe this is the best product, one of the best products we've ever launched, if not the best product we've ever launched. But for whatever reason, if you can put my word on this, if you don't like it, send us a message. We'll give you a 30-day money-back guarantee. So today, is not a yes or a no. Today is a maybe. I am that confident that if you guys join and put your— I'll put my money where my mouth is that you guys can come and join on here today. Does that kind of make sense? So again, you get the Funnel Launch platform. You get consulting, professional Excel models, Funnel Launch 360, and full legal setup when you guys join today for $8,500. Again, it's funnellaunch.com/saaf. There's the link right there. We'll leave this live. I'll give you a second here. I'll pause. You can spend the next 30 seconds. What you'll do is you'll go over to, we'll go to here, fundlaunch.com/SAF. Click right here. This is what this looks like. This closes. This is not the— everything closes Monday night at midnight Eastern. You can come see our, you know, a little overview again of single asset funds, how this works. So you can just scroll down. You can book a call with somebody. We have calls from now until Monday at midnight. Okay. So I'd come in again, but it is first come, first serve. We're only looking for 10 people to join. There are calls you can take literally right now. I would encourage you, if you're interested in this, I would probably book a call sooner rather than later. These calls usually go fast. This is live on here. Furthermore, if you want to scroll down, you can see more about what this is, why single asset funds work, what they are, what we're doing. You can learn more about here, the fund builder. How it all looks, how it's put together, who the coaches are inside of here. These people are the people that are going live every day. These are tried and tested coaches that are actually doing deals, running funds right now. He, Dustin Gomez, has launched 3 funds. Peter currently runs his hedge fund, is an incredible compliance member in the hedge fund space. Ben has raised over $200 million for his C-Class funds. He's actually in Canada. So for my people in Canada, he's very good at US and Canada funds, is doing multiple funds right now. And then Dan Pearson is actually a full broker right now for private equity funds. He also— private equity deals, excuse me. So he buys and sells businesses all the time. He actually has ran multiple SAFs himself. So these are the coaching staff you're getting in along with me inside of this single asset fund. You can see the financial models down here, how it works, all-in-one communication and marketing tool, full entity formation, private WhatsApp group and how you can connect with other members. And you can read testimonials on Funnel Launch. These are people that have worked with us in the past with Funnel Launch. There are, I mean, hundreds and hundreds of testimonies you can go and look at. So again, you come right here, click this little button, it'll scroll you down, and you can go book a call. Again, today's not a yes or no. Today's a maybe. You have a 30-day money-back guarantee, you guys, if you want to join today. Sound good? So I'll leave this live for the next minute or 2 here, and then we'll pull open my iPad here and we'll take a few more questions. Sound good? Awesome. All right, y'all. Pull that open for me. If you could pull up the chat for me as well. I'd love to take some of your questions. We can see some of these. Yeah, pretty fun. Awesome group. What's up, Chris? Good to see you. I got my call scheduled. Awesome. Welcome in. My team is live right now. And yes, there's payment plans. We do them through Klarna. So there's payment plans available for that on the $8,500 price point. Yep. So you can break it up into a few payments. Again, it's— $8,500. a 30-day money-back guarantee. So I'm willing to put my— if you feel like it's not worth it, if you feel like I didn't get my money back, it's not worth it, it's not the right thing, send us an email. We'll give you your money back. Like, I'm okay. I'm not— I will happily refund anybody. It's not worth the reputation. You know, like, I want to build products and things that are amazing that actually move you forward. Okay. Does the management company own the GP and the LP structure? No. Good question, Dan. These are separate entities. So, what actually will happen? Let me go back here. You can just, yeah, leave my screen here for a second. You're good. Let's go back to here. So, this is kind of how it looks. So, great. This might, yeah, this might be a little confusing here. You would set up a— so, on your first single asset fund, you would set up a management company, a general partner, and a limited partnership. These are separate entities. Okay? The management co back to if I go like this, the management company collects management fees. The GP collects performance fees. Now what's cool about this though? The management company survives forever. This is how you build a track record. Some of you that have done like SPVs or one-off deals, like why should I do a full-out single asset fund? This is why. On your next fund. or single asset fund next deal, you'll launch a general partner and a limited partnership. This will be new. Now, oftentimes it's the same people that own them. Like, it's be you. Let's call it you and your partner on the management company and you and your partner on the general partner. Okay. But every time you open this up, you have a new GP and a new GP. This is GP2. And then you have a GP3 here with a new limited partnership. But the management co survives forever. This allows you to get audits done and build a track record on your management co. To build and then work on this. Where's that path? To build this path to go to a full-out fund. Does that kind of make sense? Hopefully, I answered your question. We'll come