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Conversion rate from chats with potential LPS in my fund

Adeo mentioned that if our thesis is strong, we can expect a ~20% conversion rate from the chats we have with potential LPs. But when Gabriel Jarrosson spoke about his experience during yesterday's webinar, he mentioned that one usually has to speak to hundreds, if not thousands, to close on a first fund. From your past cohorts overall, what is the distribution of this conversion rate (eg median, worst case scenario, best case scenario)? Thanks
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Both of these comments are true. Your thesis is not working if 1 in 5 of your close network of LPs are not commitments. Once you move beyond 1st and 2nd degree connections, the ratios may go down.
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And for the 1 in 5, is it assumed that all 5 are potentially actively investing in startups/funds? (so they are qualified to begin with, and then from the 5, it is a 20% conversion rate)? Or is that not assumed? Want to make sure as I test my hypothesis, I understand the benchmark to use 

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