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Why I believe the best GPs in VC might be the worst fundraisers.
Here is the paradox:
+ Fundraising rewards storytelling, polish, and pattern recognition.
+ DPI rewards patience, judgment, consistency, and time with founders.
Can the two greatly overlap?
The GPs who quietly build real, distributed returns across 2–3 vintages often look unimpressive in fundraising meetings. They are not optimizing for IRR optics or neat decks. They are optimizing for founders, conviction, and companies.
Meanwhile, LPs often over-index on great salesmanship because their own careers, reporting cycles, and incentives run on much shorter timelines.
But true venture capital performance only compiles over 10–15 years, even longer now. That is when the quiet, low-profile GPs finally earn recognition, and when the fundraising flywheel turns in their favor.
I believe the best GPs in VC might be the worst fundraisers.
Note: this post particularly focuses on the early stages and the new and emerging manager category (Fund Is to IIIs). 1 reply
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