Yes that is why it has to be progressive. Before i touch, have access, or rather, utilise the entire 100% cash, i would hv been already comfortable with say 250k, for a year. Till all 100% or 150% margin is used up. Then i shall look for the next 750k which shld be ready by then. IMO, the killer is the 1m to 12m mark, due to the higher amt. Which means i might need to dig into the korea, JP, HK, markets.
in response to the earlier posts... theoretically i shld own 50% of the fund as my own, so much so all decisions made by me is more of a 50/50 llp between me n m investors. But i realize most HF managers startup discussed here do not have that amt, eg. 5m sourcing for another 5m in a 10m fund. just what i observed..