Lessons from Our LP Meeting

We hosted our annual LP meeting yesterday – something we’ve done every year since the beginning, 16 years on.

It’s part update, part reflection, part board meeting for our own business. It’s not just a sales moment – it’s a rare pause from the hamster wheel to ask: how are we actually doing?

A few learnings –

Be direct.

Don’t sugarcoat the bad nor over-celebrate the good. LPs know the difference. They appreciate candor and humility more than polish.

Show metrics that are real.

Someone joked that “IRR stands for Infinite Reputational Return.” (sounds like WeWorks’ Community Adjusted Revenue 😉 The true net IRR, MOIC, DPI matters most. Transparency beats spin.

Founders always steal the show.

Every year, the highlight isn’t our slides – it’s our amazing founders.
Hearing their stories firsthand always resonates more than our charts ever could.

Less scripted, more human.

The best moments are the unscripted ones – the offhand insights, the honest reflections, the real conversations (and the dinner – maybe it’s the wine?!).

Remind people of the mission EVERY year.

Ours is simple: to be the most aligned fund for founders at the seed stage.

We’ve done this meeting every year since 2009, and it’s become one of my favorite days.