VC LPs have 'zero FOMO' right now: RAISE takeaways on DPI, concentration and liquidity
ai · x · 2026-10-25
Firsthand takeaways from LPs at RAISE, quoting Meghan Reynolds' AGM notes:
- With every fund widening into AI, pitches sound identical — true portfolio concentration is the only differentiation
- The analyst in your meeting won't be at the firm when your DPI shows up; give them something that pays off this year
- When LPs can freely pick asset classes, venture loses — you end up defending the whole asset class
- One LP bluntly: LPs have zero FOMO on VC right now
Quoted thread adds: GPs are raising faster than expected (burned cash or war chests for a market stumble); across top GPs TVPIs look great but real differentiation is DPI, concentration and portfolio management; LPs want PE to start selling assets; some worry a great Anthropic IPO could backfire.
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