Guides
The GP Playbook
What LPs look for in your fund operations, and how to be ready
Institutional LPs now examine how a fund is run as closely as how it performs, from the accounting, controls and reporting to the workflows behind every capital call and quarterly close. 87% of European institutional investors have rejected a fund manager over poor governance, and nearly a third say those rejections are rising. With distributions low and LPs cutting the number of GP relationships they hold, the pressure falls hardest on mid-size managers between €250m and €500m.
This playbook sets out what operational readiness looks like for a lean team. It maps the six areas LPs diligence before committing and the standard they expect at this stage. It also includes a self-assessment that shows where a fund sits today: fragile, functional or prepared.
It is intended for GPs preparing their next fundraise, and for the CFOs and operating partners who will answer the due diligence questionnaire.
You can now download the report!
What's inside
- Why operations are now diligenced as closely as returns, and what that means for your next raise
- The market conditions squeezing mid-size managers, and why LPs are consolidating their GP relationships
- The six areas of the ILPA due diligence questionnaire, and the evidence LPs look for in each
- The operational standard LPs expect from a lean team, without a full operations department
- A self-assessment across fund accounting, payments, compliance, investor onboarding, key-person resilience and systems