“You can be a billionaire without having to show returns because you raised one $10 billion fund.”
The Peel with Turner Novak · Startups & Venture · October 2026
Zuberi is walking through the fee math of a mega-fund: a $10 billion fund generates about $2 billion in fees over ten years, guaranteed. Spend half on the team and the other half is the managing partner's, whatever the investments do. He notes his own $150 million fund works on the same principle at a much smaller scale.
Transcript
over the course of the 10 years. Exactly. Yeah. So you generated by raising, going out wherever around the world, you went and raised a $10 billion fund. There's not many people who can do that. If you could, you just generated $2 billion in fees over the next 10 years. And the guaranteed income. Yeah,
I was going to say the interesting piece of this is you raised the money and you locked in your $2 billion. Which is to the incentive. So you
hire a team and whatnot. And over the next 10 years, I'm going to spend a billion dollars on them. I'm the sole managing partner and spend a billion dollars on all these people on my events and all the things that will happen over the next 10 years. Here's my budget for the next 10 years. And the other billion dollars is mine. You can be a billionaire without having to show returns because you raised one $10 billion fund. Now, I'm not. You have to do that. More mortals can't go and raise $10 billion. You and I are not about to go out and raise a $10 billion fund. But, you know, if I raise $150 million fund like I did, you know, like, look, it's not lost on me. Yeah, sure. It generates $3 million annually in fees, right? And I've hired a bunch of people. I have an office. I have lawyers with bloody expensive, but they're very kind and nice.
You have a nice suit. You got glasses. I don't have
a suit, but it's definitely there.
It's a night jacket.
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