Your fund size remains $10 million, as that is your target fund size. The $1 million represents the amount you have closed so far, but it does not change the overall target fund size.
2 answers
The amount of capital that you close on is your fund size, not your target. In other words, if you have a fund target of $10m and you do a 1st close on $1m, your fund size is $1m until you close on more capital.
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