to a few more. And actually, in a few minutes, we'll talk about SPVs and single asset funds—the differences of the two here in a second. Let's hit a few more questions though. If you're at black, yeah, full out. So yeah, great question on black card. If you want to launch a full-out fund. Black card's anywhere from about $25,000 to $45,000 because a full-out fund is much more complex than a single asset fund. You're going to spend that anyways on legal. Like legal expense for a full-out fund is at minimum $30,000, if not $50,000 to $100,000. We negotiate group discounts. We have, I think, 7 or 8 different law firms that give us group discounts. And that's how that looks. Does that make sense? Cool. Special deals for former Black Card members? Yeah. So, yeah, if you're a Black Card member, hop on a call. If you're like, I did Black Card, but I really want to do a single asset fund, we can convert you over. You can do— for one Black Card membership, you can do 4 single asset funds. You can just convert it. Yep. And there's a number of Black Card members that are in it as well, in single asset funds that have come over and said, hey, I really want to do that. Yep, that works as well. Klarna does not work. Yeah, Klarna depends on where you're at. Some people ask like, I'm in Canada, does Klarna work? It depends. Klarna sometimes works. And again, it'll work at your own credit. We usually get an answer back on Klarna within 24 hours. If you're wanting to use Klarna, hop on a call today. Today's Thursday so that people like our team can work with you and you'll probably get an approval this afternoon or by tomorrow and we can know if that's the right option for you. Yeah, good questions. Let's go back here. So again, here's the link, fundlaunch.com/saaf. Again, if you have more questions, hop on a phone call. That's the purpose of the phone call, answer these questions. I can answer a few more here, but then, yeah, I want to spend the rest of the time answering, you know, working on your funds. What if we want to upgrade to a blind pool fund later on? Totally good, Randy, if you're— which is the natural path. If you're in single asset funds going to a full-out fund, You can upgrade to Black Card later. And we have a process there. It depends on how much you've built. But we have discounts if you upgrade to Black Card. Yep. So if you join SAF now, you do your first or second single asset fund, awesome. You can upgrade to Black Card later. Furthermore, once you do your first single asset fund, the second single asset fund is $5,000 after that. So if you want to do your second or third or fourth, it's just $5,000 a pop. You can just— Do multiple deals after that. Yeah. Good questions, y'all. Cool. So again, book a call if you have more questions about this. Again, we're looking only for 10 people between now and Monday. We want to work with— we really want to get incredible performance out of the people that join, especially this is our second time public. We offered up to the founding members a month ago. They've started in it. A couple of you have already launched. We want to add a few more in and really work with them to get tons of great results and then highlight some of you, maybe bring you on calls, talk to you, talk to those people more as kind of our first initial group through this. Does the single asset fund pertain to certain real estate asset classes or all real estate? So you can do whatever flavor of real estate you would like. Again, that's up to you inside of here. So if you're doing residential or multifamily or industrial, you would just structure your single asset fund around, hey, I'm doing an industrial deal. On one two three Main Street. Yep. Good questions, y'all. All right, I'm gonna I'm gonna we're gonna leave this link live. You're still welcome to go and pull that up. I want to talk about for a second. Let's scroll back up. I skipped over some of these slides. So let's talk about this. This is the the difference between a single asset fund and a and a syndication. Okay. Let's see. Let me go back here. All right. Single single asset fund. So some people like hey, I like doing SPVs. We're gonna get a little deeper. Does that sound good? This is how some people launch syndications, single-family funds. So, first thing, we see syndications. Let me go back here. Actually, let's find the right slide here. Did I move it? Yeah. So, let's talk about Syndications. Yeah, I think this is the slide. Here we go. So syndications, SPVs versus a single asset fund, both are similar. You're raising money for one deal at a time. Okay? Now, this is why I would choose a single asset fund over. So you're combining capital for a deal, which is both of them. A lot of these are using an LLC to do this. Sometimes they use a GPLP structure, but most times it's an LLC. A lot of times you can have potential problems with investors. What happens in these is, and I'll share an example in a minute, where people can elbow you out of a deal because they're actually partners with you on the deal. They really are business partners with you. Furthermore, this term is confusing. Syndicate. I joined a mastermind years ago. It was called a syndicate. Like people are sometimes confused around syndicate or a meetup group. It means to combine something. In the Star Wars franchise, here's the picture of it. They call this the syndicate. It's like the, you know, it's the bad whatever people in Star Wars. They call it the syndicate. Okay. So it's a little bit unclear. We want to brand this as single asset funds. Again, you're combining capital for a deal. You have a clear structure with investors and use the GPLP structure. Okay. It's very clear. That's why we're— again, SPVs and syndicates are fine, but it's much more clear through a single asset fund. And let me go back now to this slide. So this is what most people are doing with syndications. Again, I would not