Kunal Lunawat

And they wanted me to do the same thing, which is help their CVCs gain more exposure to US-based PropTech.

So at that point, I kind of built out this consulting business, which was the first iteration of Akia Ventures.

As the business kind of kept growing, at that point, I convinced my now co-founder and GP in the fund, Nobu, who was my classmate in business school to join the team.

So we kept on building the consulting side of the business.

And last year, we went back to some of our Japanese institutional clients and they participated as LPs in the fund.

So kind of fast forward to today, we spend, I would say, 75 to 80% of our time as a team on the fund side and the remaining 20% of our time on the consulting side.

It was a little less than half a million dollars.

Sure.

So it's...

There are a few things that you need to bear in mind.

It's the amount of work that's already been put in.

It's the experience in the background that you're bringing to the table.

And it's the opportunity cost of each founder for kind of, you know, leaving their existing jobs to start something like this.

Bear in mind that the, you know, the CAD interest for fund one may not be the same as that for fund two, because by the time you look at fund two, it's more of an established vehicle.

So, you know, the economics might change at that point.

We're still raising, so we are not allowed to disclose, but we're looking at a $45 to $50 million fund.

Ballpark, we're 50% of the way there.

It is a 2-in-20 model, and it's pretty market standard from that perspective.

Well, what we see is actually quite the opposite.

Last year was the best year for residential home sales in the last 15 years or so.