How LPs Gauge GP Alignment on Fund Terms

In this episode, Lucas and Luna unpack how limited partners assess a general partner's alignment on fund terms beyond the headline economics. They walk through a real-world example of a fund that raised fees while lowering the carry hurdle, and explore the subtle signals LPs use to detect misalignment: the treatment of broken deals, the handling of fee offsets, the GP's own capital in the fund, and the language of side letters. With a nod to the current fundraising environment in August 2026, they discuss why alignment isn't just about percentages but about incentives across the life of the fund. Listeners will learn one concrete due-diligence question to ask any GP: 'What happens to fees when a deal breaks?' and why the answer reveals more than the fund's pitch deck. #LP #LimitedPartner #VentureCapital #GPAlignment #FundTerms #Carry #ManagementFees #DueDiligence #SideLetters #Fundraising #InstitutionalInvesting #PrivateEquity #Finance #Investing #StartupEcosystem #FexingoBusiness #BusinessPodcast #VentureCapitalInvestor Keep every episode free: buymeacoffee.com/fexingo