do this. All right? You guys ready? I would not do this. But this is what a lot of people do. They have— they want to buy a new business and they want to raise $500,000 to buy this business. Follow along? They set up an LLC to purchase this. Maybe just take me off the screen so they can see it. How they would do this in a syndication, they start an LLC here. Let's see if we can get me full screen. All right. We'll try that. I guess that's fine. They reserve 20% of the equity for themselves, putting this together. They set up an operating agreement and they have shares. So someone comes in with half of the money and they get half of the remaining shares, which would be 40% here. Other people bring money in and they all are business partners on this LLC. Y'all following? The business partners here then put money in and buy the business. When the business makes money, the money flows back to the LLC and they split the returns just like business partners. OK? And they do distributions on a pro— just on whatever percentage. Pro rata just means percentage basis that you own. Sounds pretty simple, right? This is how a lot of people structure their first deal. I would tell you not to do this. Even though it seems simple, here's the problems with this. Number one, these partners have to be business partners with you. You have an operating agreement. These are not passive partners. If they're passive, it's a security and you need to file with the SEC, which most people don't do. Most people set these up in pretty wonky ways. Secondly, they're business partners. Let's say this guy in red right here, For whatever reason, has— they're like, hey, I didn't pay taxes last year. I got a big tax bill coming up. We need to exit this business earlier than anticipated. And you say, well, the business isn't ready to sell. It's not the right time. And they go, no, I need my money out now. We need to sell the business now or else I'm suing everybody. Well, this person is a business partner with you. They can kind of do that and they own more shares than you do. Sometimes people can get edged or elbowed out of those deals. Now they put protection up, but I've also seen a lot of problems from this. Furthermore, it hurts the other investors in here that didn't want to exit the deal. Right? So, you can have problems with compliance. These aren't investors, they're partners. Investors and partners can nudge people out of the deal and put their elbows out to force people out. Furthermore, lawsuits are way more prevalent. Can you move my screen again? Lawsuits are way more prevalent and easier to walk away from in these deals. This is why I would tell you to go and do a single asset fund instead of this. A single asset fund follows— I already mentioned this earlier— the GPLP structure, which looks like this. Inside of a GPLP structure, let's take that same scenario. One of your limited partners says, hey, I didn't pay taxes last year. Can you sell the assets early because I need to get out of this thing? You say, sorry, I don't do what's best for the individual investors. I, I do what's best for the fund. My fiduciary responsibility is to do what's best for the limited partnership, not the individual investors. And because of that, the business or the property is not ready to sell yet. We're not selling. And these guys can be mad and yell and scream and go, sorry, that's the arrangement. It protects you against them. It protects them against other investors. This is why the largest funds in the world all run off of this GPLP structure. Now, years ago, it used to cost $20,000, $30,000, $40,000 to set this up. Today, you can do this for $8,500. It's about the same as setting up an SPV. Is that kind of making sense? Furthermore, you can scale this. You can set up multiple GPs under your management company and build a true track record as a firm as you continue to build and get bigger. You guys following along? Okay, I wanted to share that with you. That's kind of cool, right? All right, let's hit a few questions here. I think some of you guys have some questions. Maybe just put me full screen now. Um, let me, I'll pull it up on my computer so I can read them better because I can't read them on our screen over here. Um, all right, let's hit some of the, we'll hit some of the more recent ones here that just popped in. Uh, oh, I already answered that one. Yep. Just answered that one. Difference between a syndication and a fund. What is the cost? Just talked about that one. Yep. $8,500. How do you compare raising money for your company through selling equity as opposed to raising money into a fund? Yeah, good question from Neil. So let's go back. Actually, we'll do this a couple different ways. If you're running a business to raise money, you can— can you share my screen now? So you could— let's say you got your business here. Here's your business, beautiful business. It's running well. It's crushing it. You're doing $10 mil a year. Okay? Or let's say this business is worth, let's do that. It'll be easier. It's worth $10 million. Okay? A couple of ways you can raise money. Number one, you can sell shares and/or create new shares, but essentially the same thing. You sell equity in your business. You raise a Series A and you actually raise money into your business. OK? Very easy way to do that. This would also be like going public or— but you probably wouldn't do that in a small business. But you can sell equity. This is kind of like Shark Tank. Hey, I'm selling 10%, you know, 10% of my business for $1 million, and we're going to use that million to grow. Another way you could do this, I'll put it in green. You could raise debt. You go to a bank or you get an SBA loan and you get just debt. Just— that's pretty simple, right? You raise $1 million of debt. It's collateralized against your business. And that's another way you can raise money. Also not bad. Those are the traditional