I've been "blessed" to engage with a lot of securities attorneys to talk about starting or changing a private fund. These conversations have been tremendously educational and even led to a few great one liners, such as:
When I asked if the same rules applied if I was using family money, and attorney once said,
"The SEC doesn't give friends and family discounts." π€£
Today, an attorney that serves as the president of the securities section of a state bar said something so practical and real that I wanted to share for any of your that have thought about capital raising before.