Matt Curtolo is an independent advisor to LPs & GPs with over twenty years on the LP side of private markets, across Hamilton Lane, Hirtle Callaghan, MetLife, and Allocate. He now works directly with fund managers on strategy, fundraising, and positioning, giving them the candid LP read most of them never get. This is his third appearance on VC10X.
⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com
Topics covered:
- Why 2021 is the wrong baseline, and what the fund one attrition data actually shows
- Why "we invest in AI" has stopped being a thesis, and where Matt is looking instead
- How LP incentives, economic and non-economic, decide whether you ever get a check
- The biggest mistake GPs make when telling their fund story
- Why Matt thinks LPs who refuse to back fund ones are misunderstanding risk
Connect with Matt Curtolo:
LinkedIn: https://www.linkedin.com/in/matt-curtolo-caia/
Connect with Prashant Choubey:
LinkedIn: https://linkedin.com/in/choubeysahab
Subscribe to VC10X newsletter - https://vc10x.beehiiv.com
Subscribe on YouTube - https://youtube.com/@VC10X
Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986
Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ
VC10X website - https://vc10x.com
Timestamps:
(00:00) - Preview
(00:52) - Introduction to the host, guest, and the episode's central theme.
(01:23) - Sponsor read for Podcast NX.
(02:26) - Comparing the 2021 LP market to today's.
(04:52) - Investment trends and opportunities outside of AI.
(08:55) - How General Partners (GPs) are positioning themselves for fundraising.
(11:18) - Understanding Limited Partner (LP) incentives and their impact on investment decisions.
(14:40) - Key factors for securing a second meeting with LPs.
(17:15) - The biggest mistake GPs make when telling their fund's story.
(19:32) - How LPs evaluate first-time fund managers today.
(22:21) - The impact of SPVs and the "deal-first" mentality on portfolio building.
(27:23) - Principles of good portfolio construction for long-term LPs.
(30:46) - What separates durable franchises from one-fund wonders.
(33:08) - A hypothetical fundraising strategy for launching a new fund today.
(35:48) - Start of the rapid-fire round.
(36:00) - An important LP question every GP should be prepared for.
(36:19) - An exciting investment theme outside of AI.
(36:31) - Outdated fundraising advice to ignore.
(36:53) - A prediction for the GP fundraising market in the next three years.
(37:19) - Concluding thoughts.
