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Running the roadshow

The roadshow is where preparation meets execution. Everything you have built—your thesis, track record, materials, and relationships—gets tested in LP meetings. This guide covers target list construction, meeting execution, reading LP signals, advancing prospects through the funnel, and closing commitments.

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Target list construction

Build a list of 50-100 LP targets before you start scheduling meetings. Random outreach wastes time and burns relationships.

Tiering your targets

Tier	Count	Characteristics	Probability
Tier 1	20-30	Strong fit, existing relationship, active mandate	30-50%
Tier 2	30-40	Good fit, warm intro available, open to ABF	15-25%
Tier 3	20-30	Possible fit, cold outreach required	5-15%

Target qualification criteria

For each potential LP, document:

Factor	Questions to answer
Mandate fit	Do they allocate to private credit? ABF specifically?
Check size	Is their typical commitment in your range?
Current exposure	Do they already have ABF managers? How many?
Decision timeline	When is their next allocation cycle?
Key contact	Who is the decision-maker or gatekeeper?
Connection path	Warm intro available? Through whom?
Competitive situation	Who else are they evaluating?

Building the target list

Sources for LP identification:

Your existing network and warm introductions
Placement agent relationships
Conference attendee lists (SALT, Milken, SuperReturn)
Public filings (pension fund allocations are often public)
Industry databases (Preqin, PitchBook, Evestment)
LinkedIn research on allocation teams

Prioritization framework:

Score each LP on: mandate fit (1-5), relationship warmth (1-5), and timing (1-5). Multiply for total score. Start with highest scores.

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Outreach strategy

Warm introductions

Warm introductions convert at 40-60%; cold outreach converts at 5-15%. Prioritize relationship leverage.

Who can introduce:

Existing investors (most credible)
Placement agents (valuable for specific relationships)
Originators who know LP credit teams
Service providers (law firms, administrators)
Former colleagues now at LP organizations
Industry peers with existing LP relationships

How to ask for an introduction:

Be specific about who you want to meet and why. Provide a short email that your introducer can forward:

“I am reaching out to [LP Name] because they have been building their ABF allocation and we believe our consumer finance focus is complementary to their existing manager lineup. Could you introduce me to [Contact Name]?”

Cold outreach

When warm introductions are not available, cold outreach can work if done well.

Effective cold outreach:

Specific: Reference something specific about their portfolio or recent activity
Concise: 3-4 sentences, not your entire pitch
Low ask: Request a brief call, not a pitch meeting
Easy to respond: Yes/no question, not open-ended

Example:

“I noticed [LP Name] recently committed to two specialty credit managers. We focus on consumer ABF, an area I understand you are building exposure to. Would a 20-minute call to share what we are seeing in the market be useful? Happy to work around your schedule.”

What does not work:

Mass emails with no personalization
Attaching your full pitch deck unsolicited
Requesting an hour-long meeting from a cold contact
Multiple follow-ups within a week

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Meeting logistics

Geographic clustering

Cluster meetings geographically to maximize efficiency.

Hub	LP concentration	Optimal trip length
New York	Insurance, FoFs, family offices	2-3 days
Boston	Pensions, endowments, consultants	1-2 days
Chicago	Pensions, insurance	1-2 days
San Francisco	Tech family offices, foundations	1-2 days
London	Insurance, SWFs, pensions	2-3 days

Meeting capacity

Plan 4-5 meetings per day maximum. More than that:

Fatigue degrades your pitch quality
No buffer time for meetings that run long
Cannot do proper follow-up notes between meetings
Risk of being late due to travel logistics

Scheduling discipline

Best practice	Why
Confirm 48 hours before	Reduces no-shows
Arrive 15 minutes early	Never be late; use time to collect yourself
Buffer 45 minutes between	Travel time and decompression
Protect lunch slot	Energy management
End by 5 PM	Decision-makers leave early

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The LP meeting

First meeting goals

Your first meeting is not a close. Goals:

Educate the LP on your strategy and differentiation
Qualify their interest and fit
Secure a second meeting or clear next step

Most first meetings are 45-60 minutes. Do not try to cover everything.

Meeting structure

Opening (5 minutes): Set context. Why are you excited about this meeting specifically? What do you know about their portfolio?

Core pitch (10-15 minutes): Cover your thesis, team, track record, and differentiation. Hit key points without reading every slide.

Discussion (25-30 minutes): Stop presenting and invite questions. Let the conversation reveal their priorities and concerns.

Close (5-10 minutes): Summarize key points. Confirm next steps. Ask explicitly: “What would you need to see to move forward?”

Who should be in the room

Two people from your side:

Senior person (CIO or PM): Leads the pitch, handles investment questions
Support person (deal team or IR): Handles logistics, takes notes, fields operational questions

More than two signals disorganization or insecurity.

Reading LP signals

Positive signals:

Signal	What it means
Asking about specific deals	They are evaluating, not just educating
Discussing internal process	They are thinking about how to advance you
Introducing additional team members	They want others to meet you
Asking about timeline and minimum commitment	They are sizing a potential allocation
Requesting DDQ or data room access	They are moving to diligence

Polite rejection signals:

Signal	What it means
”We are not focused on this area right now”	Pass
”We have existing manager relationships”	They are full or prefer incumbents
”Let us stay in touch” (no specific next step)	Soft pass
Passing you to junior team member	Priority downgrade
”Interesting, but…”	Looking for polite exit

When you get rejection signals, ask directly: “It sounds like this may not be the right fit right now. Is that fair? If so, what would need to change for you to revisit?”

