73% of LP dollars went to a handful of mega-funds in Q1. Pick 3 takes that match how you actually see the market.

Options

• Emerging managers are the contrarian bet
• Middle-tier funds are structurally screwed
• Founders still need specialists
• LP consolidation hurts innovation
• Scale wins — boutique is nostalgia
• I'd rather join a mega-fund platform team
• Breaking in gets harder every year
• Two-tier market — play your lane
• Fund I bar is absurd now
• Specialist pods inside big firms win
• I'd start a company instead of a fund
• Survivorship bias headline