“I think the most important lesson is: Fundraise when you don’t need to fundraise. If you don’t need to raise and you’re fundraising anyway, you have a lot of leverage. And if you have leverage, you can get deals done. But if you’re fundraising from a position of weakness, you may not get the deal done at all. And even if you do, it may not be the deal you want. So I always aim to fundraise with leverage.”