You've identified a massive problem for *enterprises*, which is great for your future portfolio companies, but the problem *your LPs* face – why they should invest in this specific fund – is conspicuously absent.

Your 'market analysis' is for the opportunities your *portfolio companies* will chase, not the market for *this fund*. Are we investing in AI and RPA, or are you trying to raise $1M from my couch cushions?

A $1M fund with a 1% management fee generates $10,000 a year. My annual coffee budget is more robust. Your 'proven investment model' relies on 'estimated markups,' which is a fancy way of saying 'aspirational projections.'

AJ has a solid consulting background, but pitching a fund to LPs as a solo GP with no explicit VC track record or investment committee is less 'mission critical' and more 'mission improbable'.

Listing 'warehoused deals' with 'estimated markups' isn't traction; it's a shopping list. LPs want to see *actual distributions* from a prior fund, not glorified projections of what *might* happen with new capital.

The deck is visually clean and well-structured, which is great for distracting from the utterly unworkable economics. At least it's aesthetically pleasing as I decline.