Tough Going For First-Time Fund Managers

Law360, New York (May 13, 2013, 10:57 PM EDT) -- Fewer maiden funds reached a final close in the first quarter than any period since 2007, a reminder that the days of easy money for first-time sponsors, even those with sterling pedigrees, is long gone.

Just 28 funds by rookie managers closed between January and March, accounting for only 6 percent of the $67 billion raised, according to industry tracker Preqin. Over the past five years, quarter-over-quarter closes by first-timers have fallen from $32 billion to just $4 billion, far outpacing the general decline in fundraising....
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