Seeing past the pitch

How to look for what matters as an LP

Happy Thursday!

I posted this today and it went (slightly) viral within the real estate community on Twitter - there’s an entire thread which you’re welcome to look at by clicking on the image.

Aleksey Chernobelskiy@chernobelskiy

When pitching LPs most GPs will jump into IRR, psf metrics, "under replacement cost" and the like All of these are missing the boat, so I wanted to run through a few suggestions today:

5:48 PM · Mar 12, 2026 · 20.5K Views

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5 Replies · 2 Reposts · 69 Likes

I think every deck comes along with a pitch and one of the hardest things as an LP is seeing “past” the pitch, so to speak.

I tell LPs that when you see any metric or “directional statement” and it doesn’t immediately come with support you have two options:

• If it’s important and a potential catalyst - look into the support to see if you agree

• If it’s not important - don’t let the statement sell you and move to next point

A “directional statement” essentially means that when you read something that a GP wrote you should immediately say “the GP wants me to think in this direction, but do I have enough support to believe that this is actually the case?

Let’s dive into five examples of this: