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I have 70 LPs today. Most fall into one of three categories: 1. Close friends, ~15% of today's AUM 2. Poker players, ~15% of today's AUM 3. Professional portfolio managers / traders, which is ~70% of today's AUM Here was my rough fundraising experience by year: 2019: ~6 close friends and poker players see that I'm getting into investing. They reach out to invest ~$10k each. After Intelsat melts down a few start adding quite a bit more. AUM $200k 2020: After a strong Q1/Q2 ~5 guys from Twitter reach out to invest, including two guys who ran billion+ dollar portfolios - one long/short bond, one PE. By year end another handful want to join including professional individual traders, an options market maker and an electricity trader. Nearly everyone interested is a skilled trader/investor. They will invest after my fund launches. More poker guys and friends join this year from word of mouth. AUM $1.5 million 2021 - Fund launches in Feb 2021, luckily right after my awful January 2021. I kill it in the next two months and many people add, a few new people join with a similar profile. This continues throughout the year. AUM $16 million 2022 - I put up a stellar year and the trend continues. Allocators began reaching out but not one invested still. They asked me for way more information and details than any of my other LPs. Even with all the extra information they pass. One from a particularly large allocator reaches out. But he's not interested in trying to invest his firm's money - he just wants to personally invest. AUM $43 million 2023 - Many more people asked to join early in the year and I close down to new investments after Q1. From there, I hit my first bad quarter so the impact on fund raising isn't clear because I'd already stopped accepting money. Year finishes up decently. More allocators have reached out and only one has pulled the trigger. AUM - $58 million. I only ever got two LPs from Seeking Alpha, which is IMO a bad place to raise money. Twitter and word of mouth did all the work.