Launching a Hedge Fund in 60 Minutes — Live

Live in 60 minutes or less. Today, Hedge Fund Docs went live on the platform Fund Launch AI. So hopefully, you can see it here. We've got our toggle. This is Fund Launch AI. What fund will you build? You can chat on any fund. So today, we're doing a hedge fund. We're going to do a— what do you guys think in the chat? Say hello. This is a livestream as well. Comment AI and I'll send you the link. So let's do this. A hedge fund. Let's say we're raising $100 million. We're going to be doing long-short equity trading. In US equities, and we're based in New York City. Okay. There's our prompt. Looks pretty good. Let's hit execute. We're actually going to go live and now build an entire fund. So I'm going to hit this little enter button. Furthermore, I could attach my own files if I wanted to. I could come attach my pitch deck. I'm not going to do that. Let's just hit execute here. You now see it's ingesting this into the platform. So we're now live building a fund, a long-short equity trading fund in New York City. Raising $100 million here. So it's going into the platform. It's now calling on about a dozen or so sub-agents that are researching what are best practices for long-short equity trading funds in US stocks based in New York. Okay? So it's actually going to come through and build out the bones of my fund, which you'll see in a second here. By the way, welcome to the stream. Comment AI down below. I'll send you the link if you want to go try this out. We have a few hundred people right now building funds, launching funds, etc., on here. Okay, so here we are in the platform. Okay, so what you're looking at on the right side, this is what we're calling a scroll deck. This is a hybrid between a pitch deck and a website. So it's already given me a name, Empire Long Short. Let's do a little bit different name. Let's go, I like Empire. What do you guys think? What's a cool name we could put for this fund? Empire, you know, Empire Equities. There we go. Empire Equities. I like that one. Okay. Okay. It's given us an executive summary here. It's given us, you know, a net IRR number, management fee, minimum investment. We're raising $100 million carry. Now I can come and edit any of these. Let's say, you know, target net IRR, that's a little low for my— I'm going to go 14.4. Seems a little more on target for me. Now over here on the left, this is our agent bar. Okay? So this is actually where we can do all of our work. We can do the agent bar on the left or we can work on the right here. Um, I'll come back to the agent bar in a second. I'll just show you a few themes here. So you can come and use some of our predetermined themes. You can see Empire Equities is another version of your pitch deck/scroll deck. We can also publish these. So actually, I can hit publish here. This becomes a full working website. So in 2 minutes or less, I actually already have a working website. There's the URL right here, and I can share this Empire Equities And here's my, you know, fund. Now I haven't filled out everything here, but it's already given me a few charts. And you can see these are interactive charts. This is a live working website with all these kind of cool animation features to them, but stuff we can come edit and change. Let me come back though. We're going to edit a lot more of this. So I'm going to now, I'm going to, again, that's the working website, which is pretty cool. Coming soon, you'll be able to add your own custom domain to that as well. So it's going to ask me, what do you want to work on next? So I can actually just ask it here. I also can work inside the fund builder. This is the guts of my fund. We're actually going to spend the most of the time here. Our goal is to, again, we're building out a New York long-short equity trading fund, raising $100 million in 60 minutes or less. So if we're going to do this efficiently and effectively, we're going to spend a lot of time inside of here. This is the fund builder. You can see these are all the subcategories that go into building a fund. So it's going to ask me things like, How big is your fund? What kind of fees are you charging? How much leverage do you use? What kind of tax provisions do you use? And I can go through here. And then my goal is to actually go through and ta-da, this is brand new as of today. We just added on all the legal documents for a hedge fund in the United States. We've had 3 law firms tear into these documents and look through them. These are incredibly powerful documents. I won't say the firm's live, but they did an incredible job on these documents. Think of these as very dynamic smart templates. So as you change things on one place, they all update dynamically in other places. So you can see here, this is an entire PPM. If I go toggle to certain provisions or leverage ratios, it actually auto-updates my docs. It adds paragraphs, takes paragraphs away. I can also add comments in here. So if I'm going and I have a question about something, I can add a comment. Later, once I'm done, I'm going to submit for legal review. This sends this to our partner law firms that you will sign an engagement letter with. You go under their insurance and actually go and launch your fund with one of our partner law firms, which is pretty cool. Our partner law firms are phenomenal. And Bale are 2 of our main partners right now. Both very reputable, credible