Mapping the LP universe

Not all limited partners are the same. They differ by appetite, ticket size, decision speed, governance process, and — most importantly — who controls access to them. The first step in any equity raise is mapping the universe against your specific strategy.

Pensions and sovereigns are the largest tickets, often EUR 25–100m+, but they move slowly. They have investment committees that meet quarterly, extensive due diligence processes, and a strong preference for managers with a three-fund track record. First-time managers can break in, but usually through a co-investment or a strategic relationship.

Insurers and family offices are more flexible. Insurers often have matching mandate needs because their liabilities are long-duration and real-asset cash flows match well. Family offices decide fast — sometimes in a single meeting — but their processes are less predictable and their commitments smaller, often EUR 2–10m.

Fund-of-funds and GP co-investors fill different roles. Fund-of-funds diversify LP exposure across managers and can anchor a first close, but they charge an extra layer of fees. GP co-investors invest alongside the fund on specific deals and can be a powerful signal of alignment, but they require deal-by-deal negotiation.

The key insight: GPX matches 37,383 investors semantically. That means you do not start with a list of names; you start with your strategy and let the platform surface the allocators whose mandate, track record and recent activity suggest they are actively looking for what you offer.