ways to raise money, which are fine. Those are actually— there's nothing wrong with those ways to raise money. You could totally do that. And let's say the goal is to buy out your competitors like we talked about earlier. Your goal is to buy your competitors. A third option, I'll put it in— let's put it in yellow over here. A third option, which a lot of people don't consider, is launching A fund. This is an outside vehicle. Your fund here would raise $1 million from your limited partners. You have a general partner over here. That's— then you also, you run this general partner. And this fund goes and buys the competitors. OK? You following? And let's just use the same number of $1 million. $1 million. So there's $1 million here. There's $1 million here and $1 million here. It doesn't matter. You can do either way. But let me just show you this example here that people sometimes don't consider. This is an outside fund trying to generate a good return. We're going to buy these competitors. OK? And let's say, let's go here. We'll do it in green. There's competitor, you know, 1, 2, and 3. Let's say we go buy all 3 of these competitors and put them together and they're owned by the fund. OK? The fund owns these competitors. Now, to run this— now, so first off, before I say anything else, they just generate a return. This is its own organization by itself. It generates a return. You split the returns between the GP and the fund managers or the investors. That's it. It's a separate entity. But I'm guessing these businesses need help running. So we might contract your business. We, you know, we say, hey, your existing business, can you help us run these? And we'll pay you something, you know, at or below fair market value. We'll pay you, you know, 3% to go and help run these, you know, get employees in there, put your branding on it, centralised marketing, all that kind of stuff. So we're going to contract your existing business to help run these competitors. Does that make sense? So you're now putting your branding, you know, you're running effectively, you're running these businesses for a fee from this business. Whenever, again, they're separate though. Whenever these competitors make money, it still flows back to the fund. The investors are getting paid. But guess what? You're also getting paid as the GP. So you still run your business. You didn't give up. You keep all your equity in your business. You didn't give up any equity. You don't have any loans. You have none of this stuff going on. You just have an outside fund that bought the competitors, but contracted you, your existing business, because you're pretty good at running these types of businesses, to help run these competitors, put your branding, your marketing, all the stuff on here. And effectively, you now run an empire together in this certain category. Is that making sense? Kind of cool, right? Again, it's an option. You don't have to do it, but it's just, this is a unique option that a lot of businesses are using to now go and scale in here. And investors are coming in to participate in that scale. Kind of cool, right? Let me know if there's any follow-ups to that. All right, let me pull up our other Q&A here. All right, let me go to the down here. How do fees work on funds? Where do you put the hurdles generally? Yeah, good question. Let's just hit that right now. So let's talk about fees. Okay, so this is a, you know, this is a— I usually teach, but we'll just show it to you right here. We'll just go fast. Most funds are doing something like this. So let me— this might look intimidating for a second, but let me just explain. All right, here we go. So let's say your fund is generating a 23% return after fees. Okay. Follow along. Let me actually cover some stuff up here. Let's do this. So I'm going to cover this up. This will make it a little more, a little more easy. All right. So we're going to generate a 23% return after fees. Following? All right. We're charging a 2% management fee. And that's just 2% of the assets that are in the fund. Okay? Now what happens? Most funds give an 8% pref or just a preferred rate of return on the fund. So the first 8 percentiles of return go directly to the investors right here. It's a hurdle rate or preferred rate of return. A lot of funds after that then do a 2% catch-up. So again, I'm talking about how we're splitting up these 23% after fees. So the first 8% goes to the investors. Next 2% goes to the general partner as a catch-up. And then above the 10th percentile, 10 to 23, we're splitting 80/20. So 80% to the investors, 20% to the manager. So if you do the math there, I'll go like this. From 10, that's 13 right there, percentiles. 10.4% goes to the investors. 2.6% goes to the general partner. You following? So if you total these up now, you can see the end result here. If you total these up again after fees, if you total up 10.4% plus 8%, the investors are taking home 18.4%. If you total up 2.6% plus 2% plus 2%, you're making 6.6%. Following along? Again, this is 23% after fees. It would be a total of 25%, actually, if you add this fee in. Following along? Okay. So you might— now, so this is how this works. So if your fund— this would be a gross rate of return. Your fund had a gross rate of return of 23%. Your investors took home a net rate of return of 18.4% in a year. Follow along? And then you took 6.6% of management fee plus carried interest. Following? Now, you might be sitting there like, Bridger, I don't want to make 6.6%. No. Yes, you do. You do want to make 6.6% because you're making this on the entire fund. Not on your own money. So, this is why fund managers make so much money. Let me give you an example. So, if you were running a $100 million fund, that means in this one year, you and your team made $6.6 million in one year. That's $500,000 a month. It's not bad. If you run a, I'll go back, go out a little bit. If you run a