Gifting the Wisdom That Endures: Holiday 2025 Edition
LP Insights for Emerging Managers in Venture Capital
In a year defined by volatility, opportunity, and reinvention, one thing remains constant across the venture ecosystem: enduring LP&GP partnerships are built over years, not cycles. As we close out 2025, these highly regarded Limited Partner voices generously shared the relationship and fundraising lessons they wish every emerging manager knew.
Building Long-term LP&GP Relationships
If you could give emerging venture fund managers one piece of advice about building long-term LP&GP relationships, what would it be?
“Consistency beats intensity. Ping me once a year? Great. Ping me only when you’re fundraising? Not happening. Spread 150–200 new firm intros across a year, keep a light steady cadence, and show up when you’re not raising.”
~ Pension Fund Investor (anonymous)
“The best relationships feel symmetrical. The strongest GPs think like founders; the strongest LPs think like GPs. Find the ones you can speak with openly about decisions, data points, and why you backed the founders you did.”
~ Family Office Investor (anonymous)
“Humility and patience compound. Some of our most productive partnerships began with ‘no’ in Fund I, then grew through secondaries, SPVs, staples, and ultimately Fund II. Play the long game.”
~ Fund of Funds Investor (anonymous)
Fundraising Advice from LPs for Emerging Managers
If you could give emerging venture fund managers one piece of advice about fundraising, what would it be?
“Follow-through is underrated. Asking for a data room and never following up is the fastest way to get removed from the list. Build a robust room, give LPs the exact slices they need, and treat the relationship with trust.”
~ Pension Fund Investor (anonymous)
“We raise capital too. The junior person you didn’t want to meet with today may be a CIO in ten years. Treat every conversation like you’ll meet again, because you will.”
~ Fund of Funds Investor (anonymous)
“There are two kinds of fundraisers: those who can run the circuit, and those who shouldn’t. If you’re not a ‘hot commodity,’ slow down. Learn what data points matter to each LP before diving in.”
~ Family Office Investor (anonymous)
Closing the Year With Gratitude
The holiday season is a moment to reflect on relationships, the ones built, the ones still forming, and the ones that will define the next decade of venture. Here is to more clarity, more alignment, and more long-term partnerships in 2026. Cheers to the work ahead and to the community that makes it all possible! 🥂
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By Shea Tate-Di Donna and Kaego Ogbechie Rust, authors of The Venture Fund Blueprint.
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Disclaimer: The providers, companies, examples, products, and services shared represent only a subset of available options and are based solely on internal fund manager conversations. These options are intended to be a general framework, not an exhaustive catalog, and should not be viewed as legal or tax advice, endorsements, recommendations, approvals, or rankings. We encourage you to do additional research into each category to find the resources that best fit your specific needs.
