Your emerging manager fund hits its stride, but LPs are pushing for larger check sizes and more capital. What are the 3 biggest risks you're weighing when considering fund size creep from Fund II to Fund III? Pick 3.

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Losing the 'edge' of being nimble and founder-friendly at the early stage.
Difficulty deploying a larger fund into truly early-stage deals without overpaying.
Diluting returns if the 'sweet spot' for your deal sourcing remains smaller.
Pressure to chase later-stage deals, competing with established mega-funds.
Increased operational overhead and team build-out to manage more capital.
Alienating existing LPs who liked the boutique, high-conviction approach.
Attracting a different class of LPs with different expectations/demands.
Risk of fund failure due to inability to source enough high-quality, larger deals.
Potential for partner misalignment on strategy as the fund grows.
The emotional burden of managing significantly more capital and higher stakes.
The mandate shift might force you out of your core expertise.
Not enough great founders to take that much capital at the stage you invest.
The need to compromise on founder-friendly terms due to larger check sizes.
The administrative burden of a larger fund, more reporting, more compliance.