billion-dollar fund, That means they made $66 million. You and your partners made $66 million. If you run a $10 billion fund, that's $660 million you and your team made. If you're like Ken Griffin and you run a— he's— and they're getting close to $100 billion. I think they're like $50 billion. But let's just call it $100 billion for simple math's sake. That's $6.6 billion. And honestly, it does scale that way. It really scales like that. Because running funds, you don't need a huge team. Ken Griffin's fund that's like this big, they have 400 people that work there. That's it. Like, it's crazy how much money fund managers make. Ken Griffin last year, I think, made about $4.2 billion in one year. He makes $1 billion a quarter. This is active income, by the way. This is not like net worth. That's not net worth. This is income from his fund. That's why it's the number one vehicle of billionaires. Someone asked about taxes. The taxes are pushed on to the end result here. So, you send your investors a K-1 of the taxes. The taxes, and for good or bad, some funds have tax deductions. Like if you're a real estate fund, you depreciate the assets. That gets pushed onto the investors on a K-1. Okay. And then fund managers, you actually get taxed at a lower tax bracket. Generally speaking, you get taxed at capital gains rates. Isn't that kind of cool? The IRS has incentivized fund managers to manage investment funds. This is why people go to Harvard and Wharton. They hope one day they can run a fund and make carried interest. Now you can be mad at all these billionaires, Mitt Romney, Trump, they all make— this is how they made all their money at super low tax rates. Because they are fund managers. Now, you can be mad about that or you can say, well, I'm gonna be like one of those people. You know, if a wealth gap is dividing, and again, I, little old Bridger, I can't control what goes on in Washington, D.C. But if there's a wealth gap dividing between the rich and the poor, I hope, and I'm gonna work my butt off for me and my family to end up on the rich side. You know what I'm saying? Yeah. I can't. I know it's wrong. I know there's bigger things. There's Washington. There's— we can protest. But I'm like, yo, if there's a wealth gap dividing, I'm going to try to figure out how I can be on the wealthy side. So I'm going to copy and follow what wealthy people do. I'm not going to listen to broke people. I'm going to listen to wealthy people and follow what the wealthiest people in the world are doing. And this right here is what the wealthiest people on Earth are doing. Yeah. Can I get an amen? Furthermore, if you are rich and have status and worth, you can actually make more change. and make more stuff happen. Protests have lost their luster. You can protest all you want, but there's a protest every single day. There literally is like a protest every day. They've lost their luster. What makes the world go round is results. Actual people moving the market. That's what we can do. That's what we can do. Let me go back to— So again, if you all want to join, fundlaunch.com. How many people booked a call so far? We only have 10 spots before now and Monday. So if you, if you want to come, fundlaunch.com/SAF. We have 10 spots between now and Monday. You can come right here. You can book a call with our team. We have a few call spots open. Go on here, talk to them, and make sure you join though before Monday at midnight. That is the close-off. You can see the countdown timer here. We're looking only, literally only for 10 people. So, we'll go from there. Yeah, let's hit a few more questions here. I'll pull up my screen. You can put me full screen if you want. Is a 506 a single asset fund? So, a 506 or , you can do either. Yeah, for a single asset fund or full-out fund. More kind of a nuanced question. But if you're looking at Reg D 506s or 506s in a 3, these can be for a full-out fund or a single asset fund for both. Yeah, it's pretty cool. Let me say this as well. Back to the conversation on the wealth gap dividing, right? Wealth and poor. And some people on here are like, I don't know if I'm ready yet or if I'm, you know, if it's the right time. I'll just say this from my own experience. You all know this, but it's sometimes it's good to be reiterated. Oftentimes in life, you have to immerse yourself to understand how the game works, and then you can start playing the game. For example, when learning about funds, you might be sitting there on the back like, okay, I'll wait till I'm ready to go to launch my fund, and then I'll give Bridger a call. Which can work. But oftentimes speaking, it takes you immersing in it first to then figure out what you even need to do to get ready to do the thing. Does that hopefully kind of make sense? I'll give you an analogy here. I served a 2-year church mission in Taiwan. 2 years full-time. That's all I did. I had to learn Mandarin Chinese. Now, if I sat at home and tried to read a book and think about learning Mandarin Chinese, yeah, you can do that, right? Actually, there's a great book from Stephen Schwarzman. He's the co-founder of Blackstone. He actually, like, literally took Mandarin Chinese lessons. He spoke Mandarin. So, share my screen for a second. He did a lesson. He's like, I signed up. I did a lesson. I did 1 hour a week. A week. He's a very busy man. He's a billionaire. 1 hour a week with a very good tutor that taught me Chinese. I had some homework after that. He goes, after 1 year, he went to China and he was talking with people. He's trying to test out his Chinese, you know? He literally, he's like, my Chinese was horrible. Absolutely horrible. He goes, there was exchange students that came from America. They had been there 1 week. And they knew Chinese better than me. And I had done a full year learning Chinese. And he was pretty mad. He's like, what the— like, am I just old? Am I stupid? He's like— but he's a very smart, very smart guy. This is a billionaire, runs Blackstone. This is Stephen Schwarzman in his book, Whatever It Takes. And then he comes back and he goes, hold on, wait a second. If I just calculate it, I was in America learning Chinese for an hour a week and I had some weeks off. I probably spent— 2 years. 