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How LPs pick emerging managers.

What LPs told us in 2026 about new managers, first meetings and how long a commitment takes. A free 18-page study.

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The cover of LP Sentiment 2026: How LPs Pick Emerging Managers
4.9 / 5 Top Capital Market Consulting Company 2026
18 Clutch reviews
/ 01

What LPs told us in 2026

A qualitative LP briefing, built from structured conversations and written answers from individual and angel LPs, LPs in early-stage and emerging funds and long-time LPs across many funds, in the US, Europe and Canada, in 2026. Not a representative survey.

Edwin Mik
Edwin MikPartner & Head of IR

Formerly at Barclays, Apax Partners and Euronext, Edwin knows how investors screen a mandate. He works out who is allocating now, which of the 440+ relationships is the right first call, and what they need to see.

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Niclas Schlopsna
Niclas SchlopsnaManaging Partner

Started spectup in Berlin in 2022 and runs the commercial side of it: which mandates the firm takes, how a raise or a sale is positioned, and what the market hears about it. On a live process he holds the line on price.

LinkedIn
01

The typical LP sees about two fund decks a month, and almost none get a first meeting.

A deck alone rarely earns the meeting. Say in your first line why the fund fits the LP's focus, and get introduced.

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Fund decks a month, what LPs told us, log scale
The typical LPabout 2 a monthThe busiest LPabout 50 a month1248163264Nearly all answers: 1 to 10 a month
The typical LPabout 2 a monthThe busiest LPabout 50 a month1248163264Nearly all answers: 1 to 10 a month
The typical LPabout 2 a monthThe busiest LPabout 50 a month1248163264Nearly all answers: 1 to 10 a month
The typical LPabout 2 a monthThe busiest LPabout 50 a month1248163264Nearly all answers: 1 to 10 a month
One LP's month of decks, the LP's own numbers
50Decks amonth45Instantpass3 to 4Read, thendeclined1 to 2Firstmeetings
50Decks a month45Instant pass3 to 4Read, thendeclined1 to 2First meetings
50Decks a month45Instant pass3 to 4Read, then declined1 to 2First meetings
02

90%

of one LP's incoming decks get an instant pass, most for missing the LP's focus.

Check each LP's mandate before anything goes out. If the fund does not fit it, do not send.

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03

Most LPs commit within two months of a first meeting. From a cold start, one takes three to nine.

Start the conversations before the fund is in market, and build the first close on the LPs who already know you.

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First meeting to commitment
03 mo6 mo9 mo12 moNearly all LPs who answeredwithin 2 monthsmedian: about a monthOne LP, from a cold start3 to 9 months
03 mo6 mo9 mo12 moNearly all LPs who answeredwithin 2 monthsmedian: about a monthOne LP, from a cold start3 to 9 months
03 mo6 mo9 mo12 moNearly all LPs who answeredwithin 2 monthsmedian: about a monthOne LP, from a cold start3 to 9 months
A relationship with someone I trust.
Individual LP, USon what gets a first meeting
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What's inside

18 pages: all five findings, eight charts of what LPs said, their own words, and what it means for a fund raising now.

  1. 01
    The door

    Who is still open to a new manager this year

  2. 02
    The screen

    Deck volume, first meetings and what gets an instant pass

  3. 03
    The clock

    How long a commitment takes, and who makes a GP wait

  4. 04
    The blind spots

    What hurts GPs in the room, and what they underestimate

  5. 05
    Five changes before the first LP call

    What to do about it, and how a spectup placement runs

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/ 03

Get the study

The cover of the study
spectup

We run fund placements for the GP, from mandate to close.

spectup is a private placement agent for funds. We act for the GP and bring the LPs to the table.

Discuss your mandate Get the study
01

Raise parameters and materials

02

A 30-minute call on fit and coverage

03

Written mandate proposal