How To Start A Venture Capital Fund From Scratch in 2026

Boom, people! Welcome back to the show. Today we're going to talk about how to start a venture capital fund. It's going to be a pretty fun episode. We're going to dive into the inner workings of how venture capital funds work and how actually someone like you or me could go out and start our own fund. Now, I know this is a big and bold promise, actually starting a venture capital fund from scratch, but before you call BS on this video and what the content— just give you a little background on what's going on and who I am. My name is Bridger Pennington. About 4 years ago, I launched my very first fund. About 3 and a half years ago, I launched my second fund, and since then, I launched another third fund, raised and deployed millions of dollars out of my own funds, and since doing that, we've actually helped people online launch their very own funds as well. We actually have 2 guys in our group who run venture capital funds. One guy just raised $50 million since the beginning of this year for his venture capital fund. He's out of the UK, an incredible guy. We'll probably have him on the show pretty soon here. So it's been pretty cool to see what is possible and what they can do inside of venture capital. Now to kick this episode off, like you guys know, we give $100 away on each of our videos to new subscribers. So today it goes to this great comment. You got to comment below to win. From Spacesuits right here, he says, cool guy, I'm starting to binge watch all of your videos right now. I'll keep you up to date on the comments on the number of I've managed to watch. So Spacesuits, you got $100 coming your way. Send us an email, we'll send that over to you. We'll send you Bitcoin, Ethereum, Dogecoin, whatever you want, just cash. Venmo, whatever makes sense for you. So if you guys wanna win $100 again, subscribe, like this for the YouTube algorithm. Apparently my YouTube guy tells me that helps us. And comment below and that'll apparently help this channel. But back to the question today, and this is what I care about, is about giving you guys value. We're gonna talk today how to start a venture capital fund. So let's dive into it. All right, so where does venture capital play? I'm actually gonna draw 2 little cycles here that you can see, business cycles. Of what happens. Now, most businesses here will start. This is their start, launch, whatever you want to call it. They'll grow up to here, and at this point, they are either gonna, you know, sell, IPO, scale. And this is in the private markets down here. This is where they get into the public markets. So a lot of dreams for small companies. They're gonna get to this, this crux. They're gonna IPO, and they're gonna take off and have this incredible ride up. Make tons of moolah, be flying private jets, just have the whole dream and life of running their public tech startup that just took off. Okay, so this is the public markets. Then eventually that, that's gonna, it's gonna top off, or maybe it's gonna keep growing. I don't know how long it's gonna happen, but eventually that business will come down. Same thing here, they will either sell IPO, or sometimes companies will come down here into a distressed point of view. All right, distressed here, and then they can get picked back up, and sometimes they can get rebought and rescaled up to a place where they can sell IPO scale. Now, these aren't the same for every company. Some companies this will be a longer cycle than others, but this is a general cycle of a business, okay? Just go with me. So where does venture capital play? Now venture capital is a broad term. You guys have probably seen Shark Tank and most people think of Shark Tank for venture capital. There's a little more complexity what happens there, but most companies in this, let's call it a tech example here, they have a start, they're pre-IPO, and this is where they actually can start raising dollars. You have VC companies come in right here At the seed level is what they call it. So seed level is typically check sizes, I mean, even as small as $25,000 all the way up, maybe up to a million-dollar round that they're raising in a seed round. After they raise that seed round, they'll then do what's called a Series A if they would like to. Then they can do a Series B, they can do a Series C and so forth. They can do a Series A, B, C, D, E, F, G, H, they can do as long as they want. Typically, they do maybe— 4. To a C, maybe an E, and then they either hit this point where they're gonna sell or IPO, and each round of fundraising, typically the evaluation is gonna go up higher. So maybe at the seed round, they have a million-dollar valuation, really just on the idea. Maybe by Series A, they have a, you know, an $8 million valuation. Series B, they've got a $24 million valuation. Maybe by Series C, they have a $100 million valuation, and then they can decide if they wanna sell or IPO from there, or just scale, whatever they wanna do. Totally. Typically in here is where venture capital will play. This is where these guys play. So a lot of, some funds will come in at a seed level, some will cut an A, B, C, and then also private equity starts to get mixed in here. Private equity can come down as low as maybe a B or A round if they want to. Typically they're not gonna play there, but private equity, they're gonna do the same thing, they're buying private ownership, they're just doing it at a different time period. Venture is looking for very early stage. Private equity usually is coming in by a C round, maybe at this sell point. They'll buy in here and help that company scale, whatever their thesis is. Now, to get more specific, some venture capitalists want to come