40 to 50 hours learning Chinese over the last year. When these exchange students came to China, they spent that week learning Chinese full-time. They'd probably spent 60 to 80 hours in the first week learning Chinese. And he went, huh. Huh. That's interesting. Oftentimes, how many of us have like worked on a business? You know, we spend a couple hours a week or weekends working on the business. I have a friend. This is a true story. I have 2 friends that have— they've talked about launching a business for literally years, like 2 years. And they work on it over the weekends a little bit. And they kind of, they got a logo built out and they got a little thing and a website. They have not launched yet. I'm telling you, if me, if literally me, if I sat down for the next, this weekend and worked on their business, I bet I would be further along in one weekend than they have got in 2 years. If I just worked for the next 100 hours straight, I would be further along in their business than they would be in one weekend. Because, and you guys can obviously tell, the time effort in is way different. And there's something about being immersed and just being there. And that's how I became, you know, it took me some time, but I was in Taiwan. I was there all day, every day. I spoke Mandarin Chinese. Literally every day to hundreds of people. I was trying to sell Jesus door to door. I was selling religion door to door for 2 years as a church missionary for the Church of Jesus Christ, which was actually one of the funnest, coolest things I've ever done in my life. But man, you learn Chinese pretty darn quick when you're in it every day talking, knocking doors. We're talking, we're on bicycles, sweating my face off in Taiwan, talking to people on the street about religion. And I always tell people, like, people are like, are raising capital hard? I'm like, Nothing like selling door-to-door religion for 2 years and then coming home and trying to raise capital. Like, it's so much, so easy. Everything else is easy after you do that. But I say that because there might be some people on the fence right now that you might be sitting here like, oh, I'm going to spend the next 6 months, you know, share my screen again, doing hours and weekends and looking up videos and trying to— share my screen— trying to learn. About funds. Or you can take the leap and dive all in and put your feet to the fire. And furthermore, there's something amazing about paying for something. People who pay, pay attention. Today, the price point is $8,500. There's something magical about when you put money down and it's kind of expensive. All of a sudden, it makes you— Pay attention. Focus on that thing. And you go, well, okay, I'm committed to this thing. I'm all in. I got to work hard. I got to figure this out. And it takes people from being a— and I share this from personal experience— from being a wantrepreneur to an actual entrepreneur. For a long time, I was a wantrepreneur. I wanted to be an entrepreneur, but I didn't quite, you know, do the thing. It actually took— this is a true story. Mason, when we were in college, he was like, dude, I'm buying this course. It was $15,000 to buy. And he's like, I'm doing it. We're going to put it on credit. We didn't have the money. We put it on a credit card. We put, I believe we put $5,000 down and we paid $1,000 a month. for 12 months. It was an online marketing course. How crazy is that? Because at the time, we were building websites for people in college. And Mason was like, I'm doing it. I'm doing it without you. And I said, fine, I'll do it. And this made us, because we were like, crap, we now got to get a return on our investment. It took us from wantrepreneurs to entrepreneurs. Crazy enough, the next thing we launched, like, did well. We started, we in college, we started to build websites for people. And we were making, we actually started making some money. Like, oh, we're building websites, we're doing funnels, ads. And then I went and launched my fund. My fund did extremely well for a couple of years. And then this is like years later. Mason, he's like, dude, remember what we learned years ago in that $15,000 course we bought? What if we built a thing called Fund Launch and we did online ads and marketing just like we had learned years earlier? And we were like, huh, that'd be a cool idea. We launched Fun Launch. It took off. After our initial launch, our first year, we did roughly $2.5 million in revenue. We were an overnight success, in quotes. The reality is we spent years practicing and being involved to then, you know, have you ever heard that quote when, you know, perspiration meets preparation? And it's lucky. That's what happened to us. This was like our seventh business try. Finally, we had something take off. My fund had taken off as well. Took me six business tries to do this. You might join single asset funds today and start learning the game so that a year from now, when someone has an opportunity of like, oh, we could go buy this building or buy this business, you know exactly how it works. And it's and you're like, oh, I have a I have a group. We can do this. Bam! I got blah blah blah. I know how it's done. Because you're in the game. You're in the system. Is this kind of making sense? I'm such a believer in this because I was this guy. I was a wantrepreneur forever. And it honestly took— it wasn't me. It was my business partner, Mason. And at the time, we were kind of like, we were just friends in college that kind of worked on business stuff together. When we did this, it changed my whole world because that