LP Digest #78
GP stakes, loss aversion, diversification, private credit, & more
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Likely the most useful paper I’ve seen on GP Stakes that’s publicly available - a very popular strategy nowadays, enjoy!
An unpopular, but worthwhile position to think through imho - some of the best investors have had massive losses in their track records and the hard part for the LP is distinguishing between skill and luck during good & bad market cycles
Including a second post as well for some contrast taking losses within VC & lessons learned
At some point I showed a real estate family I know a venture investment and their response was “we only understand real estate” and they immediately passed. The below is a similar contrarian take on the popular diversification theorems
Private credit appears to be all the rage, so here’s a worthwhile read for the uninitiated
Moses & team does good work for emerging GPs, thought I’d mention it for anyone looking for an “accelerator” GP program
When you’re ready, I could help you in 2 ways - my email is aleksey@gplpmatch.com:
Limited Partners:
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General Partners:
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Deck review - I’ll look over your marketing materials from the perspective of an LP and provide slide by slide commentary to improve your pitch and how your terms compare to market