Fundraising
What goes in a fund pitch deck?
Quick Answer
A fund pitch deck is what GPs use to raise capital from LPs. It covers: team background, investment thesis, fund strategy, target fund size, portfolio construction, track record, fee structure, and competitive differentiation — typically 15-25 slides.
Detailed Answer
A fund pitch deck is the primary marketing document GPs use to convince LPs to invest in their fund. It's fundamentally different from a startup pitch deck.
Recommended structure (15-25 slides):
1. **Cover** — Fund name, thesis tagline, fund number and target size 2. **Team** — GP bios, backgrounds, complementary skills, why this team 3. **Track Record** — Previous investments, returns, notable exits 4. **Investment Thesis** — What you invest in and why now 5. **Market Opportunity** — Why your focus area is compelling 6. **Edge/Differentiation** — What gives you unique deal flow or insight 7. **Portfolio Construction** — Number of investments, check sizes, reserves 8. **Investment Process** — How you source, evaluate, and support companies 9. **Value Add** — What you do beyond writing checks 10. **Current Portfolio** — If applicable, Fund I/II investments and progress 11. **Target Returns** — Expected MOIC, IRR, DPI targets 12. **Fund Terms** — Size, fees, carry, GP commit, fund life 13. **Pipeline** — Companies you're already in conversation with 14. **References** — Founders and co-investors who will vouch for you
Key differences from startup decks: - LPs care about process and repeatability, not just outcomes - Track record is everything — even angel track records matter - Team stability and succession planning are important - Fund economics (fees, carry, GP commit) must be transparent
Best practice: Include an appendix with detailed track record data, attribution of returns, and term sheet.
Related Questions
What is dilution in startup funding?
Dilution is the reduction in an existing shareholder's ownership percentage when a company issues new shares, typically during fundraising rounds. Founders typically experience 15-25% dilution per funding round.
What is a cap table?
A cap table (capitalization table) is a spreadsheet or document that shows a company's equity ownership structure — who owns what percentage, including founders, investors, employees with options, and any convertible instruments.
How much equity should you give investors?
Standard dilution is 15-25% per funding round. Seed rounds typically sell 15-20% equity, Series A sells 20-30%. Founders should retain at least 50% through Series A to maintain control and motivation.
What is the difference between pre-money and post-money valuation?
Pre-money valuation is a company's value before new investment; post-money is the value after. Post-Money = Pre-Money + Investment Amount. A $10M pre-money with $2M invested = $12M post-money, giving the investor 16.7% ownership.
The operating system for private capital.
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