was life. I mean, I did not have that much money. This was on credit cards. This was like this could have been a million dollars for like I don't you know this is a lot of money and it changed the way we operated. So today you have an opportunity in front of you. You have single asset funds. We're only looking for ten people. You can come in here, book a call with my team members, and maybe. Enter in a new path of life in the biggest game on earth in a proven system with a 30-day money-back guarantee to see if that would change your life as well. All right. Let's hit a few more questions here. After the fund is created, do you assist with capital raising? Vandy, the question is, or yeah, do we help? We do not capital raise for you. At all. We're not a broker dealer. You need license to do that. We do not have that. What we do do though is help you build your marketing materials. You you practice pitch with us. We put you in a position that people put tons will hopefully put tons of money in your fund. So is Bridger going to go and pitch your fund for you? No. Do we have investor database and lists? Yes. Do we have marketing events? We have capital raising events you can go to. Yes. Do we have tons of opportunities for you to raise capital? Yes. Do we practice with your pitch deck materials? Yes. Do we have pitch deck design, one-pagers, marketing materials? Yes. Do you have Fund Launch 360 you can email and text out of? Yes. So, all the tools around capital raising? Yes. Does Bridger go and raise capital for you? No. OK? I got my own funds to worry about. All right? So, I hope that answers that question. Now, with Fund Launch AI coming out, we're giving even more and more tools that will help make you more successful in raising capital as well. Yeah. Someone is asking about like us now. Actually, let me double-click on that. We now are investing into our favorite funds that come out of Black Card and single asset funds. So if you have a great opportunity, great deal, again, you can apply to work with us at fundlaunchpartners.com. We, we give— let me go back here. We give precedent. fundlaunchpartners.com. We're trying to do about 17 to 20 more deals in the next 12 to 18 months. Average commitment is about $1 million. You can share my screen. We're trying to invest into the best people that come out of Black Card and funds. We've raised just under a $30 million fund. These are some of the groups we've already done. You can see their logos here. About over half of these are Black Card members. And average, again, average commitment is about $1 million commitments up to about $2.5 million. We actually partner with you on it and work with you with your funds. So, yes, that opportunity is totally there for people that are crushing it in Black Card. Yeah. Black Card and single asset funds. We can do both. Yep. That's how we are. I mean, if you can't tell, this is a full company. We are committed to this game. We have, I think, 30 to 40 full-time people that are here with like another 20 to 30 part-time people. This is not just a one-person show. This is a full company behind you that is building, that are optimizing, that are helping you try to be more successful. Yep. Do you have a contingency fee structure? Give me more context. What do you mean? Like when we invest or when just as you guys partner? And then there's a couple of questions around capital raising. Let's touch on those while kind of while you're giving me more context. We talk a lot about capital raising. There's this kind of this funnel here. We try to help you get in the right rooms. Once you're in those rooms, connect with the people in those rooms, and then finally get to the, get to the Where you even have the chance to close and then close those people. And we have different ways we help you do that. You can work your or buy your way into rooms. We help you build out a list. You can build that on Funnel Launch 360. And then ultimately, how do you actually close people? Vehicle, internal, external, and then the 7 principles of persuasion, how we actually get people over the finish line to actually close into your fund. What does it take to partner with Funnel Launch? Yeah. So again, I would come through. Build out your fund. Like we like to work with people that are already, you know, they're in the program. They're going to be successful. And then we can just add gasoline on top. So we come in with our team of advisors. We partner with you. Generally speaking, we, you know, we'll take 5% to 10% of your firm. We invest into your firm and then we actually invest into your fund, usually no fee, no carry. That's kind of how that works. Again, like I said last year, you can, right here, application. See this button at the top right here? You can click there and you can actually apply to work with us. What I would say, though, is build your— we want people that already have traction, that are already in Black Card, already in the Single Asset Fund, that have, you know, maybe they're almost to launch. They're, you know, they've gone through all this. They've already got validation. They're now at the legal formation and they're just about to launch. Or maybe they're even post-launch. That's the people we want to work with right there. So, you come in, have traction, you're already working, you've done the vetting, you've worked with our coaches. And then you kind of, you've already had validation. These are the people we generally want to work with now. And also we have people that are already up and running. They're already launched. We work with them as well. We just did a deal this week actually with a group. They've already raised $25 million. They're a venture capital firm. That's kind of people we like to work with as well. When Fund launched and raised money, Then your fees are settled like lawyers. I'm not sure what you're saying there. Maybe on the fees for, you know, setup. A