in at seed and they want to wait till the entire IPO. They want to have a total unicorn, crazy, you know, $100 billion IPO that's bonkers. Some venture capitalists come into the seed round, but they want to exit by a Series B. So they only want to be in from seed to B. They'll start at seed and buy a B round at $24 million. Hey, we've 24x'd our money. We're good. We don't need to wait to, you know, 100x or 1,000x our money. We're good. Okay, we came in at a million-dollar valuation. We sold at a $24 million valuation. It's a win for us. We're going to take the chips off the table and move on. It all depends on their thesis. Okay, so hopefully that gives you a quick overview. Let's clear the whiteboard here. Now, the next point I want to touch on is partnerships and brand of that venture capital fund and the capital associated with it. A lot of people get into this space, we've actually worked with a number of groups, and they try to rely on capital alone. They have a fund of $40 or $50 million. We're going to talk about that in just a minute, how to actually put together a fund, what a fund is to use this, but they'll put together, let's call it $50, $100 million. They have capital and they believe just because they have capital that they're going to win deals and win partners and be able to invest in a lot of seed companies. I've talked to a number of venture capitalists that have found out that in this recent market, there is a lot of actually capital in this space, and many of these tech companies that are well sought after are also looking for a strong partnership and brand to be with their business as they grow. You see the same thing happen on Shark Tank. You see 2 sharks with similar offers, and they'll pick one shark over another because, right, the reputation and the brand, the partnerships that that Shark can bring. This has become more and more prominent. I actually had a venture capitalist on my show. He runs a couple hundred million dollar venture capital fund. It has done very well. He said more and more every single day, this piece over here is becoming more and more important. Yes, there's lots of capital right now. The markets are frothy. There's— and we all know this— there's plenty of capital flying around. What partnerships can you bring to the table? How involved can you be? Are you going to take a board seat? On our company and are you going to help mentor us to the point where we can have amazing IPO exit and can we leverage your brand to bring on other partners in the future? These 2 pieces have become much more valuable than they were 10 or 15 years ago in the venture capital space. Okay, let's move on to the next piece about how actually a venture capital fund works and that's where it gets more into my expertise in the fund So let's dive into it right now. So the first question you gotta ask yourself is, Bridger, what is a fund, right? When I keep using this word fund, what do I mean by that? And I'm gonna start pretty basic. We're gonna get pretty advanced here pretty quickly. When I use the term fund, all I mean— a fund is a pool of money, and investors, or limited partners typically, will put money into that pool of money. And then us as the fund manager— What is a fund manager? Manager can draw from that pool of money. We can go make investments, and in this case, we're investing into small startup companies. When those investments or companies make money back, it flows back to the fund, and then it gets split between the fund manager and the investors. It's actually funny enough, this same structure is used for venture capital funds, for private equity, for real estate funds, for hedge funds. They really use this exact same structure. They just have different things that they invest into. It's the exact same structure. Now to get a little more technical, this fund that I just talked about, that pool of money, is typically called a limited partnership. That's the fund, that's the pool that we just talked about. And you'll have limited partners or investors come into the fund and they write big check sizes, right, for you guys to manage. And then you and your partners are over here called the general partner, the GP. General partner. This is where you manage everything that happens in the fund. So this is your management team. This is your dream team. You'll manage what happens in the limited partnership and you can go then invest into small startup companies. Is that making sense? You guys with me so far? So let's say you raised $100 million for your venture capital fund. How does that actually look when splitting that between investors and yourself? Alright, so in this example, we've got a $100 million fund here and I've wrote out a timeline of your returns that you'll get back on the fund. So I put 0%, 10%, 20%, 25% IRR. We'll just keep it simple in this example as a return on the fund for a year. Now you might have heard of a 2 and 20 model. I'm going to talk through that. It's a little more complicated than just 2 and 20, but we'll talk through how the numbers all break up. So in this example, let's say you and your partners this year, you got your investors a 22% return to the fund in general. Now, how would that be broken up between yourself and the investors, the general partner and the limited partners? Most funds will do what's called a pref. In this example, I'm going to do an 8% pref. And pref actually is a term that people use. It's preferential rate of return or preferred rate of return. And in this example, what that means is the first 8% of all money goes to your limited partners. So when you pitch an investor, you say, hey, Investor, we do not make any money unless you make at least 8% first. Sounds pretty good, right? So