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Moving from interest to commitment

Second and third meetings

If you get a second meeting, content shifts from education to evaluation:

Second meeting agenda:

Deeper dive on investment process with specific deal examples
Introduction to additional team members (operations, compliance)
Discussion of terms and structure
Reference call requests
Preliminary discussion of allocation size

Third meeting agenda:

Investment committee preparation
Term negotiation
Side letter discussion
Timeline to commitment

LP internal process

Understand each LP’s decision process:

Question	Why it matters
Who needs to approve?	IC, board, consultant, CIO
What materials do they need?	Memo, presentation, DDQ
What is their meeting schedule?	Quarterly IC, monthly, ad hoc
Who is your internal champion?	Who will advocate for you
What concerns do they need to address?	Help them sell you internally

Supporting your champion

Provide everything your internal champion needs:

Draft investment memo in their preferred format
Comparison to their existing managers
Answers to anticipated IC questions
Offer to present to IC directly
Quick response to any follow-up questions

Your champion is selling you internally. Make their job easy.

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Negotiation and close

Major negotiation points

Term	Standard range	Negotiation dynamics
Management fee	1.25-1.75% on committed	Large LPs expect discounts
Carried interest	15-20% over preferred return	Less negotiable than management fee
Preferred return	6-8%	Standard terms rarely change
Fund expenses	Varies	Detail what is inside vs. outside fee
Lock-up	3-5 years	Extensions common
Governance	Advisory board typical	LPAC seats for large LPs

Fee break structures

Large LPs expect fee discounts. Common structure:

Commitment size	Management fee
Base	1.50%
$50M+	1.25%
$100M+	1.00%

Calculate the economics carefully. Fee breaks to anchor LPs affect your business viability.

Side letters

Side letters provide LP-specific terms. Common provisions:

Provision	Typical request	Your response
Fee discount	Tied to commitment size	Standard scale
MFN rights	Match best terms offered	Careful about scope
Co-investment	Rights or priority access	Define clearly
Reporting	Enhanced or customized	If operationally feasible
Regulatory accommodations	ERISA, tax, etc.	Standard language available

Managing side letter proliferation:

Offer a standard side letter with common accommodations
Push back on exotic requests that create operational burden
Track all side letters in a matrix
Understand MFN cascade effects before agreeing to terms

Closing process

Final close involves:

Step	Timeline	Owner
Final term agreement	Week 1	Both parties
Subscription documents	Week 2	LP legal + you
AML/KYC verification	Week 2-3	You + administrator
Wire transfer	Week 3-4	LP
Countersignature	Week 4	You
Admission to partnership	Week 4	Administrator

Plan 2-4 weeks for closing mechanics after commitment is agreed.

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Fundraise timeline management

Typical timelines

Manager type	First close	Final close
First-time manager	12-18 months	18-24 months
Established, new strategy	9-12 months	12-18 months
Established, successor fund	6-9 months	9-12 months

Most managers underestimate timelines by 50-100%.

Creating momentum

LPs follow other LPs. Creating momentum accelerates your fundraise.

Tactics:

Announce first close to generate attention
Share (with permission) who has committed
Create urgency around capacity limits
Leverage existing LP references for prospects

Managing the pipeline

Track every LP prospect through stages:

Stage	Definition	Typical conversion
Target	Identified, not yet contacted	-
Outreach	Initial contact made	30% to meeting
First meeting	Had initial presentation	40% to second meeting
Second meeting	Deeper engagement	60% to diligence
Diligence	Active DDQ/ODD	70% to IC
IC	In investment committee	80% to commitment
Committed	Agreement reached	95% to close
Closed	Money in	Done

Update your pipeline weekly. Know your conversion rates and adjust activity levels accordingly.

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Follow-up discipline

Within 24 hours of every meeting:

Action	Purpose
Thank-you email	Professionalism, excuse to reconnect
Send promised materials	Demonstrates reliability
Document meeting notes	What discussed, objections, next steps
Update CRM	Track status and actions
Brief team	Alignment on follow-up

Staying in touch between meetings

Touchpoint	Frequency	Content
Market update	Monthly	Brief insight on your sector
Performance update	Quarterly	Portfolio highlights (appropriate for stage)
News sharing	As relevant	Articles or data they would find valuable
Event invitation	As relevant	Conferences, dinners, webinars

Stay present without being annoying. One touchpoint per 4-6 weeks is appropriate for active prospects.

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Key takeaways

Target carefully. A well-researched list of 50 LPs beats a spray-and-pray list of 200.
Prioritize warm introductions. They convert 3-5x better than cold outreach.
First meeting is qualification, not close. Focus on education and fit.
Read signals accurately. Know when to press forward and when to move on.
Support your champion. Make it easy for internal advocates to sell you.
Follow up relentlessly. The meeting is the beginning. Discipline in follow-up separates winners from also-rans.