On the quantitative side, cash on cash returns is the number one metric that emerging managers working on Fund II or Fund III are evaluated on, followed by unrealized markups. On the qualitative side, operating drama in previous funds, such as partner disagreements or firm turnover, affect the decisions by prospective LPs. The Thesis-alignment of portfolio investments, as well as any notable portfolio companies, are factored in. The overall quality of operations, including Deal Memos and reports, also matter. It is safe to assume that larger limited partners in Fund II or Fund III will do extensive due diligence on any previous funds.