lot of these fees are reimbursable back to the fund. So the fund will actually pay for the legal setup fees. That's reimbursed. And the operations of a fund, once launched, is paid for by the fund. The fund pays for the audit and the tax and the team and everything like that. It's an expense of doing business. Yeah. All right, let me go back to here. All right, you guys can see that, right? Scroll back down. So again, Funnel Launch AI, by the way, is coming out soon, which is pretty darn cool. We already have kind of the first working version. It's still internal. We'll probably make it public here. We're hoping by the end of next month it's public. And then this group will be the first group to see it, which is pretty darn cool. Again, so if you guys want to join, want to ask more questions on this, funlaunch.com/saf, $8,500. I'm going to log off here in the next minute or so, minute, 2 minutes. We're going to kind of wrap up. So this is your last call. If you want to book a call with the team, And talk to my team more about some of these questions or how this would work for you, hop on. That's why we do phone calls. We want to see if you're the right fit. If you want to grab one of those 10 spots before the end of the month, which is next Monday, hop on a call. We can talk more and work with that. So grab that, fundlaunch.com/SAF. I'll take 1 or 2 more questions here and then we're going to wrap up. How much minimum AUM so that the management fees cover your first-year overhead Yeah, good question. So, on the cost, the management— so, back to what covers what. Your fund, the limited partnership, this is not including the fees. That'll pay for— a lot of times it pays for your tax, anything related to the fund, the audit on the fund, underwriting deals, anything on the fund that would help the fund. The management fee goes over to the management company and that covers ancillary costs. If you want to have an office space, great. That management fee can pay for your office space. If you want to have extra marketing events or other things, that management fee can pay for that. But a lot of times, it's actually to pay the managers, pay for you. So, there's many funds that actually launch with zero management fees. My first fund had a 0% management fee. Yep. So, we have both. A single asset fund helps people doing one deal at a time. If you're doing multiple real estate deals, you probably want to work with Black Card. And actually, I'll say this. Black Card is like our bread and butter. You know, it's anywhere from $25,000 to about $45,000. And actually, we have a cool thing going on with Black Card this week as well before the end of the month. If you join Black Card, we're actually going on a cruise. So, we have the Black— we do 3 to 4 events a year usually. We have an event on August 15th at our headquarters for Black Card members. And then we're also doing a cruise in the Mediterranean. We've actually pre-purchased tickets. There's only about 10 spots left on the entire— what is it? 20? Sorry. 20. Well, it was between 10 and 20 cruise rooms left. We pre-purchased some. Anyone that joins Black Card before the end of the month, we'll make sure you have a room for the end of the month on that cruise. The cruise is in October. We're going— we're leaving Barcelona, going to Spain for 3 stops in Spain. Then Greece and France, and we're coming home back to Barcelona. Isn't that kind of cool? A lot of our Black Card members are coming with us, and we just did an event a few weeks ago in Snowbird, which was fun from there. So that's Black Card. That's for doing multiple deals. We have— so we do events, community. We have more. We have 15 coaches there. It's a little bit bigger offering for that. So you can hop on a call as well and talk about that for doing a blind pool fund. Juliet, yeah, the headquarters of Fun Launch, we're in Salt Lake City, Utah, and well, specifically Lehi, Utah, South Salt Lake. That's where I am right now. All right, you guys, final call. If you want to join funlaunch.com/saf, if you're doing a blind pool or a SAF, you can book on that same link. Again, how it looks here, you can just book a call, single asset funds. If you want to talk to one of our team members, come on here. And I'll reload here. Let's see if there's any calls left. Make sure there's calls. I know my team opened up their calendars. Yeah, we got some calls still available. So book a call for today and you guys can join, talk there. The deadline is end of the month for all these bonuses and cool things we're throwing in. And you come on here. You can also come on here and just learn more about what we're doing with Funnel Launch. So fun call today, y'all. Great being on. Thank you so much. If you can, give my team a big thank you. We got a whole team behind us. We got— My content team here on the cameras, if you can type thank you in the chat, that'd be awesome. People that won the giveaways today as well, make sure to collect on those if you didn't. And for whatever reason, if you need to, if something didn't work, bridger@funlaunch.com, you can message my team, looks at that email, bridger@funlaunch.com. We can make sure you're given all the stuff that you need. So give a thank you if you can in the chat. Thank you all for joining today. Fun call. We'll do more of these in the future. Hopefully you learned something. and talk more about funds. We need more people to figure out this game and how funds are built. Go check out our YouTube channel and free content on there. We got tons of stuff. We, again, we have tons and tons of free stuff for you guys to go and learn. But again, if you really want to make the move, if you really want to make something happen, I would recommend, you know, the implementation is with single asset funds or a full Black Card Fund. You can go on there. All right. Y'all are amazing. We'll see you guys next time. Bye-bye. Bye.