For Fund Managers
Build the economics
before the overhead.
A good investment strategy is only half the job. The management company still needs durable revenue, disciplined operating costs, and enough time for the model to compound.
The question that matters
When can recurring revenue, not the next close or exit, pay the bills?
Inputs
Capital
Timing
Cash flow
Output
Runway
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Management-company discipline
A good fund is not automatically a durable business.
Fund economics are often presented as one blended percentage. That hides the part that matters operationally: what arrives each month, what depends on a transaction, and what may not arrive for years.
Underwrite the management company
A good fund can still support a fragile business. Start with the monthly cost base, then work backward to the recurring revenue required to carry it.
Separate recurring from lumpy
Close fees and carried interest can be meaningful. They are also timing-dependent. Hiring plans should be anchored to revenue you can reasonably expect each month.
Model every vintage
Capital compounds across vintages, but so do obligations. A realistic plan shows when older capital rolls off as new capital enters the fee base.
Complimentary planning tool
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Model every vintage
See capital enter and leave the fee base.
Separate cash flows
Split recurring, close, and exit revenue.
Find break-even
Compare monthly revenue with operating costs.
A framework for partnership
The spreadsheet is the start of the conversation.
Silverman Capital approaches fund-manager relationships the same way it approaches investments: define the strategy, pressure-test the downside, and make the incentives legible before adding complexity.
Questions worth answering early
- 01
Is the strategy specific enough to earn a place in an investor’s portfolio?
- 02
Do the economics remain durable under a slower raise or delayed exit?
- 03
Can sourcing, underwriting, reporting, and governance repeat at scale?
- 04
Are manager and investor incentives aligned when outcomes miss the base case?
For fund managers