To succeed at raising money for a fund of funds requires a simple set of ingredients: assets of over $1 billion; unlimited access to all the brand name hedge fund managers; a five-year track record; and everything tightly wrapped in a cast iron 'institutional process'.
The harsh reality is that anything less and you are going to find it difficult to raise assets, which is precisely the position that most fund of funds startups find themselves.
Few, if any, have sufficient critical mass to appeal to the big institutions. Few have access to 'closed' managers. And none have a track record.
All of this means that the job of raising assets is going to be a difficult task. The only way around it is to establish some clearly identifiable 'edge'. This might be the fact that you have a following based on your previous career. It might be a specialisation....