this year, if we only earned a 7% return this year, the investor would have taken all 7% and we would take nothing as the fund manager. Now in this example, it's actually how my fund currently runs. The next 2% we call the catch-up. And this goes to the general partner. So again, first 8% goes to limited partners. The next 2% comes to the general partner for running the fund. Now above 10%, we split 80/20— 80% to the investors down here, the limited partners, and 20% to the general partner up here. So if you run the math on this, between 10% and 22%, investors made 9.6%, and us, the fund managers, we made 2.4% if you split up that 12th percentile. So you take the 2.4% plus 2%, us as the fund manager, we make a total of 4.4%, and investors make 9.6% plus 8%, so they made 17.6%. Now to clarify, the entire fund got a 22% return. But investors took home cash on cash 17.6%, and us as the fund managers, we took home 4.4%. And if you take 17.6% plus 4.4%, it should equal 22%. Is that making sense? You guys following along? Now some of you might be like, well, Bridger, I'm not in this game to only make 4.4%. That goes to us as the fund managers. Like, why would I do that? No, yes you are. You didn't make 4.4% on your own money. You just made 4.4% on the entire fund. So if it's a $100 million fund, you just made $4.4 million, and you made that in 1 year's time. Not too shabby for an office that probably only has, you know, 5 to 10 people working for it. Now additionally, a lot of these funds will also charge a 2% management fee on top, hence the 2— 2% management fee and 20% Carried interest right here, 2 and 20 model. So in that case, this would go up even to 6.6%. You'd have to go back and retroactively change this just a little bit. So probably a little bit less, probably around 6% that you take home, but not bad. $6 million on a $100 million fund, which in the venture capital world is actually a pretty small fund actually to be managing. So you can see why venture capitalists make a ton of money. But is that making sense so far? So you got the pref, you got the catch-up. This is called carried interest over here. It's a heavily debated topic. Because fund managers actually pay capital gains on the money they make from carried interest. The IRS a long time ago decided that they wanted to incentivize fund managers to do investments like this, and they actually gave fund managers a huge tax break. So bing for us who run funds. And you can see from this example why big firms like Sequoia Capital or Accel, who manage billions and billions of dollars, are doing pretty darn well making 4.4% or 6.6% on a deca-billion-dollar fund. It's not too bad of an income, especially when their teams are actually relatively very small. Now let's clean this board off a little bit. Let's talk about the life cycle of a fund. Now most venture capital funds are what's called closed-ended funds. This marker is dying, so I'm going to change over to red. Okay, so typically they'll do a 10-year time period 0 to 10 years, and they close these funds in. What they do is the first 12 months, they'll go raise the money. So first year they're raising the capital. Let's say they raise the $100 million, and as they're raising, they can start to deploy some money. They hope in the first couple years, let's call it 2 to 3 years, to deploy all of that capital, and then they're gonna help season those companies. So hopefully, by year 6, 7, and 8, they can start selling, or they go to an IPO, or have some big liquidation event with these companies that they've invested into. But in most of these funds, they'll say, hey, at 10 or 12 years, we promise to close out all the businesses, whether we have to take a loss or not. We will close them out at 10 years. But typically, most of these funds are trying to aim for about a 7-year time period. So first 12 months, they're raising money, Next 2 to 3 years, they're deploying capital. Next few years, they're helping season and grow these businesses and hoping for a big liquidation event by year 6, 7, or 8. And then they go and they have this massive payday. They have to go back and pay back all their investors for the years that they had their money invested. And this is the closed-ended model. Now typically, what a lot of funds will do is they'll raise money, they'll start deploying capital in the first 2 years, and then by year 2, They will launch a second fund. So year 2, they launch it here. So I'm kind of putting a little timeline here. 2 years in, they launch another fund and they're now going to raise $300 million for this fund. This is fund 2. So they're going to raise $300 million here and they start raising for 12 months and then they start deploying that capital. Then they, you know, 7, 8 years and then they, 12 months into that fund, they launch a third fund here. Okay. and they'll raise capital, so they're always, you see how funds build on each other. They have at this, you know, if let's say we're talking about right here, this is like year 6, now they have 3 funds running and they've raised $100 million, $300 million, maybe $500 million, they're managing over $800 million in their funds and they're stacked on top of each other and over time now every 12 months you have a fund closing and a new fund opening, it's this whole life cycle. This is called the closed-ended model inside of funds. So now, Bridger, let's get to the big question. How do I actually start a venture capital fund? How does this actually work? Traditional venture capital funds, in the research I've done, a lot of the times it comes from wealthy individuals by themselves. They start out as angel investors. They just start to invest personally into business they like and believe in. And they