Here's how "track record" became CRE's biggest barrier...
Deal Junkie: "Please invest in my idea."
Investor: "Do you have a track record?"
Deal Junkie: "No but..."
Investor: "Why would I invest in you when I can invest in Hillwood?"
Deal Junkie: "Because I'll work hard."
Hillwood: "We've invested $2B+ with a 25% IRR."
Investor: "It was nice to meet you Deal Junkie."
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How do new GPs get over the "track record" wall?
Ps - Check the notes on Hillwood's approach.
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