Most fundraising advice for emerging managers comes from other managers. This session flips the table: two active LPs explain exactly how to pitch LPs, what builds their trust, and what quietly kills a deal before diligence even starts. If you're raising your first fund, or planning to, this is a rare look at the other side of the conversation.
Watch the full session here:
The conversation was hosted by Kelly Schricker, head of Decile Labs at Decile Group, the team behind VC Lab that has helped launch over 900 venture funds across more than 80 countries. Steve Bennet is a Silicon Valley based operator, professor, and investor who has backed more than 175 startups directly and around 40 venture funds, and was one of the first investors into Decile's own fund of funds. Boguslaw "Bo" Nocek spent 25 years in pharma and biotech, recently completed LP Institute cohort six, and is working toward his first fund commitment from his base in Indiana. Two very different vantage points, one remarkably consistent story about what works.
How to Pitch LPs Without a Track Record
The chicken-and-egg problem comes up in nearly every first-time manager conversation, and Steve addressed it head on. His framing: a first fund is a bet on the team, a second fund adds the logos of what you've invested in, and later funds finally add returns and metrics. So when there's no fund track record, LPs are underwriting you.
That doesn't mean you show up empty handed. Steve looks for evidence that you can actually get operational as an investor. Have you written angel checks? Been a scout? Can you assemble a record of deals you would've done if you'd had a fund? Can you show the network that gets you into the best opportunities? If your edge is deep domain experience rather than an investing history, say so plainly, then hand the LP ten founders who'll vouch that they want you on their cap table.
He also offered an encouraging data point from his own portfolio: the first and second funds he's invested in have tended to perform better than managers' later funds. Being early isn't a consolation prize for LPs. It's often where the returns are.
Why You, Why Me, and Why Now
Bo anchors his evaluation in a framework taught at LP Institute: why you, why me, why now. Why are you the right person for this thesis? Why is this specific LP the right partner? And why is this the moment for the strategy?
For Bo, the first conversation is mostly about alignment and character. Integrity, reputation, grit, and where your dreams point matter more at the start than polish. You may not have VC experience, but if you've rallied people around a cause before, that counts. He also wants managers who show up as humans rather than salespeople: "not only pitching but being open to conversation." Admitting you don't know something, then following up quickly with a real answer, builds more trust than pretending to know everything. And he wants to see conviction backed by capital: a manager investing in their own fund. "You believe in yourself, then I believe in you as well."
One warning both speakers echoed: in an AI-saturated market, decks in the same sector all look alike. Kelly noted that Decile's current cohort keeps getting flagged for exactly this. Your deck is a reflection of you, not something a few prompts threw together.
The Pitfalls That Destroy Trust Before Diligence
The session's sharpest moments came from stories of pitches gone wrong. Steve described a manager who touted a portfolio success story without realizing Steve's angel group had invested in that same company and lost money. All credibility evaporated on the spot. The lesson: do your homework on who you're pitching, and never dress up a result.
Other trust killers the LPs and Kelly called out include the artificial hard sell ("got one spot left, need to come in now") when everyone knows a first fund will have multiple closes, and inflating a track record by lumping SPVs, angel checks, and a micro fund into one impressive-sounding number. LPs double click. Investing through a multi-layered SPV into a late-stage company is a very different signal than getting on the cap table early through a real relationship. Transparency about exactly what you did, when, and with what access is where diligence should start.
The thread running through all of it is a line Kelly borrowed from another mentor: "capital moves at the speed of trust." Every shortcut you take to look bigger slows that speed down.
Geography, Warm Intros, and Meeting in Person
An audience question asked whether venture can really happen outside Silicon Valley and Sand Hill Road. Both LPs said yes, with nuance. Steve has backed funds focused on the mid-Atlantic states and managers doing fintech in South America, and pointed to Right Side Capital, which is based in Silicon Valley but invests mostly outside it, partly for lower valuations and less competition for deals. Bo made the case from Indiana, which he noted has quietly become a radiopharmaceutical hub with several companies acquired by major pharma players. His take: California still wins on capital, but "capital will go wherever the good ideas are."
On outreach, Steve was pragmatic. A warm intro from an entrepreneur or another fund is always better, but it's not required. He was taking a meeting the next day with a manager who reached out cold on LinkedIn with a well-researched approach. Both LPs build relationships mostly over Zoom, though Steve has met most managers face to face at some point, and Bo expects to fly out before wiring his first commitment. Bo added that coming through a program like VC Lab acts as a vetting system that raises his baseline trust.
Steve also cautioned first-time managers about how they spend their time: institutions almost never commit to a fund one, so treat those conversations as planting seeds for later funds, and consider angel groups as a middle ground between individuals and institutions.
How to Pitch LPs Who Said No
Anyone learning how to pitch LPs needs a plan for the no, because most conversations end there. Both LPs described the same playbook for staying warm. Keep passed investors on your update list; monthly updates on your pipeline, portfolio, and market view cost nothing and let LPs watch you execute. Steve said many of the managers he likes best send monthly notes, not just quarterly reports, and that he often comes in later in a fund's close cycle, or in fund two, once he's seen the investments develop.
Make useful introductions, even to other fund managers. Kelly pushed back on the zero-sum instinct many managers have about LP relationships: connecting an LP with other interesting people builds trust rather than diluting it. Bo agreed, saying that managers who use his pharma expertise for feedback on deals are starting a relationship he'll remember. Steve also urged managers to understand the LP's position in the current market, where capital calls have far outpaced distributions, which shapes when and how much LPs can commit.
Bo closed the session with the line that sums up the whole hour: "don't think about LPs as a check." Think of them as a relationship that spans funds.
Frequently Asked Questions
Can venture capital work outside Silicon Valley? Yes. Both LPs pointed to thriving theses in the mid-Atlantic, South America, and even Indiana's radiopharmaceutical niche. Capital concentrates in Silicon Valley, but it follows good ideas anywhere, and smaller markets often mean lower valuations and less competition.
Do I need a warm introduction to reach an LP? It helps, but it's not mandatory. Steve takes occasional cold meetings when the outreach shows real research into what he's interested in. An intro from an entrepreneur or another fund manager is the strongest path.
Do LPs need to meet me in person before investing? Not necessarily. Steve has invested after Zoom-only initial meetings, though he's met most managers in person at some point. Bo builds most relationships online but plans to meet face to face before his first wire.
What should I pitch if I don't have a track record? Pitch yourself honestly: your domain expertise, your angel or scout activity, your network, and founders who'll vouch for you. Never inflate numbers by blending SPVs and angel checks into a single figure, because diligence will surface it.
Ready to Learn How to Pitch LPs the Right Way?
VC Lab is the free, 16-week accelerator behind more than 900 funds worldwide, and applications for Cohort 22 close on August 24, with fall cohorts kicking off in about a month. Whether you're launching your first fund, raising funds two through four, or exploring the LP side through LP Institute or Venture Institute, applications are open now across all Decile Group programs. Apply today, and the team will help you land in the right program.
Watch the full session here: https://www.youtube.com/watch?v=gy44s_QJPIk