Sunderland Capital

“Gosh, it was in the teens of millions of dollars. I don't remember exactly, but it wasn't a lot.”

“When you launch and you maybe are doing something that's not well understood in the market, you get a lot of pushback. And then maybe I would even say to myself that we kind of pulled back a little bit and we'd go into meetings and we'd start even being vaguer…”

“I would say both of those experiences probably gave me a different sense of how hard it was to raise outside capital than it should have been. You didn't have to market. You just get a phone call being like, XYZ client wants to send you a large pile of money. …”

“We had a deal that was going to happen and broke, and it was our largest position, and I didn't get a single phone call from one of our 50 LPs in a very bad month for our largest position, not one phone call.”

“I mean, of those 301st meetings I had, probably 200 of those people told me why what I was doing was ludicrous, and here's how they would do it, and here's what their funds do.”

“Even in what we do now, if you look at of our 50 LPs, most of them are entrepreneurs in some form and fashion. They either run an asset management business or have built their own company”

“And then marketing, I would say, whatever you want to call it, business development, marketing, the truth of the matter is in a small firm, it's next to impossible to have someone else sell marketing.”

“Our initial client was also very supportive of our business financially as well, so they were willing to help me spend the amount of money necessary to Set it up institutionally, and that was important to me. I didn't want to just get an office in the suburbs …”