law firms that have done great work for funds, especially, you know, Hedge funds that we're talking about today. All right, so let's go back. Our goal is to get this all filled out. So while we're working on our scroll deck, our fund builder, I'm going to kick off a custom theme while we're waiting. So I'm going to say, hey, help me build a custom themed deck that is minimalistic, something BlackRock Investment Group would use, very institutional. in style, etc. Okay? So I'm going to, I can ask it whatever. I just, let's give it that prompt. That takes a few minutes. Let's go back to the fund builder now. Again, we're going to build out our whole fund. Comment AI down below or comment questions live. I can help you out and answer things. Let's start building out our fund. So I'm going to go and start working on some stuff in here. So let's look through our fund. It's set it to a 2% management fee. Great. That's pretty industry standard. A 20% carried interest, also industry standard. Fee basis is based off of NAV. You know, these are all industry standard things you would do for a fund. Now, I can also toggle these. Let's say I want to charge 47% carry. Well, I can do that, but you can see it penalizes me for doing this. Now, can I do it? Yes. I can leave it red, but this system tries to put you to what is best practice, what actually is on target. Okay? Now, there's a few things like fee offset rate. Okay? I'm like, what is fee offset rate? What does that mean? Okay? So I'm going to hit this little button called Get Insights. Get Insights will then pop it into my agent bar here. It's going to take the context of all the other 200+ data points of my hedge fund in New York that's doing long-short equities and teach me and also give me suggestions on fee offset rate. So here it is. It's now, it's done its its job. So it's going to give me, let me scroll up here. Here's a full picture on the fee offset rate for Empire Equities. What it is, a fee offset provision reduces the management fee charged to LPs by a percentage of any other fees the GP or affiliates earn from fund-related activities. Ah, okay. So if I earn fees other places, it offsets. They're not double charging our people, you know, double dipping on our investors. Where your fund stands, it's scoring red. It's notably gap in your terms pillar. What the market says is what's this? My recommendation, set it to 100%. Okay? So full offset, meaning that benefits investors. A smart, savvy investor, family office institution is going to want to see this in their docs. Great. Okay. Let's— I can just simply say, yeah, let's do it. Yes, right here. Or I can go toggle it myself. I'll just hit yes though. I'm not— hands up. You'll see it. The agent can go actually build it all for me. So ta-da! If you noticed, the agent just updated that to 100 and now is scoring green. Great. Boom, it's done. Okay, let's look at this one's red hurdle rate. Let's look at hurdle rate. It's like, ah, again, maybe I don't know what a hurdle rate is. I can hit get insights. It'll again teach me what is a hurdle rate and then what is optimal for my fund. So again, it's going to take in context of my 200 data points, teach me what a hurdle rate is. Now, if you don't— we had a user, this is awesome. We had a user, he's like, These, you know, this is giving me somewhat of a complex answer. You know, hurdle rate, also called a, let me scroll up, a preferred return. Let me zoom in so you guys can see this. Is the minimum annual return the fund must achieve before the GP can collect carried interest. Below the hurdle— and he was like, this is too complex. I don't quite get this. So he then asked the agent, he was like, hey, can you explain this to me like I'm in 3rd grade? So he puts this, and I'll zoom in so you guys can see this if you're watching virtually. Sure. Imagine you and your friends are at the pool. Okay? And it's going to explain to you what a hurdle rate is like I'm a 3rd grader. Okay? So let me scroll up here. And sorry, I'm zoomed in just so you can see it. But you get, sure. Imagine your friends are at the pool and you're allowance together and ask an older kid to invest it for you. Here's how the fees work. Management fee every year, you pay 2%. Carried interest, that's where this happens. A fee basis is NAV. Hurdle rate not set. You know, before the investor gets his 20%, he has to grow your money past a certain amount first. Think of like you only get a bonus if you score more than 5 points. Ah, okay. So that's what a hurdle rate is. Great. Okay. So this will help teach me and guide me through this here. I'm going to set hurdle rate to, I don't know, let's do an 8% hurdle. It's going to give me a, you know, it's a recommended 5. We can do 8. I'll just add 8 for now. So now all my fields are green. Great. This is scoring well. Let's go to other places. Fund size here. Now it's target $100 million, but I don't have, you know, a minimum and maximum. So again, let's hit get insights. What's a correct minimum target for my fund? You know, minimum first close. And then what's a maximum close? By the way, if you guys are in, drop questions in the chat. I'm happy to answer them. We're building an entire fund here in 60 minutes or less for a hedge fund. And comment AI down below if you want to get access to this platform. This is Fund Launch AI. All right. So here we go. It's giving me a little, you know, $100 