Make sure your LPs are ready to invest again

The general partner manages the fund: sourcing deals, making investment decisions, and running the portfolio. Limited partners supply the capital and take no part in management, which is what limits their liability to the amount committed. The GP earns a management fee and carried interest, while LPs receive returns net of both.

The work happens in the years when nothing is being raised. Firms that raise quickly keep a continuous record of every LP touchpoint: meetings, updates, co-investment offers, and questions asked. The next raise then starts from a warm, documented relationship instead of a cold list.

Like a deal pipeline, with stages reflecting commitment progress: initial conversation, materials shared, diligence, legal, and closed. What differs is the relationship layer. An LP allocator may have been introduced by another LP, a placement agent, or a portfolio company founder. That path matters as much as the stage.

Beyond financials, LPs increasingly ask what the firm does for its companies. That means reporting portfolio support activity as specifics: introductions made, hires sourced, follow-on investors connected. Firms that capture this activity as it happens can report it, while firms that reconstruct it quarterly usually undercount.

LP records carry commitment amounts and contact details that shouldn't be visible firmwide. Restrict access with permission sets at the record level, log every access for audit, and share externally through scoped permissions rather than exports. SOC 2 Type II and ISO 27001 certification is the minimum an institutional LP will expect in diligence.

Affinity captures every email and calendar interaction with an LP automatically and scores the relationship on recency and frequency, so the team can see which LPs have gone quiet before a raise begins. LP records sit on their own permissioned lists, separate from deal pipelines, with the full interaction history attached.