I just shared this verbally on a podcast and a talk recently, and realized while I’ve shared this friends, I’ve never shared it publicly explicitly or made a graphic for it.
What is it? And this was helpful when I was in IR, but also hopefully helpful as a GP pitching LPs, what are the types of LPs that exist?
I never really liked the line, “If you know one family office, you only know one.” Or if you know 1 LP, you only know one.” Probably true in a lot of circumstances, but feels odd that there are 100,000+ types of family offices or LPs.
Short blogpost, but I’ll probably elaborate on each in a future one, but sometimes a picture speaks a thousand words.
This is not all-inclusive, just like Myers-Briggs or OCEAN/Big 5 or the enneagram isn’t. But hopefully a good orienting framework in the first few meetings with LPs.
I borrowed a little bit of the nomenclature my buddy Matt Curtolo used as my original segmentation of LP archetypes was not as well-worded.
P.S. This is not a framework you brag about to your LPs. You don’t tell any LPs how they’re bucketed. Just like you as the GP don’t like to get bucketed, no LP wants to. But in this case, when fundraising, you need to eat your ego.
P.P.S. Honestly, you should probably eat your ego while investing, but no one usually listens to this latter comment.
Stay up to date with the weekly cup of cognitive adventures inside venture capital and startups, as well as cataloging the history of tomorrow through the bookmarks of yesterday!
The views expressed on this blogpost are for informational purposes only. None of the views expressed herein constitute legal, investment, business, or tax advice. Any allusions or references to funds or companies are for illustrative purposes only, and should not be relied upon as investment recommendations. Consult a professional investment advisor prior to making any investment decisions.