get a few wins and you see like someone like Peter Thiel, you see this happen with a number of famous angel investors. I'm not even going to go through all the names. You see this happen a lot. They'll get some wins and then people will start to say, hey, you seem like a pretty smart person. You know what you're doing. Can you take some of my money? And they slowly will grab money from individuals and just start to build their personal pot bigger and bigger where they can invest into more deals and more businesses and start to scale and grow beyond that. Typically, that's what I've seen from a lot of venture capital firms that I've interviewed on my show. I've had fund managers that manage hundreds of millions of dollars on my show. That's a very typical route you'll see. Another route that I see is from the entrepreneur, and this is maybe how they got their money, but they already did this. They've already ran a very successful business, did the IPO, cashed out, and that's how they made a lot of their money. And now we're on the investing side of things that, hey, I actually want to be on the other side of the table and start investing into these companies. So if you've got that route going, if you're already success— already got millions to deploy yourself, your family, whatever it is, great. The rest of this video probably won't apply to you much. You can probably go watch some of our other videos. If you're not that person, okay, if you're not the person that has millions of dollars but would love to actually start your, your VC fund and get into it, I'm gonna walk you through the Fund Launch Formula. This is a formula that we developed to help people launch and scale their funds. We've had dozens of people throughout our groups and programs use this formula to launch their funds over $10 million. It's been really cool to see what they can do. And this, this applies to other types of funds, but specifically VC, this actually can work very, very well. All right, so let me walk you through the Fund Launch Formula. This formula is awesome. We've developed it and brought together This is actually developed by bringing on very successful fund managers, hearing what they did to launch their funds, and we said, hey, let's put this into a 4-step formula to help people like us follow the same strategy to launch our very own funds. Now, when I was launching my first fund, I sat down with one of my mentors, very successful fund manager, and I said, hey, I don't know where to start. Should I start with legal documents, or I don't know how to raise money. Where do I get investors from? How am I gonna do this whole thing? I told him I felt like I was too young, I was inexperienced, I hadn't done all I've never done all this stuff before. How was I going to get started? He gave me an example that changed my life. He said, Bridger, I want you to imagine that me and you just found a Lamborghini Aventador. It's in Billings, Montana. Beautiful car. We've had a mechanic look at it. This thing is legit. However, there's a lady selling it. She needs to— she needs the money quickly. She will sell the car to us for $50,000 by Saturday morning at noon. It's got to be cash in her pocket, $50,000. She'll give us this car. We have a verified buyer who's also told us they'll buy the car from us for $200,000 Monday morning in California. Okay, and he goes, this is an example, just go with me. I'm like, all right, I'm here. Let's just go. Let's go for it, right? And he says, okay, Bridger, you cannot use any of your own money, but this deal is all checked out. You will— you're guaranteed You and your investor, whatever, will make $150,000 by Monday morning if you can find $50,000 by Saturday morning at noon. And I thought about this for a minute. And he said, Bridger, could you find the $50,000? And I thought about it and I thought, well— It goes all guaranteed. It's all 100% guaranteed. All you have to do is raise 50 grand by Saturday morning. And I thought about it and I thought about former bosses and college professors and friends and long-lost friends from high school and an aunt and uncle or whatever. And I thought, yeah, you know what? If I worked hard enough and I stayed up late and I, we're gonna make a, like, and I gotta split some of my investment, but I'm probably gonna make $80,000, $90,000, $100,000 this weekend. Like, dang straight. Yeah, you know what? I can find $50,000. I'm gonna talk to everybody I know. I'm gonna stop people on the street. Street, if it's 100% guaranteed. I said, yeah, you know what? There's actually a good chance I could find $50,000 by Saturday. And he goes, Bridger, what about $100,000? Could you find $100,000 by Saturday morning at noon? Let's say the price was upped. Still though, you're guaranteed you're going to make $100,000 by Monday morning. And I thought about it and I kind of said, Yeah, you know what? I think I could do it. And he goes, why? And I said, well, you kind of— the example, I mean, you said it's 100% guaranteed. There's no way I could possibly lose money. And he goes, aha, there it is. And I kind of was taken aback. I'm like, what do you mean? And he goes, most of the time, people that fail to launch a fund or to raise money, they don't believe in their product enough or in their offering enough like you believed in the Lamborghini deal that it was 100% guaranteed. And he goes, 3 minutes ago, you were just telling me that you were too young, you're inexperienced, you don't know anyone with money, and all of a sudden you're telling me you could raise $100,000 by Saturday morning. Why? Because the deal was so good. It was so juicy. It was foolproof. It was 100% guaranteed. Now I know nothing in life is 100% guaranteed, But he goes, if