I've had 3 conversations in the past month with HNW individuals who are interested in private lending as an investment. They're asking about returns, risk, and how to get started. I'm not a fund manager and I'm not raising capital, but I want to be helpful and potentially build relationships that could be useful later. What do you tell people in this situation?
I've been thinking about eventually starting my own fund or at least raising private capital from individual investors to deploy on deals. I know this is a whole different business than brokering, but I'm curious about the path. Has anyone made this transition? What do you wish you'd known before starting?