In this episode, Brad Johnson sits down with Bridger Pennington, founder of FundLaunch and FundLaunch Partners, to break down why most first-time funds struggle and how GP seeding is reshaping the private markets. Bridger shares how his firm reviews more than 1,200 emerging manager applications a year, why micro-funds can outperform larger peers, and how GP stakes combined with operational support create asymmetric upside. The conversation also dives into FundLaunch AI, a new platform designed to cut fund formation timelines from months to days.
What You’ll Learn
- Why most first-time funds fail before they ever scale
- How GP seeding works and why institutions are increasingly focused on it
- The difference between institutional GP stakes and micro-fund seeding
- How FundLaunch filters 1,200 managers down to roughly 10 investments
- Why niche strategies outperform at smaller fund sizes
- How tranche-based capital and option-like structures reduce downside risk
- Why no-fee, no-carry GP economics matter for long-term compounding
- What institutional investors actually look for in Fund II and Fund III
- How FundLaunch AI aims to replace expensive early-stage legal and structuring work
- Why ownership and private markets matter in today’s economic cycle
Key Topics Discussed
- GP seeding and GP stakes
- Emerging and first-time fund managers
- Micro funds vs institutional funds
- Private equity, private credit, real estate, and niche strategies
- Fund formation, compliance, and back-office infrastructure
- AI and software in private fund creation
- Long-term compounding through GP economics
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