Many operators launch funds to achieve scale and create diversification for themselves and their investors. Funds also attract lower cost of capital and achieve operational efficiencies that result in improved yield. From an investor standpoint, funds mitigate additional risk because of compliance requirements and third-party auditing. Bridger Pennington, co-founder and CEO of Fund Launch, has helped incubate over 400 funds including Real Estate, VC and Private Equity funds. Bridger recently started his own successful GP Stakes micro fund which has generated above market returns.