The Skills That Actually Build Funds (And Why I'm Obsessed With Them)
What I Thought Mattered vs. What Actually Does
I thought being a great GP was about:
Deal sourcing
Investment judgment
Portfolio construction
Returns
Those absolutely matter.
But they're not what separates funds that raise from funds that die.
The difference is strategy, vision, storytelling, company building, leadership and investor relations.
Not the fluffy kind. The clear, essential kind that helps LPs understand who you are and why you matter.
Storytelling: The Skill Nobody Admits Is Critical
Most GPs think storytelling is manipulation. Marketing fluff. Something beneath them.
They're wrong.
Storytelling is how you make LPs understand:
Why your thesis isn't just smart, it's inevitable
Why YOU are the only team that can execute it
Why NOW is the moment, not next year
Why they'll regret passing
Bad storytelling: "We invest in early-stage vertical SaaS with a focus on supply chain optimization, leveraging our operational expertise to drive portfolio value creation."
Generic. Forgettable. Every deck says this.
Good storytelling: "Enterprise software ate supply chain five years ago. But the actual warehouse floor—where $8 trillion in goods move annually—is still running on clipboards and Excel. We spent a decade building and selling two companies in this space. We know the three reasons software fails on the warehouse floor. And we know the companies solving it before anyone else does."
Specific. Credible. Ownable.
The difference is everything.
The Three Skills That Build Successful Funds
1. Narrative Strategy: Owning Your Position
Most GPs have a pitch. They don't have a position.
A pitch: "We're a seed-stage fund focused on AI infrastructure."
Okay. And?
A position: "AI infrastructure is repeating the 2009 cloud build-out, but compressed. The picks-and-shovels layer is being built by technical founders who understand distributed systems at scale. We're three former infrastructure engineers who built at Google, AWS, and Databricks. We see the architectural decisions six months before they're obvious. When founders are choosing between Postgres and vector databases, they call us."
That's narrative strategy. It's not what you do—it's why you're the inevitable choice for this specific thing.
2. Storytelling: Making Complexity Compelling
LPs are drowning in decks. They all say the same things.
"Proprietary dealflow." "Value-add platform." "Differentiated strategy."
Stories stick. Abstractions disappear.
3. Investor Relations: Building the Engine That Compounds
Most GPs treat IR as a chore. Quarterly letters. Annual meetings. Checkbox exercise.
IR is how you turn a transaction into a three-decade relationship. It's how you:
Keep LPs engaged between funds
Turn satisfied LPs into evangelists who introduce you to others
Build trust that survives bad quarters and blown investments
Create the foundation for automatic re-ups
Monthly insights that position you as a thought leader (not quarterly box-checking)
Transparent communication that builds trust during crisis (not spinning bad news)
Value delivery beyond your fund (introductions, co-investment opportunities, market intelligence)
Multi-threaded relationships across LP organizations (not single-point failure)
The result: LPs who don't just commit once—they increase allocation, refer others, and become part of your permanent capital base.
Why This Matters More Than Ever
The fundraising environment is challenging right now.
LPs are consolidating. Writing bigger checks to fewer managers. Demanding more for less.
The difference between funds that raise and funds that die isn't performance.
It's whether LPs understand:
Who you are (narrative strategy)
Why you matter (storytelling)
Why they should stay with you (investor relations)
Every GP has a deck. Most have decent returns.
But very few have the narrative clarity, storytelling precision, and IR infrastructure that makes LPs feel confident backing them.
