But it is not just Dallas funds that are closing. All around the
country, regional funds are closing. Any fund that hasn't been able to
show a good return is getting no interest from institutional
investors.

There will be fewer funds out there. Anyone able to write a check
will do well. This will further cement the reputations of larger
successful funds. But also allows fund of funds managers to become
king makers. Funds that are seeded at this time will out perform the
risk adjusted return, because they have a greater time line to invest.
And because they will experience less competition chasing good deals.
The ability to buy low has a big effect on IRR calculations.