million is the right target. What should our minimum be? What should our max be? You know, minimum, it's saying $75 million is the floor which we can start. And, you know, we won't be undercapitalized on our strategy. Sure, I can say yes, that sounds great. Awesome. So again, if I can just— the agent will go populate this for me. If I say yes, ta-da, these are now all adjusted. You can see here. Now, if you notice, this popped up. 19 narratives are out of date. These are the narratives around my fund. So these are the— and actually, I'll show you them live right here. So inside of your marketing materials, your docs, there's a number of narratives What's your market opportunity? What's your competitive edge? These are narratives, and as you update your fund, these narratives need to change. So what this is telling you is, hey, do you want me to update these now or regenerate, or do you want to wait? So I'm going to— well, since we're looking at them now, these are usually better to do later, but I'll just give you a sense of what you're looking at. This gives you a full scoring AI rubric on your narratives, and I can actually with the context or give it more context. I can apply a revision plan if I'd like and go update these. And by the way, these are important because these are actually inserted into your legal documents. So you see your legal documents here. These are actually put into your private placement memorandum. Your competitive edge, the way you interact with the world, is actually important to investors. Investors need to know those things. So inside of your PPM, which is live here as well, You see some of these narrative sections are in here. And so this is your thesis statement. And again, your agent can help you rewrite these. You can add context to help make this accurate. Is that making sense? Pretty cool. Yeah. Comment questions down below if you have them. So the idea of this is though, you're working on your legal docs. You're also working on your fund builder. You're also working on your scroll deck or your marketing materials all at the same time. And they all are updating and populating together. Now, if you noticed, if we came back to this, this was our original templated theme, but we just made a custom theme here. Okay? So Global Equities Traded with Conviction. Here is our— I gave it a prompt. Help me make a minimalistic BlackRock investment style deck. And here it is. So actually, it looks pretty good. Here's my— this is all custom to me. I can again publish this. There's a you know schedule a meeting button. I can add my meeting link in. Here's some charts. Now again, this is assuming a lot of things. Let's uh I can just talk to the agent. I'll say update the title to the name of my fund. I don't like global equity. Like I just want the name of my fund to be there, which is Empire Equities. So oh let's make sure. Let's try it again here. Update the headline. To the name of my fund. Okay, it's going to update my preview. There we go. Empire Equity. So it just updated it live for me. Again, I can, once I'm ready, I can download this. We can publish this. Here we go. View deck. This can be now a working website that I use to send out to investors. Isn't that kind of cool? Come on. Like in We're like 5 minutes into this thing. We've already got most of our fund built out in a few minutes. The old process of building a fund, the reason this is so transformative, why we've had like tons of users telling us how amazing this is like for them, because the old process, and I've built multiple funds, I run 2 funds actively right now. The old process is you go and you start trying to put together a fund. You come across something like this, which is like ERISA. You're like, what? You know, ERISA. What is ERISA? And you ask your lawyer. And your lawyer goes and talks to their associate and gets back to you. And it's $800 an hour. And it takes a week and a half for them to get back to you. And someone's on vacation. And they come back to you with ERISA provisions. What is an ERISA provision? And then you're like, oh, well, what do I, like do I need to disclose like third-party conflicts? What are some other, you know, my advisor registration status? Like what does that mean? And this is why most funds take hundreds of thousands of dollars because you're working with a lawyer back and forth and it's very slow and cumbersome to do this. What's my 754 election policy? It's like I don't, you know, what is that? You know? So I can just hit get insights. It will teach me live. I can make an informed decision on what to suggest. And then at the end, I can go over to my legal docs and I submit it to my actual lawyers to then review and sign off and launch my fund. We had a question about what percentage of funds have launched. I think that was, was that what it was, Jackie? Of the type of funds? Right? What type? So on-platform, like as far as if we go back to, I'll go back to this main screen. Historically in Fund Launch, about 40% of the funds that have come through are in real estate. And then another, let's call it 15% to 25% are private equity and venture capital. And then another about 10% to 15% are hedge funds and private credit. My math kind of goes from there. So majority is real estate. Next majority is private equity and venture. And then the next majority would be hedge funds and private credit. How many percent of funds