Emerging managers say LPs care about being in hot deals, not 7x fund returns
jonchu · x · 2026-11-11
An X user relays a conversation with an emerging fund manager: LPs care more that he is in a hot deal marked up by a tier-1 fund than whether he has a 7x fund return.
The author argues this explains a lot about the current (AI) venture ecosystem and why everything is so consensus-driven — status and paper marks over real returns.
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