institutional LP

“A lot of them did, and so now institutional LPs are largely out of capital for the year. A number of LPs I know have already spent their budget or have already allocated their budget to these re-ups, and it's also not just in the U.S. There are a lot of re-ups…”

“Amongst the established managers, if you are a traditional quote-unquote VC not an incubator, accelerator, post-accelerator, what is, what's actually happening is that there is always this theory of a bigger fool. So what happens to them is that they might not…”

“Traditional institutional LPs, I don't think they make great direct investors. And in general, they aren't able to attract the most talented direct investors to their platform.”

“I will say a challenge for venture writ large and a challenge for LPs is that institutional LPs are changing. They're all struggling with staff turnover. Many have vacillated in their commitment to venture. Because of that, I think you've seen venture funder f…”

“Because in this business, when you're trying to generate returns, both cash on cash, you know, return multiple, which we tend to focus on, but also IRR, which a lot of institutional LPs focus on, really does start to hone your senses towards particular timefra…”

“A lot of managers, GPs, are coming to them And pitching a certain strategy for their fund that is not at all what they've actually been doing or not what they end up doing, and they're pitching that they're going to have a certain specific type of strategy and…”

“The likelihood of a first-time fund getting money from an institutional without any prior experience is next to zero.”

“In this world, we don't have Results yet. So everything people look at are proxies for real results. And the proxies in seed are who follows your deals? How much money is put behind those deals? Can you continually do that? Can you intercept the good deals?”

“For us, it's great unrealized positions with high ownership behind it that will ultimately matter at an aggregate level at the end of the day. So it doesn't matter necessarily if it's realized or unrealized.”

“Most institutions are looking for franchises. They're looking for the ability to continue to invest with a firm”

“When somebody has made a ton of money, and they're not Putting it back into their fund, you got to scratch their head about that. So in those cases, you do expect a much higher GP commit.”

“Most institutions that have AUMs exceeding, say, two billion dollars are probably unlikely to invest in you early on, but they take a long time to get to know you, so start that clock early.”

“If the manager has a prospective LP institutional that has already gone through the approval process, what I'm hearing from institutional LPs is they already have their budgets and plans in place. They will complete those deals.”

“Name one pension fund that said anything. The first people to say something was really Yale, like five, six months later. And even then nobody else said anything because they don't have to say anything because nobody knows who they are.”

“It's sometimes easier to raise a hundred million dollar fund than it is a thirty million dollar fund. Why? Because you unlock new tiers of LPs when you increase the size of your fund. More institutions are able to invest in a hundred million dollar fund than t…”

“An LP will never want to be more than 20% of the LP dollars in a fund, and so the size at which an institutional LP would be interested is when you raise twenty-five million dollars plus at the very minimum, and then they can invest at least Five million dolla…”

“Institutions this is actually incredibly interesting, went down and then has in recent in recent weeks, spun right back up and has recovered in our data.”

“I generally think 40, really 50 is kind of the floor for a lot of those groups.”

“You basically find the people who are willing to say yes and just trust you. You try to tally up as much as possible, preferably enough to do a minimum viable first close, close that capital, get into business, and allow yourself time to be able to cultivate t…”

“I'm not really seeing them drop great names. Some of them are downsizing significantly where they've got, you know, mandated outflows in the case of endowment funds or hospital institutions, but they're not dropping great names. They're still open for business…”

“A lot of the big pools of capital have very bureaucratic structures and low pay.”

“It's good to build relationships, but you don't necessarily want to force people to evaluate you too early. Because I think particularly with larger institutions, it can be the case that, you know, once they evaluate you once, they may not be willing to look a…”

“It's a, it is a massive red flag for us, and I would say most institutional LPs.”