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�鶹��ý partner Gustavo Resendiz examined the challenges of private equity fundraising in the Mergers & Acquisitions article, “.”

“It’s a tough universe to traverse on the fundraising side for sure,” Resendiz said, adding that he is seeing success for new fund managers that have the right story to tell.

“It’s a world of the haves and have nots,” he said of the funding landscape. “For the managers that have the right size and whose investment strategies match up with what institutional investors are looking for and who have that track record and have had the exits, they’re still faring quite well. It’s a properly curated and tailored emerging manager story that can still get it done.

Resendiz said setting up a new fund is not without potential risk, though, as institutional investors will want assurances of before moving forward with an emerging manager and new fund managers need to “do their own calculus on their carry and when they’re going to get paid and how much they’re going to get paid – and sometimes – if they’re going to get paid.”

“That is always a very significant part of the equation. ‘What am I leaving behind?’ They’ll measure that before spinning out,” he added. “If you miscalculate on what your opportunity set is if you leave, you will be burned.”

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