Top Tweets for #openLP

Here’s what should be in your dataroom: 1. Overview presentation 2. Case Studies / Investment Memos 3. Track Record (in excel) 4. Ops (ddq, call/distrib sample, valuation/compliance etc policies) 5. Legal docs (summary of terms/lpa) 6. Prior fund financials 7. Team bios 8. Fund model 9. Firm Content (thought pieces etc) Only release references if asked. My initial focus is deck/excel/DDQ.

Let’s talk post close — how do you engage institutional LPs for Fund 2/3. 1) Engage them during Fund I. Position as a long term relationship and keep your expectations low. Offer a 30 minute intro and be specific about your desire for a LT relationship and limited expectations for Fund I. 2) Don’t pester LPs for check-ins post close unless they ask. Wait at least a year before offering a check-in for those that don’t ask. If you’re reaching out every two months, it’s desperate. 3) Do send out a quarterly email on activity in the portfolio, key hires, et. 4) Invite a small number of prospects to your AGM. Yes, you need to do at least a virtual one in 90% of cases. 5) If they want to do check-ins, every 6-12 months is a good cadence. Continuously outline your organizational and strategic vision and show how you execute against it. 6) Save the last 10-15 minutes of the check-ins to spill the tea. Show you can be a good reference and provide details of what transpired in follow-on rounds. Which firms showed up, which partners and how. This might seem like a one way street but your interpretation tells me about your relationship with the company, coinvestors, and your style. 7) Do a check-in 3 months before the next fund launch. Have a teaser deck and portfolio excel ready. 8) Share your legit prospects with your existing anchors. If you stayed close during Fund I and they’re happy, ask them to speak on your behalf. 9) Easy on the flattery and virtue signaling. If you really cared about nonprofit LPs, you wouldn’t charge 2.5% and 25% off a low hurdle. 10) Don’t invite me skiing. I would smoke you. Regardless, shouldn’t you be sourcing?