
The situation
Run the raise as Managing Director for a Las Vegas custom-home fund: the capital strategy, the investor process, the private placement memorandum and the materials behind the ask. Our capital partner joined when I did, and the raise ran through Prince Capital.
An offering the operators believed would sell itself, a deck and financials built for an earlier stage, warm relationships in place of a pipeline, and no stage-by-stage tracking. The next touch after a conversation depended on who remembered.
Sources and uses written down before anyone was asked for money; a staged pipeline with a required next step at every stage; the deck, model and PPM rebuilt to that process; a marketing effort feeding named prospects into stage one.
Sequence the ask before polishing the pitch. Build a five-stage pipeline and put the tightest follow-up window nearest the signature, because in private capital the alternative to yes is silence. Rebuild the materials to the process, not the process to the materials.
$25M in commitments toward a $50M target in fourteen months. The commitments did not fund; the fund did not close near target; I left in December 2023.
Read on
The decision and the reasoning
Why we did it this way, told first.
ReadWhat we did and what it produced
The work, decision by decision, and the result.
ReadA slice of the project list
A few related projects.
ReadPrivate side
The full report, the source files on record, the timeline and every figure with its source. Password.
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