LP Construction:What is an optimal minimum amount of investment per LP in order to avoid paperwork burden? What is typical for first time managers? Can there be exceptions to a minimum investment rule that you set for your firm?

An optimal minimum investment per LP to avoid paperwork burden is typically $100K. For first-time managers, the minimum can start lower, around $25K, and increase with each closing round. Exceptions can be made for strategic investors or friends, allowing them to invest smaller amounts initially, but the minimum should be raised for subsequent closes to manage the number of LPs effectively.