you can find things that you are that confident in, a lot of the concerns for raising money go away. So he said step 1 of starting any fund syndication, I'll talk about those differences in just a second, is find an incredible deal. And in our case, if this is going to be a venture capital, this is going to be an incredible company that we are going to invest in. Find that incredible deal first. Get that organized, vet it through, ask all the hard questions, look at the numbers. Make sure it's a good deal, number one, and find that incredible deal. Now, at this point, this is step number one. Most people, after they find a deal, they go, Bridger, okay, great. I would love— let's go set up the legal documents. Let's call the lawyers. Let's get everything settled up. Hold on. Before you go call the lawyers, before you do all that stuff, step 2, and I just mentioned it's kind of with step 1. Step 2 is frame the deal out. Frame it out, put it on an Excel spreadsheet, map out all the numbers. How are you going to split between yourself and your investors? How are you going to structure your fund or syndication? How are you going to put it all together? And build a small pitch deck of all of your marketing materials and offerings. And then step 3, once you've done the frame part, step 3, go and pitch investors. But wait, Bridger, hold on. I don't have any legal docs done. How am I going to pitch investors on this deal? I have a company I want to invest in. I want to get money together. We're going to invest in this company. How— my investors are going to circumvent me. How do I— why do I do this? This is a great way for you to test your marketing out, to test your deal out. I see way too many funds that they found a great deal. They go hire a lawyer for $30,000. They put together their entire offering documents. They come back, they pitch investors, and it's like, investors don't like it. They're not interested. They don't like your offering. They don't like your team, whatever it is. This part right here is so crucial. Go find mentors. Go find your people in your life, these small-time investors. Start to pre-pitch them on this deal. And the way I'll pitch is say this, I'll say, hey, all the legal docs aren't done yet, but if everything checks out, we're closing by the end of the month, if everything checks out, can we put you down for $100,000? Can we put you down for $500,000 on this deal? And what happens is investors will start to give you feedback on what's going on. Well, Bridger, I don't like the 2 and 20 model. Bridger, I don't like your team that you've built. And you go, well, okay. What if I built a better— what if I brought in a guy from Harvard and I had another kid that I brought in that was amazing? Would you invest then? They go, yeah. So then you can go back to step number 1 and maybe you've got to find a better deal. Maybe they say, Bridger, I don't like this company. I don't want to invest into healthcare tech or fintech or whatever it is. I don't want to get into that. I want to get into something else. You go, okay, well, I'm going to go back to the beginning and find a different deal. It's actually how one of my mentors launched their fund and how they raised their first $100 million was this process. They would go and pitch an investor at this point, and they would, right as they get there, there'd always be the Harvard guy that had just pitched them before. And let's say it's a wealthy woman there, let's call her Mrs. Johnson. They go to Mrs. Johnson's office, and this Harvard guy had just been there, and the Harvard guy will pitch this. Hi, Mrs. Johnson, I'm from Harvard, I'm very smart. We theorize that over the next 24 months, We can find great deals and great properties or whatever it is to invest into and trust us because we're so smart. Say, great, that's a nice pitch. My mentor and his partner would go in and say, hey, Mrs. Johnson, we're not from Harvard. However, we just identified this incredible deal. We can get these shares for really cheap. It's an incredible offering. You're smart. Look at the deal. You can run through all the white paper, everything you need to. If everything checks out, we need to close by the 30th, by the end of the month. If everything checks out, can we put you down for $500,000 in this deal? He told me 9 times out of 10, that investor would choose them over the nice Harvard guy who was theorizing on companies that they were going to buy or fund. It's because you pitch that, just like the Lamborghini example, you pitch the deal. Over the degree. Now at this point, this and only then, go and step 4, once you have investors lined up in soft commitments, then and only then, step 4, go and do your legal docs. And again, here is going to be soft commitments. This is a soft— this is not an official offer. This is just throwing this out here with people in this step 3. Once it's all set up, go get your legal docs. You're going to go back and finalize everything with investors, get the money together and put it together. Into the deal. Is that making sense? You guys following along? It's a simple four-step formula to do this, but Bridger, now you might be asking, how do I actually apply this? How do I use this? This if I if it was me starting out a brand new venture capital fund, I would not do a fund. I would do a syndication. Now syndications are one of the most beautiful things you can do to get started and to build yourself a track record. Most people are not going to invest into a first-time fund manager that's never done a deal before. Now the best example of this is actually house flippers. House flippers are incredible at this syndication loop. What they'll do is they will find a house right here. Great house. They