Raising private capital from individual investors — where do you start?

Daniel, I made this transition 6 years ago (from broker to fund manager). A few things I wish I'd known: 1. The regulatory requirements are significant — you need a securities attorney before you raise a dollar 2. The first $2-3M is the hardest to raise; after that it gets easier as you build a track record 3. Your existing borrower relationships are your best asset — the deals you've placed are proof of concept 4. Expect 12-18 months from "I want to do this" to "first dollar deployed from the fund" It's a completely different business. The skills overlap but the compliance burden is 10x.

Securities attorney first. Before you talk to a single investor. I cannot stress this enough.

this sounds amazing but also terrifying. the compliance stuff alone would keep me up at night

Greg — the 12-18 month timeline is sobering but realistic. And the securities attorney point is well taken. I'm going to start with a consultation and see what the path looks like before committing.