Is being an LP super chill?
Just got done our annual meeting and speaking with LPs is always funny to me - like what do they do all day? My sense is they are mainly just "fancy" people who hang out, go to dinners, and report on fund performance, plus maybe do some co-invest which is pretty surface level.
You get to meet lots of interesting people and go to dinners where funds spend tons of money on big time speakers. You get to make Managing Partners your bitch. You get to ask asinine, nebulous, and irrelevant questions during fundraising to deca/centi-millionaires. Your benefits and perks are probably pretty insane.
Seems pretty sleepy and nice.
This is wildly inaccurate - we sometimes also read quarterly letters.
If you have to read the quarterly letter its already too late
You forgot about asking funds stupid ass questions about deals that don't even make sense and when their next distribution is going to be, but otherwise you nailed it.
Current LP at big west coast pension.
Basically just create work for optics and to justify your own job. Realistically, can do this job working 10 hours a week if there wasn’t the government red tape involved.
I’m curious now - what are some of the dumbest questions LPs ask you
Not a single question, but as an associate I had to walk a VP at an LP co-investor through our model at a high level since my team’s Partner was an ass and insisted on fully hard coding anything sent to LPs.
While showing how everything linked, I think I was genuinely speaking a foreign language to him.
"You get to meet lots of interesting people" - Yeah, no.
You do it for the lifestyle. Yes, occasionally you meet the smart GP and learn something new about a sector or a deal/platform but most of the job is very straightforward. Every joke you tell is funny. Every email you send gets an immediate reply. Really forms a warped view of reality, especially the junior LPs who call themselves 'Investor' or 'Investment Manager' (let's be honest, the only thing you're managing is yourself).
Pay is capped obviously as nothing in life is free and depending on where you go, could potential co-invest for free. Family offices these days are usually staffed by folks who couldn't cut it on the buyside.
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