Bridger Pennington explains how investor feedback stopped him from launching an unprepared fund in 2022. He iterated on the concept and launched the Ugly Unicorn Fund, which raised $10 million on its first close.
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And we raised $10 million in our initial launch. Boom. Because we built a fund that investors want. You might go through this process and people might hate your idea and poke holes and you go, wow, actually they have a pretty good opinion. You know what? Maybe we don't really have asymmetrical risk. It doesn't work in that situation. Thank goodness they poked holes in it before you spent 30 grand and spent a year of your life building a fund. This allows you to iterate and tweak and you know what? Let's go back to the drawing board and readjust. I'll tell you straight up, I had a fund in 2022 that we were gonna launch. I did this process, our investors poked a lot of holes in it. Stuff that I hadn't thought about. We looked back and we finally just said, you know what? This fund is not worth launching. We didn't launch the fund. Thank goodness I didn't launch the fund. It's the best thing I ever did. And then we went back to the drawing board, built a new fund, and we went through it and people loved it. And we launched our Ugly Unicorn Fund. We raised $10 million in our initial launch. Boom. Because we built a fund that investors want.