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Announcements:
Announcing Limited Partner (LP) Investing Lessons Podcast!
First episode will drop next week (you’ll get it via email just like this email)
Recordings will be anonymous to both LP and the GP they’re referring to, unless the LP doesn’t want to be anonymous
I hope this will create an atmosphere that’s most conducive to learning from other people’s lessons, which is the entire purpose of what I started here ~7 months ago
If you have an investment story (good or bad) to share with the LP universe, please share a brief summary of what you’d like to share by responding to this email
May LP Cohort - review 4 separate memos together with me and other LPs to learn how to vet LP investments. If you’re interested, please reply to this email.
Happy Friday and welcome back 👋
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This is more common than most realize .. make sure you get a full sources and uses when investing and understand the amounts on the uses side
I’ve seen this same trend (and I think the same concept applies beyond office) - not all experience is created equal … leaving one of my older tweets below as well since it’s relevant (e.g. value add multifamily experience isn’t the same as converting an office building)
Agree with this… vertical integration is oftentimes done for marketing purposes (sounds nice)… in reality it’s likely a net negative to LP investors in most cases
Simple, yet a good reminder.. this applies to all aspects of investing including real estate
A reminder to understand what you own
Reminder to stay invested, keep a long term mindset, but also be mindful of downside
Very true… as I discuss in more detail here
Have a wonderful weekend!
Thank you for reading! I genuinely hope you found this helpful - the best way to say thank you is to spread the word.
I advise LPs on existing and potential positions and write articles here weekly on what I see in the marketplace that could help you invest better. You can find me on LinkedIn or Twitter.
Whether you’re an LP, want to learn to become one, or affiliated with LPs (GPs, Attorneys, CPAs, Wealth Advisors) I hope you’ll consider subscribing and sharing this post to help others make more informed investment decisions.
When you’re ready, I could help you in 3 ways - simply reply to this email if one is of interest:
Limited Partners:
Potential positions - you’re considering investing and need an independent opinion
Existing positions - there’s a lack of communication, you’re concerned about fraud, or perhaps you got a capital call request and you’re not sure how to proceed. I have also helped LPs with a “post-mortem” analysis on deals that didn’t work out - it’s important to learn these lessons as opposed to just blaming the GP.
LP Cohort - review 4 separate memos together with me and other LPs to learn how to vet LP investments.
LP Community - join my free 2,000+ member LP community on Twitter
Find GPs in unique asset classes/geographies on my monthly intro post (see LinkedIn’s post as well for more)
General Partners:
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
Investment review - I’ll provide independent feedback on an opportunity you’re pursuing
Capital call advisory - you suspect that you’ll need to make a capital call, but aren’t sure how to proceed or communicate the message.
Other - anything from waterfall/fee advisory to disagreements between co-GPs on the proper path given a set of circumstances
General Consulting: modeling, strategic advisory, underwriting training, etc.
If you’d like to speak on the phone, you can set up an initial consultation.