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Your first fund lives or dies on commitment quality. Getting 50 PACTs signed means nothing if they're all minimum checks from people who aren't truly bought in. The math doesn't work, and you'll burn out chasing hundreds of small LPs instead of building a real fund.
The good news: you already have the network to raise meaningful capital. This guide shows you how to activate it.
The Mindset Shift: You Are The Prize
Before we get tactical, you need to internalize something: people are lucky to be investing in your fund.
You're not asking for favors. You're offering an exclusive opportunity to participate in something amazing. The best IR professionals at top firms make millions of dollars a year doing one thing: professionally reminding people that they should prioritize investing in the fund.
Channel that energy. You're doing LPs a favor by including them.
Start With Higher Numbers
Here's the simplest fix most managers overlook: stop sending minimum PACTs.
Your PACT minimums should start at $100K, $250K, or $500K depending on who you're talking to. For family offices, start at $500K.
The $10K Start Fund minimum exists to give you flexibility to allow value-added investors who want to take an option on your fund. It's not your fundraising strategy.
When you start low, you get low. When you start high, people either meet you there or negotiate down to something reasonable. Either way, you end up with better commitments than if you'd started small.
The Conversation
When you hear signs of interest ("How can I help?" or "How do I invest?"), don't leave the amount open-ended.
Ask directly: "Would you like to reserve a $50K, $100K, or $250K position in the first closing?"
Notice you're not asking "how much." You're giving options that frame the conversation. If they counter with a smaller amount, that's fine. But at least you started the conversation from a position of confidence.
Use Deals to Create Natural Urgency
Portfolio companies create natural pressure that makes commitment decisions easier for LPs. Here's how to position it:
"We have a company right now working on [brief description]. There's another company in this space publicly traded at roughly $20 billion. This one has potential to be much bigger because of [specific reason]. The founder is holding us a spot, and they're going out for a big Series A in the spring. We want to get in now before the valuation goes up."
What just happened? You:
- Showed a specific, exciting opportunity
- Used a comparable to establish potential
- Created urgency with a timetable you didn't set
- Made the LP feel like part of the team ("us," "we")
Don't go too deep on technical details. If you're investing in biotech, don't explain protein science. Talk about the business potential:
- "They're on track to do $100M in ARR by next year."
- "They expect to have a quick 3x+ markup."
- "The company has been performing well ahead of expectations, and their goal is to go public in the 2028 to 2030 timeframe, where they expect a 100x+ return."
- "On a run rate of $1B in transactions."
LPs aren't as technical as you. They want to understand why this will be a huge business, not how the technology works.
Work Backwards to Show Why Timing Matters
Build a timeline that shows exactly why you need commitments now:
"We need to wire to the company by the 22nd. That means I need signed LPAs by the 12th and wires by the 17th. We're doing a first close this week so we can get into this deal."
Companies are raising rounds, and you need capital to participate. Working backwards from deal timelines creates legitimate urgency that helps LPs prioritize.
Position It As An Option
For LPs who hesitate, reframe the commitment as an option:
"This is a really good option for you to get in early. Watch us succeed, and you can always increase your position later."
This works because:
- It reduces perceived risk ("I can start smaller")
- It creates a path to larger commitments over time
- It gets them in the door
Three times you'll ask for increases:
- First close (nice ask, no hard push)
- Midway through fund cycle (when you have markups, it's a no-brainer)
- Final close (last chance to increase position)
The LP portal in Decile Pro has a button specifically for increasing commitments. Use it.
The Unity Play
People want to be part of something bigger than themselves. They're not just writing a check; they're joining an exclusive community.
Use language that reinforces this:
- "We" instead of "I"
- "We're in this together"
- "Part of the club"
- "Our first investors"
This is especially powerful once you have a few LPAs signed:
"We've had several people sign LPAs already. Things are going better than expected. We're now on track to close in the first week of December."
Give ranges, not exact numbers. "We have $500K to $800K hard-circled and another $500K soft from a number of LPs with a similar profile as you" sounds more dynamic than a single figure.