launched fail? I don't know actually. That's a good question. And I guess fail is an interesting term. Fail could be they are below benchmarks. Fail could be they totally close shop. Or, you know, many funds, yeah. So maybe give me another comment on that. The thing with Fund Launch, at least so far though, we've launched about 400 funds to date out of Fund Launch. And let me go back to our dashboard here. It's kind of like school. Like we've launched these funds and they go launch. And then we you don't hear from them because they just go launch. They go run their fund. We try to call them. We try to text them like, hey, how are you guys doing? It's like, you know, when you go to university and you graduate from university, how often do you go back to the university and tell them how successful you are? And so to date though, our clients that we know of manage $7.1 billion from people that have come through Fund Launch which is a big number. We've launched 400 funds. And so that's, anyways, that's the data we can report. Like that we have data behind. But we think the number is much higher because of the just people who don't get back to us. The future of Fund Launch AI though, currently what I'm showing you is where you can launch your fund. Coming soon are these buckets down here where you'll actually stay on platform. Your agents will help you raise and put you in a great position to raise capital with your fund and then also manage your fund. So you'll actually administer your fund, raise your fund, and launch your fund all on platform on Fund Launch AI. Today I'm just showing you the launch portion. Coming soon is the other pieces. All right. Let's keep going on here. We're building out our entire fund in 60 minutes. We have team and track record. Obviously, the AIs don't know who my team is, right? So I've got to come in here and like look through what are my key persons, what are our backgrounds. So I'm actually going to come in here. I'll manage my team members. It already knows me, Bridger Pennington. So I'll go here. I'm going to add a, let's add a headshot for me. Right there. There's my headshot. It'll update. This is Bridger Pennington. I'm a managing partner. I can put in my address. I'm on the GP, management company, and investment committee. I'm a signer on all these things. I'll be the fundraising contact as well. And I'm a key person. And I'll say like, you know, part of my bio, you know, we're an Inc. 5000 winner of fastest Growing companies in America. Ran 2 funds prior. Anyways, you get the idea. You write your bio there. Let's hit save changes. I can also add other team members here. For time's sake, I'm just going to say I'm a solo GP. Now under here, senior partners count, you know, I only have 1, which is like, hey, you know, it's not as good. Maybe I should bring on another. Let's go to 2. Let's say I'm going to bring on another. It helps out a little bit. Years as a team experience. Let's just say, you know, we've had ten years experience. Team size. Let's let's put it to two. Maybe I'll add one more. I'll add one more team member. Let's add my co-founder Mason Brain. So add Mason Brain. Oh my gosh! Sorry, having trouble trouble typing here. Co-founder. He's also on all these things. He's on the GP. He's a managing member and a fund director and a signer. Okay, he's a key person, and I'll just say Mason is awesome. Okay, so I'm gonna add him as a key member. So we have 2 team members. Usually good to have multiple team members on a fund. It gives back, you know, if someone dies or goes crazy. Just good, good to have multiple checks and balances on people. That's why they want you to have multiple team members. We're gonna have advisory board of, you know, let's call it 4 people. We're gonna add to our advisory board. Uh, firm AUM, um, At the firm level, currently between my funds, I have $84, I think $84 million of equity under management, give or take. Pretty awesome. Experience level. Prior fund count. I've launched 4 funds prior to this. Institutional background. Firm, school, senior team members. We don't have an institutional background. We can go to gross MOIC. Anyways, you can go through all your background here. I won't do that now, but this is where you would go and actually add all that in. And then GP commit. So how much GP commit vesting years? Let's say 2 years. GP commitment source, it can be cash. We're just going to, you know, give it to the fund. Maybe we don't have cash. We can do management fee offset or carry reimbursement. Let's just say we have cash to put that in. All right. We're starting to look a little bit better. We've added some green here. Let's keep going. We need to update our narrative field. So this is the big one we have not updated. So let's actually do this now. So let's go to our strategy. It's going to give me a rubric here. I'm going to apply my revision plan into the side here. And we're going to build out our strategy, our market opportunity, our competitive edge, and give it some more context and color here. So it's now, it's working with a bunch of the agents to resync our entire fund. And again, while it's doing this, my legal canvas is live, which is all the documents I need for my fund, about 13 documents. If you can see here while that's generating, This is, and I'll go light mode. We'll go a little bit lighter so you guys can see it better. But this is the management