Twenty-four questions, three for each test. The tests come from the VC10X playbook How LPs Evaluate Venture Fund Managers, built from on-record conversations with twelve allocators.
Every answer is worth zero to three points, and each test is scored out of 100. The total is out of 100, with a red flag for any answer that would end a conversation on its own.
Scoring a manager you're still diligencing? Answer “Haven't found out yet” where you don't know. Those questions don't count toward the score. They become your list of open questions, with the exact questions to ask next.
A high average can't hide a clear fail. If any test scores below 34, the verdict is capped at “Significant concerns”, and any red flag caps it at “Promising, with gaps”. If you've answered fewer than half the questions, there's no verdict yet: the result shows as “Too early to score”.
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LPs and allocators: score each manager after your meetings, keep the scorecards side by side and see exactly which test to dig into next. Fund managers: score your own fund the way an LP would, before your first meeting, and fix what an LP would find.
Allocators interviewed by VC10X look for a clear focus and a reason the manager will win, picking judgment that's repeatable rather than lucky, a track record they can attribute, a fund size that fits the strategy, partners they trust, honest performance numbers and expertise that predates the trend.
Score every manager on the same tests, look at the weakest test as closely as the total, and keep track of what you haven't verified yet. One clear fail usually matters more than a high average.
Yes. The tests are the same for first-time and established managers, but the evidence differs: references that confirm the manager's role at prior firms, attributable angel investments, and a credible plan to build a firm.
Yes. Scoring yourself the way an LP would, before you raise, shows which questions you can't yet answer. Ask each partner to score the fund separately and compare.
From VC10X, hosted by Prashant Choubey. Updated .