How LPs Evaluate GP Co-Investment Track Records

When a venture capital firm pitches a co-investment opportunity, limited partners are increasingly asking for one thing: the GP's own track record making direct investments. In this episode, Lucas and Luna examine why co-investment data is often incomplete or misleading, and how sophisticated LPs are building their own evaluation frameworks. They walk through a real example from a $500 million mid-market fund where the GP's claimed 3x co-investment multiple turned out to be a selection-bias artifact — only the winners were reported. Specific methods LPs use to request full deal-level data, benchmark against vintage-year peers, and avoid the 'cherry-picked return' trap. Essential listening for any LP evaluating co-investment rights or any startup founder curious about how the money behind the money really works. #VentureCapital #LimitedPartners #CoInvestments #GPDiligence #LPStrategy #PrivateMarkets #DueDiligence #TrackRecord #SelectionBias #ReturnBenchmarking #InstitutionalInvesting #Finance #Business #FexingoBusiness #BusinessPodcast #TheVentureCapitalInvestorPodcast #StartupInvesting #PortfolioConstruction Keep every episode free: buymeacoffee.com/fexingo