company. This is our general partner. And this is our limited partnership. And these are the underlying documents you need in all of those entities. By the way, when you launch a fund with a lawyer, I can't tell you how many times I've built a fund and they send me like 9 of these documents, not 13. And then I have to follow up and say, hey, I didn't see An investment management agreement. Like, oh yeah, yeah. We meant to get that to you. And I'm like, I'm happy I knew to ask you for an investment management agreement. Or, hey, I don't see my sub-docs yet. Oh, sorry. Yeah. That wasn't part of the package. Like, dude, what's so nice about Funnel Launch AI, they're all here. They're all right in front of you. You can actually go and read these documents. You can see what's included in your subscription agreements. These are lengthy documents. One of the law firms that reviewed these documents actually commented. He's like, these are kind of like overkill. These are kind of too much. And we said like, what do you mean? He's like, well, for someone raising a small fund, you don't need this complex of documents. And we were like, well, isn't that a good thing? Isn't it good to make sure it's really buttoned up and gone the extra mile? And he's like, well, I guess that's fine. I guess you're right. And so anyways, that was interesting. So here we are. Our documents are getting done over here. I added that those things all five steps applied in one pass. Great. This the projected score jumps. You want to run these on the other narrative fields? Yes. Let's just say yes. We'll make sure our agent bar on the left is still running and go back to our fun builder. I kind of like night mode a little bit better on this one. Looks looks a little cleaner. I don't know. Helps. It's easier on the eyes for the night mode. So it's going to run. It's going to actually keep updating these narrative fields. I'm going to get make sure these are written now. In a normal fund, if I'm not trying to speedrun this, I would actually go through and add, what is my competitive edge? Like where do I add differentiation? And I can actually talk to the agent and say, hey, we have, you know, we, actually I can add it here. We have a strategic advantage because of our relationships with Jamie Dimon from JP Morgan. He's my father-in-law. And because of that, we get access to unique information and deal flow. Let's see if it penalizes us for like getting like insider trading laws. Let's see. It's still writing my things here. So I'll let it finish writing and then I'll throw this prompt in there. Now I'm on auto accept edits. I can also do propose edits. So it'll propose edits and I approve them. I'm on auto accept. Okay. So here we go. Put on key risks. Let's add this in. Let's see how it does. So I'm going to put this under my competitive edge. Now I wanted to click on it. So see how competitive edge is highlighted here? That gives the agent some context on, you know, what it's doing here. So let me hit enter. I have apparently a strategic advantage with Jamie Dimon from JP Morgan. That'd be great. He's your father-in-law. By the way, welcome in. This is Funnel Launch AI. Comment AI down below if you guys want access to Funnel Launch AI. and start building out your own fund. Here's our custom pitch deck as well. We're building an entire hedge fund here. Hedge fund docs just went live today, which is pretty exciting. So we're building out a whole hedge fund in here. It should be pretty fun. Question, management company, this is our general partner and this is our limited partnership. How do these work together? And are these under the underlying docs? Yeah. So if you look right here, I'll zoom in a little bit. Now, there's a little bit different if you're— it looks like you're a property management company. Management here is not property management. This is the management entity of your fund. This is what they would call your investment management company. This would eventually become your registered investment advisor or become your investment advisor, would be this company here. And then below that, you have your general partner and your limited partnership. If you have a property manager, That is a different company that would sit over here. It's not included on these docs. But yeah, sorry. Let me read this comment. And these are the underlying docs and you need— and I really admire how much you've implemented new tech, new technique. Thank you very much. Yeah. This tech's pretty cool. So yeah, this will be the— these are the documents you need for your management entity. You have a formation doc. Okay? You have your initial LLC agreement. Investment management agreement. Essentially, this is a document saying the fund is hiring this management entity. The limited partnership is hiring this company and paying them 2% a year to give them investment advice on the fund. And then here's your organization, you know, under a Delaware entity that you can organize under. Yep. So hopefully that's useful. Yeah. These are, I mean, pretty complex, buttoned-up docs. What's cool is you can see them all in one spot. You can add everything here and put you know all of your stuff together in one spot. All right, let's go back to my agent bar here. I gave it some context that I'm Jamie Jamie Diamond's son-in-law from J.P. Morgan. That would be crazy. Jamie Diamond, by the way, what a crazy figure in