Outsourced IR at $6k a month vs a $95k hire, 240 LP positions across nine deals

Nine deals, 240 LP positions, 170 unique households after I dedupe the joint accounts and the two people who invested through both an IRA and a trust.

Two quotes on the table. An outsourced IR shop at $6,000 a month covering quarterly updates for all nine deals, portal administration, onboarding for new subscriptions, and a shared inbox with a two business day response target. Or a hire at $95,000 base, call it $119,000 loaded at 25%. The portal is $9,600 a year either way and K-1 coordination isn't clearly owned in either version.

Outsourced is $72,000. In-house is $129,000 all in, and the hire can also work the next raise, which the shop won't touch.

Where I think the math is thin. Thirty-six quarterly updates a year is maybe 400 hours of production, so the shop works out to roughly $180 an hour and I'm buying response time with the rest. And the incremental spend only pays back if reinvestment on the next fund moves from something like 35% of existing LPs to 50%, which I have no basis for assuming and no way to attribute afterward.

What fails first in the outsourced version at this LP count? And does anyone actually price this per investor per month, so the cost steps with the base instead of sitting flat?