Social Proof Without Oversharing
When LPs ask who else is investing:
"I'm not going to disclose specific names, and I'd do the same for you. But on a high level, the LP base so far is people just like you: primarily high net worth individuals and some small family offices."
You've:
- Protected LP privacy (builds trust)
- Shown you have traction
- Made them feel like they belong
Common Pitfalls to Avoid
Don't pitch tax benefits as the primary value. K1 write-offs, QSBS, and similar tax incentives attract LPs who came in for the wrong reasons. They'll be difficult to manage and impossible to satisfy. They invest because of tax advantages, not because they believe in your thesis.
Don't target institutional investors too early. Large fund of funds, pension funds, and endowments often cannot invest in first-time managers. Even if they can, they require extensive due diligence, multiple meetings, and established track records. This is a long-term strategy. Don't waste time on these folks now. Be nice, and keep them warm through newsletter and updates. You'll be able to convert them later on for Fund II or III.
Don't underestimate your network. Many first-time managers assume their contacts don't have significant investable assets. This is often wrong. Successful professionals, entrepreneurs, and executives frequently have liquid assets.
Don't avoid the ask. Some managers feel awkward asking people they know for money. Reframe it: you're offering them access to an opportunity they wouldn't otherwise have. If you believe in your fund, you're doing them a favor by including them.
The Follow-Up Multiplier
Better commitments often require more touchpoints. The best fundraisers are "relentless monsters" on follow-ups. Every two to three days, they're following up.
Here's the key: if you're using news and momentum, these follow-ups are welcomed.
They signed a PACT. Of course they want updates. You're not nagging. You're keeping them informed about something they committed to. Expect 5 to 10 rejections for every commitment. That's normal. It’s important to keep going.
Use multiple channels:
- Email for procedural updates
- Text/WhatsApp for urgent, personal messages
- Newsletter for broad updates and thought leadership
- In-person meetings for meaningful checks
Alternate channels so you're always top of mind without overwhelming any single inbox.
Growing Commitments Over Time
You will get LPs who sign for less than you hoped. That's fine. Here's how you grow their commitment over time:
At first close: "Things are going really well. We're closing on [deal]. Would you like to increase your position before we finalize?"
Midway (with markups): "The portfolio is performing. [Company] just marked up 3x. We're doing a mid-fund close if you'd like to increase."
Final close: "This is the last opportunity to increase your position in Fund I before we close it out."
One Decile powered fund raised an extra $2.5 million just from this nurturing approach. They got "maybes" early, put the LPs on the newsletter, ran amazing events, and those people eventually came in at larger amounts than they signaled originally.
Daily Metrics That Matter
To successfully raise a fund, you should aim to talk to at least 600 LPs. That's the bar. Here's how to hit it:
PACT Conversion: 1 in 5
Pitch 5 LPs, get 1 PACT. Ideally 2.
If you're not hitting this target, something's off. Maybe your thesis, pitch, or the LP archetypes you're going after. Take a step back, reflect, and fine-tune using the AI Toolkits below:
- Refine your thesis: Create a Fund Thesis for LPs
- Improve your pitch: Prepare to Pitch Confidants
- LP Archetypes: Discover LPs to Pitch (make sure you install the Hub Extension first. If you need help, book time with Ryan)
Meeting Conversion: 3 to 5 Meetings Per Day
You need 3 to 5 meetings daily to build momentum and keep your top of funnel full.
Work backwards:
- How many emails do you need to send daily to get 3 to 5 calls on the calendar?
- How many calls do you need to make daily to get 3 to 5 calls booked?
Do the math, then block time on your calendar every day to hit your target.
Pro tip: Use the Hub Extension to quickly import your LPs from LinkedIn.
Use the Fundraising Pipeline in Decile Hub and keep the stages updated so no leads fall through the cracks.
The Bottom Line
Better commitments come down to a few things:
- How you create urgency (use deals and timelines)
- How you follow up (relentlessly, with news)
- How you build relationships with LPs (set up content events and fireside chats with hot startups showing impressive traction that you're targeting for investment)
You already have the network. Now activate it with confidence.