Institutional LPs, such as Fund of Funds, Sovereign Wealth Funds, and Endowments, typically require extensive due diligence and may not be willing to sign PACTs quickly. They require comprehensive information and conduct thorough checks. It's important to assess the readiness of any LP before sending a PACT. If an LP is not yet serious or ready to commit, it may not be appropriate to send a PACT.
Institutional LPs typically do not sign PACTs. They also rarely participate in Fund 1s and on 1st closings. Most are prevented by charter from investing in emerging managers and typically engage in Fund 2 and beyond. If you're going to approach them, make sure they have a defined and focused strategy to invest in new and emerging managers.