b'Liquidation or Disposition Phase In this phase, the asset manager will: Prepare and market the property for refinance or sale (i.e., a capital transaction).Ensure that all outstanding debts get paid before making final distributions. Otherwise the asset manager could get stuck with them after the company dissolves, or have to ask investors to give back money.Follow the capital transaction waterfall established in the companys governing document. The capital transaction waterfall will describe the order in which cash the company generates from a capital transaction gets distributed. As you can see from the above lists, an asset manager wears a lot of hats. For this reason, it is important to decide how you will share or delegate some of these responsibilities, as it may be too much for a single person to handleontheirown.Mostsuccessfulassetmanagerseitherhave management-level partners or paid staff. Which model will work for you?Types of Raises There are a variety of capital raising strategies. Some work better than others. Below are descriptions of common capital raising strategies: All or Nothing In an all or nothing raise, you will only be able to use investor funds after you raise a specific dollar amount. This can be risky as there could be 112'