finance. I wish I knew all of the secrets that Jamie Diamond knows. That guy has been at the peak of finance of the largest, most prestigious bank in the world, JP Morgan, for decades. I mean, I wonder how much stuff he knows. I wonder how much stuff they have done behind the scenes. Like, man, like he tells stories of people, like he's like, we got a call one night from Asia. They needed $43 billion for this bank in Asia that was going to go down tomorrow morning. So we all got up. It was 2:00 AM. And we worked and we figured out how to help them. You know, like he's got to have some crazy stories. I hope he one day on his deathbed just discloses everything. That'd be so cool. Squirrel. We're off on a tangent here. All right. So this is, look at this. Yeah. It's like, hey, you cannot have unique information. Right? This would be, you can only, you can't be using insider trading. So it caught it. Part of my advantage I was giving it was like, hey, I get insider information from Jamie Dimon. And I, you know, and it's like, hey, do not use info. You know, you have a relationship here. This helps with network and deal sourcing. It's not helping you with insider information. I'll say, great catch. Yes, please, you know, help update the field. Okay. So, you know, it actually caught that I was doing something wrong. That's the idea. Back to the Fun Builder, this red, yellow, green system is going to score and penalize you on things That are done here. Now, under does this fund have a cash yield component, currently, you know, has just blank. I think we're just going to leave it at zero. And by the way, it's okay to have things that are red, okay? Just as long as you're choosing them to be red, just so you know that these things are done. Great. It's going to— and then I'm going to say we want to up— actually, I'm going to wait, but this would regenerate all the other fields beneath it. All right. Our fund's doing better. We're at $663. Very cool. Let's go down. Now we got a few things here. Entity structure. Okay. Initial closing date. We haven't picked a closing date. We could ask the agent, but also I'm just going to pick like, let's say end of next month. Awesome. You'll see this final closing date. Let's do 2 years from the end of next month. So instead of 2026, let's do 2028. Okay. So we'll give 2 years for a final closing date. Now some funds don't have a final closing date. Some do. Fund domicile here. Fund entity name. There's our entity names. Tax stuff. So now you see that we've put these things in there. Here's some other ones. My election policy. What is this? The election policy, the 754 election policy. I'm like, I don't know what this is. Let's say, get insights. What is the 754 election policy? And what's optimal for this type of a fund? Here's the short. Quarterly redemption makes a standing always. Election expense expensive. Every redemption cycle triggers a basic adjustment. Never, it's too rigid. Evaluate per transfer, preserve full optionality. Your family office LPs are sophisticated enough to understand the policy, generally more focused on net IRR, high watermark hurdle rate. Yep. So yeah, which one do you want to do? I'm just going to say always. Based on what it just told me, we're going to always elect there. It's best for our LPs, looks like. So again, you get the idea. You're building out your entire fund here. You can see your strength score is going up as it's going. We're now going to go over to the legal documents. So in here, I can click into these legal documents and approve things. So I can hit approve, like the name of my fund. I'm going to start solidifying things for my fund. Target fund size, I'm going to approve and solidify that thing in here. Now, some of these are TBD. These will be done later after we go and file your entity docs with the lawyers. But I'm going to approve my name. And actually, an easier way to do this is just the field. So I can click this little field button up here at the top left. And these are all the fields in my firm. So I'm going to hit approve on some of these. My target geography is US. Here's our sector focus, our market description. Again, all these are editable. You can see them in the documents on my why now statement. Here's my catch-up rate, carried interest. Yep. We're going to have a high watermark. Management fee, hurdle rate. Let's just— I'm going faster. You normally would go and look through each one of these, but we're going somewhat fast here. We're raising, uh, max we could raise is a billion dollars. Lockup period, if there is one. Okay, let's go, let's go. We're gonna keep going here. Subscription frequency. So as I'm approving these, I'll show you in just a second. Let's hit a— oh, that would be not revised. We can change these at any given time. As— no, I've approved 74 of 111. If I come back to my canvas, you'll start to see some of these documents are solidified. Some of them are done. Okay? So if I click onto here, this one is now complete. My goal is to get all of these complete so that I can submit for legal review. Once they're complete, I'm essentially solidifying these are the things I want to do. I'm submitting for legal review. On any of these documents, I can add comments. That will go to the lawyers. And I can actually share those comments with them. And then the lawyer will send comments back. You guys can go back and forth and change things or adjust