How emerging managers win the LP room
18:26The episode at a glance.
Summary
Matt Curtolo breaks down the critical differences between securing an initial LP meeting and converting that meeting into a funded commitment. The conversation reveals that strong returns alone are insufficient—emerging managers must differentiate through authentic personal connections, understand LP portfolio construction, and articulate their unique skill sets rather than relying on accolades or pedigree. Technology has automated quantitative due diligence, freeing LPs to focus on the qualitative and human elements where real competitive advantage lies. The episode addresses how emerging, mid-sized, and private wealth-focused managers can compete effectively in a market where mega-firms capture disproportionate capital.
Guest
Matt is an advisor to GPs and LPs with 20+ years of experience across both sides of the private markets table. He has held positions at Hamilton Lane, worked in OCIO (outsourced chief investment officer) roles, fintech, and now provides strategic guidance to fund managers and institutional investors navigating capital formation and allocation decisions.
In Matt’s words.
“Great returns can get you the meeting, but they don't get you a commitment.”
“Technology should allow us to spend more time with the people, which is the hardest thing to analyze using AI or other tools.”
“What gets you to a second meeting is developing rapport—connecting with the person on the other side of the table. Let me understand why you're doing what you're doing, then we can get tactical.”
“If a GP tells me they're investing in vertical AI and they went to Harvard Business School, while those are great accolades, that doesn't help you stand out. What is the thing that you uniquely are built on?”
“Seven firms are going to raise 75% of the capital through three quarters this year. Whether you're a $20 million Fund I or $150 million fund five, you've got to carve out why an LP should think about you as a complement in their portfolio.”
“Private wealth is a whole different animal. You have to reach people across Instagram, TikTok, CNBC—you're competing for massive brain share, so you have to do more if you're trying to reach that audience.”
“Innovation is not that concentrated in the world. There are a lot of great things happening outside of the mega-firms and startups. Small and mid-sized managers should look at unloved areas where valuations are less expensive and founders have real-life experience solving acute pain points.”
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