Raise your hand if you're an emerging fund manager, or an aspiring fund manager. Today's article is for you.

Knowing where to look for LPs is something that takes time. And connections. When you're just starting out, it can feel impossible to know where to look for these partners. Here are three strategies we used at Hustle Fund in the early days to increase our LP lead list:

1. adjust the ask

2. host events

3. broaden the scope

Let's dive in.

Making the right ask

Let's start by assuming you're lucky enough to get one LP to commit to your fund (cue the confetti). A totally reasonable next step is for you ask this LP to blast your pitch deck to everyone they know.

But what usually happens in this situation is... crickets.

Here's the thing – your LP isn't ignoring you. They're just paralyzed by the sheer magnitude of your request. How should they pitch you? Who should they reach out to? How many people is enough? It's too daunting.

Instead of going through the mental gymnastics of trying to figure out how to help you, they let your email sit in their inbox collecting dust until they finally move it to the archive folder, never to be seen again.

So, here's the move: "Hey [Amazing LP], I'm thrilled to have you on board! Here is my blurb and my deck. Can you think of just one person who'd be a perfect fit for our fund?"

See what we did there? We turned that daunting, time consuming task into something that should take only moments to complete. Your LP can now quickly scan their mental Rolodex, forward your info, and boom – task complete in under a minute.

And here's where the magic really happens. Since you're only asking for one intro, the LP will typically think of the most wealthy investor they know... or the most strategic. It's a cream-of-the-crop introduction. And sometimes the LP will wind up thinking of a few folks to connect you with, even though you only asked for one. It's a beautiful thing.

This is how we climbed the LP ladder, starting with high-net-worth individuals and eventually reaching family offices, fund of funds, and even (eventually) institutional investors.

Find your party people

Here's another secret weapon we used when building our LP lead list: we threw parties. You can do this, too.

Here's how it works:

1. Round up your current investors and close friends.
2. Ask each of them to bring one person who might be a good fit for your fund.
3. Host a laid-back dinner or small party (we're talking 10 to 40 people max).

In addition to talking to every single person there, be sure to also make a quick announcement about your fund. Then – and here's the secret salsa – follow up with new contacts the same night.

When Hustle Fund did this, we took over the back of a taco shop. It was casual, it was fun, and it was effective.

Expanding definition of "LP"

A lot of emerging fund managers think that the perfect LP for their fund is something like the Gates Foundation or Stanford Endowment. And sure, if they're knocking on your door, by all means, let them in. But the truth is that your next LP could be hiding in plain sight.

That neighbor who runs a successful HVAC business? Your family doctor? That Google employee you play pickleball with? They may not consider themselves investors or LPs yet, but that doesn't preclude them from participating in your round. They just need to be accredited.

Here's a quick reminder on who can be an accredited investor:

• Someone with a net worth of $1 million (excluding their primary residence)
• An individual making $200,000+ annually for the past two years
• A couple making $300,000+ annually for the past two years

The key here is to broaden your horizons. Some of the best LPs might not even consider themselves "investors" yet. That's where you come in – you can create this opportunity for them. And who knows? That local business owner might just become your most strategic partner.

TL;DR

1. Make a smaller ask
2. Throw (strategic) parties
3. Re-frame your definition of who can be an LP

There's a lot of competition for LP attention right now. Hopefully these strategies help broaden your pool of potential partners.

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