things with a real lawyer under their— you sign an engagement letter with their law firm under their insurance and all that great stuff. And then they will do a final sign-off call with you and help you launch your fund with your entities, with your Form D. That entire process is estimated about 7 days. To do all that. Isn't that pretty crazy? If you guys want to access Comment AI down below, we'll send you the link. You can go check out fundlaunchai.com or excuse me, just, yeah, fundlaunch.com as well. Both will redirect you to the same spot. Go check it out. Drop comments in the chat if you have any. We're walking through and building an entire U.S. long-short equity fund in 60 minutes or less. Now, a couple of things I'll add that I've not talked about yet. Let's say you get stuck. Let's say something's not making sense. You can come over to all of the human services in here. This is not just tech. We have about 50+ humans or service providers in the platform to help you. So for example, I have credits. Every— if you're a pro member tier, you'll get credits issued to your account. And you can actually go and talk to real humans. You can see some of these advisors are right here. And let's say I'm working in hedge funds for this example. So hedge fund strategies. I can go work with Jeff Tiefenthaler. He actually runs an active hedge fund right now. Also this guy, Jim Riggio. Jim actively runs a hedge fund as well. He's got, you can see his background here. Very sharp individual. He's actually been an advisor in Black Card for years. I know the guy personally. He's a really sharp individual. You can actually say, hey, I want to book tomorrow at 6 AM on Monday. I want to talk about the fund I'm building right now, Empire Equities. I give him some notes. And actually, I can go and book that call right here. It burns 550 credits. And you can go talk to Jim Riggio one-on-one on Monday morning. Isn't that pretty cool? Furthermore, we have office hours. So these are live, included for all Pro members. You can just come and join office hours. These are private meetings. Like, for example, Tom goes live on Wednesdays. He's a professional speaking coach. We have another advisor, Vu Tran, goes— he does pitching in capital markets on Saturday morning. We have other advisors that do Series 65 study groups. If you need to get a license for your fund, you can come join study groups. These are all available to pro members inside of Fund Launch AI. Furthermore, we have services. So once you launch, you're going to need tax accounting, audit firms. These are all partners in the platform that you can click. And like Cherry Beckett, they're a tax and audit firm. You can actually visit and they, many of them give discounts to our members for being on platform. And then we also have events. So we have multiple events coming up. You can see them here. We have a cruise coming up later this year. And then early next year, a Fund Launch Summit. You can register for those events here. And then finally, you can join the community. So we have a private black card Slack and other community. You can join and be a part of in here. Pretty awesome, right? Okay, we've come through. We've built our fund out. We've been working on our legal docs. Our score is getting better. We've built out our scroll deck. I mean, this fund is starting to get put together. Now I can always leave. I can come back. I can spend time later. I've got to run to a meeting here in a couple of minutes. So let's hit a few more just briefly. So I'm going to hit some of these red ones. Succession planning. I'll say, hey, You know, my, uh, we have, you know, multiple, uh, junior partners that would succeed us. You know, help me write this narrative. Okay. So I can just give it a prompt like that. It will take my context of my entire fund, what I've done in the past, and help me go draft a succession plan. Okay, again, read through these, make sure they're actually accurate to you. I'm going kind of fast today, but this can say, hey, here's a— do they have visibility? I'll say yes. You know, even 2 or 3 sentences, give me— he's saying, give me some more stuff. Yes, these junior partners are all involved in the day-to-day, have visibility, and could pick up and run the strategy if we were gone. Okay? So again, it's going to help me draft these things, but you get the idea. Isn't this amazing? So you can come out and build whatever type of fund you want. You can come build— today we built a hedge fund. You can build a venture capital, private credit, private equity, real estate fund, and crypto fund are now all active and live on platform. Isn't that like— this is unreal. What has been put together? Furthermore, coming soon, you'll be able to build one-off deals. So syndications. So one-on-one deals, one-time, one-off deals as well coming soon. Capital raising fund administration also coming soon as well. So this is live at fundlaunch.com. Go check it out. Comment AI down below. I'll send you the link. And you guys are amazing. We didn't quite get everything built out. I have to run to a meeting right now that I, that we were a little short on time, but we got close. We are probably, you know, 75% there. We'd need to go through and fill out the rest of these to go and launch. So Final call, comment AI down below. You guys are amazing. We'll see you on the next one and we'll go from there. Bye-bye. See y'all later.