as a fund manager, the first thing you do is serve your LPs. Bob Dylan's song “Gotta Serve Somebody” is a gentle reminder that no matter how high you go, there is always someone who we serve.
You may be a business man or some high-degree thief.
They may call you doctor or they may call you chief.
But you're gonna have to serve somebody…
So in this section, let's figure out the basics — who you serve, your fund strategy, targeting the right fund investors and LPs, the arcs of story-telling, decks and data rooms, road shows, and more.
Might I suggest that you wear that humble hat. Kneepads are optional but often recommended. Groveling may be required, and is often expected in the high corridors of power. Over some fine whiskey at the Battery Club in San Francisco, one LP humble-bragged that he has anchored many venture funds, being the first money in first-time funds. “I am the quintessential GP king maker,” he muttered. And then he continued with a pompous smirk, “I love it when they come begging to me. I own them.”
Just as smart founders select the right VCs on their board, the best fund managers are able to pick the LPs that matter, can add value, and shape their journey. Unfortunately, there are very few of these. Pick the wrong LP and you have a toxic problem. Some are like absent parents — who show up for an occasional annual sporting event. The best ones build rich, collaborative, two-way networks.
The business of VC is like a two-sided marketplace. On one side are the investors — your LPs and your shareholders. On the other side are your founders. You cannot serve just one side well — you have to ensure both sides get some love, respect, and, above all, performance. You want LPs for life — not just for one fund. But it's often the first fund that counts — if you do well, the rest becomes easier.
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