The Difference Between a Pitch and a Position
A pitch is something you say. A position is something you are.
A pitch is transactional. It's a performance. It goes like this:
"We invest in early-stage B2B SaaS companies in Europe. We have a proprietary dealflow engine. Our edge is operational support for founders. We target 3x net returns."
It's clean. It's professional. It's completely forgettable.
Why? Because every other fund is saying some version of the same thing.
A pitch asks: "Will you give us capital?"
It's inherently needy. You're selling. They're buying. The power dynamic is clear.
And LPs can smell it.
What a Position Looks Like
A position doesn't ask for anything. It states a reality.
It sounds like this:
"European founders building vertical SaaS come to us because we're the only fund that actually came from their world. We're not consultants playing investor—we built and sold two companies in this space. We know the playbook. We know where it breaks. And we know the three decisions that determine whether you're going to work or die."
See the difference?
A position is a claim about your place in the world. It's not what you do—it's who you are in the ecosystem.
It doesn't convince. It orients.
The Shift in Power
With a pitch, you're asking to be chosen.
With a position, you're explaining where you fit—and letting LPs decide if they want to be part of it.
Pitches create questions. Are they as good as they say? Can they really execute? Should we believe this?
Positions create clarity. Oh, they're THE fund for X. If I want exposure to X, I need to talk to them.
LPs don't want to be sold. They want to understand the landscape and make the obvious choice.
A strong position makes backing you feel inevitable, not risky.
How Positions Are Built (Not Written)
Here's the thing: a position is built authentically over time.
You can workshop a pitch. Polish the deck. Practice the delivery.
But a position is earned through what you've actually done:
The deals everyone knows you won
The companies that publicly credit you
The thesis you articulated two years ago that's now obvious
The reputation that precedes you in rooms you've never entered
A position exists before the meeting starts.
The LP has already heard your name. Already seen your portfolio. Already formed an impression.
The meeting isn't about convincing them. It's about confirming what they already suspect.
The Test
Here's how to know if you have a position:
If you stopped fundraising tomorrow, would LPs feel like they missed something?
If the answer is no—if they'd shrug and move on to the next fund—you don't have a position. You have a pitch.
If the answer is yes—if they'd wonder "why didn't I get in on that?"—you've transcended the game.
