GPs are still raising capital like it's 2015:
• Generic track record deck
• Quarterly letters no one reads
• Placement agent intermediaries
• Zero direct narrative control
LPs, customers, and talent make decisions based on narrative.
The market has shifted.
LPs aren't just underwriting returns anymore.
They're underwriting platforms, people, and theses they believe in.
If two GPs have identical IRRs, the ones who can articulate their:
• Market conviction
• Operator relationships
• Differentiated approach
• Compelling point-of-view
They’ll win the allocation. All because of storytelling.
“But I don’t know what or how to say it.”
Not true. You have better stories than most Fortune 500 companies:
• Why you see opportunities others don't
• Your thesis on where markets are heading
• How you built relationships that create deal flow
• The infrastructure you've built to compound over cycles
Write them down. Share them consistently. Build an audience.
Are you building a narrative strategy or just updating slides?