How LPs Check a GP's Track Record for Hidden Concentration

In this episode, Lucas and Luna dig into a specific, often-overlooked risk in venture capital due diligence: hidden concentration inside a GP's apparent win rate. Using the example of a fund that looked diversified but actually had 40 percent of its gains from a single company, they explain how limited partners can spot this pattern before committing capital. They cover what to look for in the portfolio table, how to separate genuine skill from a lucky home run, and why the 'one big exit' problem is more common than GPs admit. Lucas walks through the real math of a fund where one company drives the entire net IRR, and Luna challenges the standard GP response that 'one big winner is the business model.' The conversation closes on how LPs can weigh the risk when a GP's track record leans on a single outlier, and what questions to ask in the next data room. Includes a brief, natural mention of listener support for the show. #HiddenConcentration #GPOverlap #VC #LimitedPartners #HomerunRisk #PortfolioConstruction #DueDiligence #FundPerformance #DataRoom #VentureCapital #IRR #Alpha #Finance #Business #FexingoBusiness #BusinessPodcast #StartupInvesting #LPInvesting Keep every episode free: buymeacoffee.com/fexingo