"LPs start with a 'no' — and you have to earn the yes."
🎙️ I had a deep, no-BS conversation with Matt Curtolo, a seasoned LP and venture allocator, about the brutal reality of raising a first or second venture fund today — and what emerged was a masterclass in navigating the current VC landscape.
🚨Venture capital isn’t broken. But emerging managers need to rethink their playbook.
🎧 Listen to this podcast episode on YouTube or Spotify
💥 Key truths Matt shared:
👉 LPs aren’t allergic to seed/pre-seed. They’re just choosing familiar faces over new ones.
👉 The “flight to quality” = Andreessen, General Catalyst, and other platforms scooping up 50%+ of VC dollars.
👉 Emerging managers need to stop pitching mismatched LPs and start owning their narrative.
🏛️ The LP playbook has changed.
LPs aren't risk-on anymore. They want process over promises. The default answer is “no” — and you need a crystal-clear reason for them to say “yes.”
🎯 Fundraising is no longer about just a deck and a track record. It’s about:
✅ Clear GP-thesis fit
✅ Repeatable investment process
✅ A differentiated (or better) story
✅ Knowing your ideal LP avatar
Yes, 2024 was brutal for emerging managers. Yet there’s hope:
🔹 LPs are showing renewed optimism.
🔹 Innovation doesn’t care about interest rates.
🔹 Seed-stage opportunity is still wide open—if you show why you belong.
2025 might be your edge — if you know how to play it.
Because when others sit out, smart GPs lean in.
🔥 If you’re an emerging manager trying to raise in 2025, this episode is your playbook.
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