How LPs Evaluate Emerging Manager Performance Data

In this episode, Lucas and Luna explore the growing trend of institutional limited partners scrutinizing performance data from emerging VC managers before committing capital. With the rise of data platforms like Carta and PitchBook, LPs now have unprecedented access to fund-level metrics. The hosts drill into a specific case: how a mid-sized pension fund recently used cohort analysis and net IRR benchmarks to reject two out of three first-time fund applications. They discuss what this means for new managers raising their debut fund in 2026—and why standardized reporting is becoming a competitive necessity. The conversation also touches on the tension between quantitative track records and the qualitative judgment LPs still rely on for early-stage investing. #VentureCapital #LPs #EmergingManagers #FundPerformance #DataDriven #NetIRR #Carta #PitchBook #PortfolioConstruction #DueDiligence #InstitutionalInvestors #FirstTimeFund #ManagerSelection #Benchmarking #Finance #FexingoBusiness #BusinessPodcast #StartupInvesting Keep every episode free: buymeacoffee.com/fexingo