LP Diligence on Sourcing

Overview

How limited partners evaluate a fund manager's sourcing capabilities during fundraising diligence. In growth equity, LPs increasingly view sourcing as the primary differentiator between top-decile and median-returning funds.

Key Perspectives

• Jake Colognesi reports that sourcing was "probably the most important topic" in LP diligence conversations during Mamba's fundraise, ranking alongside returns and deal history. LPs ask pointed questions: how many emails before a call, was it cold outreach or a warm intro, what are the conversion metrics. They also call CEOs of portfolio companies to understand how the GP actually broke through. (Ep. 20)
• Jake notes that LPs are skeptical of "proprietary tech-enabled sourcing" claims — every GP pitches this and LPs have seen stacks of decks making similar claims. The real differentiator is the human side: tenacity, structure, and follow-through. (Ep. 20)
• Jake shares sourcing successes, metrics, and experiments directly with LPs as part of ongoing LP reporting — not just during fundraising. (Ep. 20)

Episode Coverage

Episode	Guest	Angle
Ep. 20	Jake Colognesi	Fresh perspective from a first-time fundraise; LPs rank sourcing at top of diligence