love it. You know, it's got awesome windows, whatever. It's a fixer-upper. They go find investors or other capital, hard money loans, something like that, or they use some of their own money. They find the capital, they go and they set up an LLC. Investors put money into that LLC. They go flip the house. They make some money, they pay back their investors, and they restart. And they do this hamster wheel of scaling. I call this a syndication loop. This is a fantastic way for you to build your tracker in the space. Find, just like a house flipper, find that one deal that you can put money into a simple LLC or a simple syndication, put investors into it, and scale that 1 or 2 deals. Now I know you might be thinking, well, Bridger, I know venture capital, they invest in 20 companies for 1 to take off. Yes, this is true, and maybe this, this model would not work if you're going to be that high risk of a venture capitalist. You might want to go to a full-out fund model where you just go raise $25 million or $50 million and you do that. But if you're starting from scratch and have no experience, this is one potential option where you find maybe not super ultra risky companies, but you find a decent company that's got good cash flows and things and you can syndicate money and scale. That's one way to build a track record. The second way to build a track record is partner with somebody who already has one. I know it's a simple answer, but there is plenty of people who are looking for someone like you who understands how funds work that they want to partner with. In every fund, there's 3 distinct roles or jobs that happen. Over here on the left is the expert investor. In your case, in venture capital, this could be someone that's already scaled a company or someone that's already good at identifying companies and wants— likes to invest, likes to get pitched, that whole person that's going to help these companies grow. That would be that person here. The middle circle is the fund manager. This person deals with legal, audit, accounting, capital calls, distributions, all the stuff that happens inside of a fund. And then finally over here, this person is the money raiser. This person is well-connected, has billionaire friends or whatever it is, is a natural-born salesman that can help connect You over here to the money. Now, in your fund, you can do 2 of the 3. You can do all 3 of these circles if you want, but every fund needs these jobs done. But I've seen more times than not, people that are really good at expert investor type person, they usually have no clue how to run a fund. And a lot of times they have no clue how to actually raise money either. And the same thing is true for a money raiser. I meet— I've actually have a friend called me up, Bridger. I've got 2 billionaires that are really good friends of mine. They love me. They want to invest into my deals, but I just don't have any deals. He says, Bridger, can I come work with your fund and I'll bring in this money, but I want some equity ownership? And I said, yeah, I'll take your billionaire friends. Bring them on over. Right? And so they brought their friends over. And anyways, that's connecting the dots here. And usually one person doesn't do all 3 of these. Now, once you get bigger, you'll start doing a slice Of one of these 3 roles here. Maybe you're part of one of these pieces, but every single one of these pieces needs someone with them. So if you're like, I don't have the track record, I need more expertise, find people who have it. It's not the how, it's the who. It's not how do I become an expert investor, it's who can I find that I can partner with that can be that expert investor with. So the amazing thing about funds is that it's like a buzzword. When you tell people that you want to start a venture capital fund, people's ears go up. Very smart, sophisticated, high-level people go, huh? You want to start a venture capital fund? And you go, yeah. And I, from my page, I'm actually very good at this fund manager role. And I'll say, yeah, I know how funds work. I know how to do all the whole thing. I just need a good person to partner with, a good operator. And they go, okay, let's have a conversation. It's actually a very lot easier than I thought it would be to find successful partners in your fund when you take on one of these roles. Is that kind of making sense? So you can follow the syndication loop and build your own track record, or partner with someone else who has a track record and do that as well. Now, this video, I tried to give you a crash course on venture capital. As you guys can tell, we bounced around a lot of subjects. If you guys want to learn more, below I have a 1-hour free training that I walk through all the ins and outs of structuring a fund. You guys can click on that. We have another of plethora of videos on this channel to help you understand how funds work. If you like this video, hit that like button below. It helps— apparently it helps our YouTube algorithm. And also, if you can subscribe, we actually give away money to people that subscribe as well, which is pretty fun. We have a good time on this channel. We like having fun. And actually, we actually read comments. We actually are very responsive on what happens on the channel. At least we are now. So click that like button, subscribe, and let us know what type of future content you would like. And click on the links below. Yes, you can actually access We have free Facebook groups, free online guides, and actually a number of courses that we teach on how to run and structure a fund. Thank you all very much. It's been a fun episode. Let me know your thoughts in the comments below, and we will see you guys on the next episode. Bye.