Fourteen questions on your fund, track record, network, strategy, operations and timing. Each answer counts toward the LP types it matters to, and you get a ranked fit score for each.
Most raises stall because managers pitch the wrong LPs, not because the pitch is bad. A Fund I that spends six months in endowment diligence, or a $300M fund chasing $100K checks, burns time and relationships it will need later.
Knowing which LP types fit your fund today tells you where to spend the first hundred meetings, and which relationships to start building now for your next fund.
General partners and emerging managers planning a raise, from Fund I onward. It's most useful before you build your LP target list. Placement agents and advisors can use it to pressure-test a client's plan.
The main types are angels and operators, family offices, funds of funds and emerging manager programs, endowments and foundations, pensions, insurers and sovereign funds, corporates, wealth platforms and RIAs, and development finance and government-backed LPs.
Most Fund I capital typically comes from individuals such as angels, founders and operators, from family offices, and from funds of funds and emerging manager programs. Endowments and pensions rarely anchor a Fund I.
Often $250K to $5M per fund, though it varies widely with the family's size and mandate. Many value co-investment rights and access as much as the fund itself.
Some do, but many build the relationship over a fund cycle first and invest in Fund II or III, once there are realized results they can credit to the team.
A fund of funds or an institutional program dedicated to backing newer managers, usually Fund I to III. Being early isn't held against you, but they run an institutional diligence process.
From VC10X, hosted by Prashant Choubey. Updated .