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Happy Friday and welcome back 👋
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A nice visual on waterfalls
A great discussion below on some of the challenges around LP investing
I see this ~weekly - if someone isn’t being transparent in the beginning, they likely won’t be transparent when/if challenges arise. No answer (or an incomplete answer) is also an answer… you just might not like hearing that.
A nice thread on things to ask a GP. More here
A few great tweets in here on investing/compounding
This is a lot more common in non institutal settings - other income being a popular place to overestimate income growth
Can’t say this enough - more here on how to figure out whether you understand “enough”
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.
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Limited Partners:
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LP Cohort - review 4 separate memos together with me and other LPs to learn how to vet LP investments.
LP Investing Lessons Podcast - learn from others investing lessons here. if you're an LP with lessons learned from a successful or unsuccessful investment, consider replying to this email to share your knowledge with others. Both the LP and GP in the recording are kept anonymous.
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Other - anything from waterfall/fee advisory to disagreements between co-GPs on the proper path given a set of circumstances
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If you’d like to speak on the phone, you can reach out to me any time at aleksey@hey.com