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This episode is brought to you by Reef Pass | Serial Acquisition Investors: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that.

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Capital raising in private equity starts with one decision most fund managers get wrong: who you choose as your co-GP.

 One in three GP partnerships fail or fundamentally restructure within the first five years; not because capital dried up or deal flow collapsed, but because two people who built something together stopped moving in the same direction. 

In this episode of Making Billions with Ryan Miller, he reveals the most expensive mistake in fund management: optimizing for chemistry instead of complementarity. 

The "Founder Best Friend Effect" — partnering with peers who validate you instead of challenge you — is the silent killer of co-GP relationships that look perfect on day one and implode by year three.

 Ryan delivers three non-negotiables every fund manager must verify before signing a partnership agreement.

[THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally.

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