We’ve seen it happen to literally every fund manager raising capital: getting ghosted by an LP who seemed super interested.

Let’s set the scene: a fund manager has an amazing first meeting with a prospective LP.

The energy is great, the LP is asking smart questions, and the manager is thinking "this is it — we've got a live one!".

They follow up with their deck and data room link. Odds of closing feel high.

Then... nothing.

The sad thing is that this happens to everyone. Even Hustle Fund. So when I asked Hustle Fund GP Eric Bahn how he handles this situation, he had detailed framework to share.

Ready? Let’s dive in.

The Three-Touch Follow-Up System

Eric’s first rule: never wait for the LP to get back to you.

LPs are juggling dozens (sometimes hundreds) of manager conversations at once. They travel constantly, get pulled into other priorities, and sometimes they just forget.

If you sit around waiting for LPs to remember you exist, you’re gonna lose a lot of leads.

Instead, try this three-touch follow-up system:

Touch #1 (Week 1-2): This is your soft check-in. Something like: "Hey! Just checking in to see if you have any questions about the materials I sent over. Happy to jump on another call if that would be helpful."

Touch #2 (Week 3-4): Time for a friendly nudge. "Hi again! It seemed like we had a really good first meeting, and I wanted to see if you're still interested in learning more about the fund. Let me know!"

Touch #3 (Week 5-6): This is where you get real. "Hey — just wanted to check in one last time. It sounded like we had some great interactions, but given that I haven't heard back, it seems like you might not have interest, which is disappointing because I was really excited about working with you. Let me know if anything changes."

The Magic Word

Eric’s wife, Bea, is an insanely talented salesperson. She’s found that using the word "disappointed" in that final message makes a big impact.

When someone ghosts her, Bea lets them know she's disappointed in them — and it often resurrects the conversation.

The lesson: don’t be afraid to express disappointment. Getting ghosted is disappointing!

At the very least, the LP might realize that ghosting isn’t acceptable, and follow up with a clear “no thanks”. It’s not the ideal situation, but hey. It’s closure.

Eric used to follow-up forever.

For many years, Eric believed in the power of interminable (hey, 5-syllable word) follow-ups.

See, he once converted an investor on the 14th follow up.

But he’s since changed his mind on this concept. If managers are going to close an LP, it usually happens within the LP's first two responses. After the third touch, your chances drop way off.

Is it possible to convert someone after 14 outreaches? Yes, but it’s super rare. The three-touch system gives managers the best shot without wasting time on dead leads.

Creating Healthy Urgency

One of the trickiest parts of fundraising is creating urgency without sounding desperate.

Eric’s recommendation is to leverage frequent closes — maybe every month or two months.

BUT… the language matters a lot.

✅ What to say

"We have our close coming up in two months" or "We're planning our next close for early March."

❌ What NOT to say:

"Final close" or "last chance" — anything with finality sounds desperate and can backfire.

Bahn also suggests sharing momentum without oversharing details: "We're seeing strong interest and expect to be oversubscribed" works better than "We've raised about 30% so far".

Try to communicate progress without revealing weakness.

Framing your urgency based on LP type

Different LP types respond to different triggers.

Institutional investors often need quarterly board approvals, so mentioning "We'd love to get you into our Q1 close to align with your board schedule" shows you understand their process.

Family offices and high-net-worth individuals might respond better to "We're limiting the number of LPs to maintain our boutique approach."

The scarcity play

Scarcity works. But you gotta be authentic.

If you're genuinely limiting fund size or LP count, say so: "We're capping this fund at 25 LPs, and we're at 18 committed."

But never fake scarcity — experienced LPs can smell desperation from miles away.

Regular updates can create urgency

Regular updates to your pipeline can create natural urgency.

"Just wanted to update you that we've had three new commitments this week and are now 60% subscribed" gives LPs a reason to move faster without you explicitly asking them to.

When They Say "Not Now, But Maybe Later"

Sometimes follow-ups actually work, but the response is: "I'm not in a position to invest right now, but I'm very interested in future funds."

Eric’s advice: take it! Accept graciously and thank them profusely for the consideration. Then… keep them warm:

1. CRM tracking: Set reminders to reach out periodically with updates throughout the current fund.

This way, when you’re ready for your next fundraise in a couple years, LPs are still engaged.

2. Newsletter inclusion: If we really like a prospect, we’ll invite them into our fund newsletter. These go out monthly, and help prospective LPs get a sense of how we think, how we communicate, and the health of the fund.

The Reality Check

Fundraising is hard enough without the emotional rollercoaster of getting ghosted.

But it's going to happen — probably a lot.

So it helps to have a system that maximizes your chances while not driving yourself crazy chasing dead leads.

The three-touch system isn't just about persistence — it's about professionalism.

Even if LPs don't invest this time around, they'll remember how you handled the process. And that "disappointment" message might just be the nudge that gets them back to the table.