limited partner

“You know, there's negative selection bias in any of those deals that you can actually get into unless you can really explain it. So I think that as an LP, what you should really be doing is take that as a indicator of their network and who they know and who th…”

“Nobody is forcing limited partners to sign these sub docs. Nobody's forcing them to wire the money in, so it really was written with calling out limited partners, and there's a number of things that you've seen, as you always do in the cycle, which have become…”

“So I think that the whole co-investment phase is going to be a great opportunity for many of the restructuring funds because people are just paying way up. They're pricing some of these deals at perfection. You have people who don't have the resources that are…”

“As a limited partner, I mean, it's not always a blind pool, but the majority of time it's a blind pool, and you're saying, here's money for the next 15 years, and that's just one fund cycle. And the other thing as an LP is that you invest with the belief that …”

“If you study venture, and you say, oh, well, blogging became super important, and then tweeting, and then podcasting, the LP voice isn't there.”

“We believe very much in the responsibility when we're an LP in funds to show up and be strategic value, and that an LP can be as strategic in your importance as the direct investments are.”

“The way I look at it is if you truly want to make an impact on that industry, why would you leave the table? You have such a louder and more impactful position to a GP of a fund or to a portfolio company As a member of their ELPAC. Because frankly, once you're…”

“I am contrarian and thinking about structure. I don't accept the false distinctions like LP and GP, for example, as somehow set in stone.”

“The other reason the co-investment markets exist today is general partners know and limited partners demand that, hey, look, this is just part of our relationship, and I'm going to invest X into your fund, and I'm going to pay one and a half and 20, and on the…”

“What I found on the investing side was on top of those challenges that come with growth, I felt the structure as it related to their investors was fundamentally misaligned from day one. I think that's no secret. There's dynamics that over time make the GP and …”

“So what I think will tip this, and I would put my highest conviction that this is the cause, is LP indigestion.”

“I think it will make it a little more difficult for fundraising, but with that said, I still think there are enough potential LPs that had difficulty getting access where there's still going to be allocations made to venture from LPs that are under allocated t…”

“A hedge fund is not an aspirational investment for the LP. It is definitely an aspirational investment for a GP. Similarly, private equity, it's definitely aspirational for the people who own the firm. That's a mathematically correct statement.”

“It's kind of this two forces colliding, and I think it's going to lead to a reasonable shakeout under any market scenario. I don't care if the market Flattens out here, goes up here a little. It will take a market going up 50% for some of this to ease, and tha…”

“As more and more capital has chased More and more private capital firms. The private capital firms have garnered more leverage, so they've been able to drive terms a bit more than the limited partners have over time. Now again, everything's relative, but the g…”

“Blind pool, committed capital is incredibly scarce right now because there's so many other things that are taking LPs time and attention, but people always say yes to a great deal in an environment where there are lots of things going on. If you've got an extr…”

“You're going to see a lot of turnover in the LP base for managers broadly, as people see who really performed well, and what was a very promiscuous environment, and those people who stayed at the party too long”

“What we saw in 2002 1001, 2002 is all of a sudden you find these companies that have like these distressed fundraisers and you actually find the same fund owning two different securities, which may be in conflict with each other. And maybe one fund has capital…”

“I think venture capitalists are painfully naive about who is their investor base and putting themselves in the shoes of the LP and what some of the issues that the LP has when they go to their investment committee making recommendation”

“So our mandate is to deliver high teens net returns to our LPs.”

“You can imagine if they're in an institutional conversation with an LP, they're reluctant to be a bit vulnerable. On the areas they're not necessarily have been exposed to in their prior work experience.”

“There is so much having worked at three firms that no LP would ever probably unearth, even if they tried. Firms are organic organizations, and no matter how much we think we know, we don't actually know what motivates them.”

“Now, if you asked an LP, do you care about the GP's brand? They'll say no, but when you unpack it, do you care that they have a great culture? Do you care that they have distinct advantages? Do you care that so-and-so wrote this amazing op-ed piece that you to…”

“That becomes a critical analysis piece, because you cannot structure your way into alignment if it is not inherent to the person you're across the table from.”

“Every person who works at Lead Edge, once you've worked here six months, you can sit down with any LP.”

“And I said, when you do that, zero LPs in the room believe that you have a succession plan.”

“Nothing feels better than looking good to your boss, and you want to arm your investors with the data points that make them look great to their boss.”

“But beginning in 2022, where liquidity really dried up in the market, limited partners recognized the value of the secondary market to drive liquidity in their portfolios. So, rather than saying, we don't feel like we're getting top dollar, I think a lot of li…”

“If the LP is asking for co-investment and the GP providing it and saying, I've just got this deal. Here's co-investment for you. I need an answer in a week. And you're an LP and you say, my investment committee meets once a month. It's next three weeks. That's…”

“I've spoken to a lot of LP groups over the course of the year. If I'm in person, I do show hands polls. And if I do webinars, I'm doing digital polls and two thirds of the hands that go up in the air or votes That get clicked are always, we want to see more, 1…”

“They're going to continue to write checks and invest in private equity, but it's going to be much more of a zero sum game. If I'm going to get an allocation from a certain LP, somebody else is probably going to lose their allocation from that LP.”

“The problem, from my standpoint, is we always thought at Yale, one of the reasons we hire these guys is because they know when's the right time to sell an asset. And we're sort of relying on them to do that. And then if they default that decision back to us an…”

“That promotion, developing people, yes, for your organization, of course, but also seeing the people who are on your team grow to such a point where they're hired away. To a bigger opportunity. That's like a badge of honor versus on the GP side viewed as a sca…”

“The sign of a good partnership is you help drive a change in your partner's portfolio that you don't get paid for.”

“When times are a little bit tough, you lean in and you understand things, but you also show up with a real check. You have to be a meaningful investor. If you're a five million dollar investor, it's hard to be meaningful.”