Diary of an Emerging Manager: Sunshine & Traded LP Lists

XoXo, Venture Whisperer (The VC Gossip Girl)

Editor’s Note – Andreas Munk Holm, co-founder of eu.vc

Today’s entry is about prospecting—the part of fundraising nobody really loves but everybody has to do.

When we started, I thought goodwill alone might carry us. And to be fair, it did more than expected—kind introductions, thoughtful advice, even strangers stepping up to help. Turns out being kind and helpful really does pay dividends.

But goodwill doesn’t wire millions into your fund. Which means prospecting: building lists, sending messages, and trying to stand out in an inbox full of GPs all pitching the “next big thing.” It’s awkward. It’s exhausting. And if you’re new, it’s basically the only card you’ve got.

The trick? No lies, no pretending. Just a little polish, a lot of persistence, and big-picture numbers to give LPs the emotional comfort blanket they secretly crave. Combine that with genuine conviction and the occasional lucky break, and you’ve at least got a fighting chance.

In today’s log, you’ll get a peek into the messy but necessary world of prospecting—how we trade lists like Pokémon cards, craft messages that (hopefully) don’t land in spam, and keep learning how to turn goodwill into commitments.

Hope you enjoy it.

Please allow me to deviate slightly from the promised trajectory and instead begin by sharing how we’ve been approaching LPs, reflect a little on the unexpectedly tremendous support we’ve received lately - from random strangers to close friends. Maybe it’s the sunshine or the warm weather, but even though we’re still far from being fully operational, I’ve started to see things in a more positive light.

And since I believe positivity is contagious (in a good way), I decided to share some love.

If you remember my earlier log entries—especially the first ones - you might recall how I condemned those lukewarm, salesy GP accelerators. More of a Venture Whingerer than a Venture Whisperer. Like a melodramatic teenager blaming life for simply being unfairly difficult, I was honestly just fed up - with how little help was available and how inefficient the system felt.

Now, to be clear: the system still hasn’t magically improved. But what has changed is that I’ve started noticing that help is out there—it’s just... not always obvious & you have to work for it. Sometimes it means scratching a few backs - and if they scratch yours in return, it might just lead to a few million in commitments. Not a bad ROI on goodwill. (Very much aligned with what I wrote in the previous entry—“make friends, not connections,” just zoomed out to a bigger scale.)

Long story short: being kind and helpful pays off. In our case, senior professionals offered to join our advisory board, lending us credibility and invaluable advice. (Random) People made introductions, advocated for our fund, interviewed us, or simply shared thoughtful insights. Peers passed around lists and cross-recommended one another. Sure, we had to make the first move - but honestly, it didn’t take much. Just a few genuine conversations, some time spent helping others, and a willingness to connect the dots. Totally worth it.

But unfortunately, a few warm favours won’t build your fund for you. So… let’s talk about prospecting. It’s hard. It’s awkward. And if you’re new, it’s basically the only tool you’ve got (aside from going to a gazillion events).

Yes, once in a blue moon, someone will kindly introduce you to an LP—but unless you’ve already got a name in this segment of the innovation ecosystem or some early traction, don’t count on recommendations. Unless, of course, you’re a fortunate son.

By “prospecting,” I mean politely harassing people in a legally acceptable way—i.e., messaging. As I’ve mentioned before, we don’t have any ultra-wealthy close friends, so our options are pretty limited.

The good news? My business partner comes from sales. The bad news? 1) This is nothing like sales. 2) Good LP lists are rare unicorns. 3) We have to craft messages that make us stand out—and somehow position our humble little dream as a top-tier VC. Easy, right?

The one thing we could do was educate ourselves. Thankfully, there are videos, AMAs, and even content right here about what LPs want to hear. So we binge-watched and designed a sales process around that knowledge—from profiling to outreach to follow-ups—just like a real sales funnel.

Regarding list building - well… The beauty of an anonymous blog is that I don’t have to sugarcoat anything. Of course we got crafty. We trade, we scrape and buy lists, use sales tools and email finders—whatever it takes (within legal limits).

Otherwise, your only alternative is to hop on the LinkedIn Scam Express—the classic “Comment ‘LP’ below and we’ll send you a list of 5,000 high-quality LP contacts” routine. Tempting, but no thanks.

Instead, we built a little peer community where we trade attendee lists like Pokémon cards. It’s not glamorous, but hey—this is how the sausage gets made.

Standing out is the trickiest, although we do have a genuinely unique thesis. It’s like the job market cliché—they want a fresh graduate with 10 years of experience. LPs are no different: they’re into first-time fund managers... as long as they have a rock-solid track record, a perfectly diverse team, and some magical pipeline of unicorn-grade deal flow.

On one hand it makes total sense as we are raising millions, but still. It’s tough.

And this is the point where you really don’t want to BS… but kind of have to. Like putting on makeup to cover teenage acne - not changing who you are, just doing a little damage control for the first impression.

The one thing we agreed on: no lies, no pretending. We won’t say we’re something we’re not.

What does seem to work for us is quantifying everything we do have. Combined, our experience adds up to some big, comforting numbers—and when you’re asking wealthy people for money, we found that big numbers = emotional support blanket. We also hammer in the upside potential and ROI in our messaging. It may not be the way, but it’s worked for us so far. I’d honestly love to hear in the comments what’s worked for others.

Still, we’re learning, adapting, and occasionally getting some love back from the universe (and a few helpful humans). We’re not pretending to have it all figured out—but we’re figuring out just enough to stay in the game.

Next time, I’ll share how our brand-new email servers betrayed us, the emotional rollercoaster, and how we’re learning to love the word “no” (or at least not cry every time we hear it).

Stay tuned. 💥

XoXo, Venture Whisperer (The VC Gossip Girl)

Upper East Side Ventures