Step one, figure out your capital raising strategy. In the GP haste to get into the market, this element of the raise is the one that is most often under thought. Start with the basics: Are your existing investors likely to reinvest with you? Have other investors expressed interest? Who is likely to come into a first close? Then, do your homework. Stay on top of the market, and be relentless with industry rags. This will offer great insight into who has an unfulfilled capital allocation for real estate, and often into the types of strategies managers are seeking. Keep an open dialogue with the consultant universe, even when you’re not marketing a fund. Consultants not only manage a great deal of capital, they also have their ear to the ground and can guide you to investors that are seeking your strategy. A well devised capital raising plan will get you to a first close more quickly and minimize the time marketing your fund so you can get back to your day job – investing.