What type of investor comprises the majority of LPs? UHNW individuals? Pension funds? Sovereign wealth funds? Just trying to gauge the breakdown between individual vs. institutional LPs.
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It depends on the fund they are allocating to.
Non-institutional capital is commonly referred to HNW, wealth mgmt channels/distribution channels, and family offices.
Institutional would be foundations, endowments, public and private pensions, insurance companies, sovereign wealth funds, and to a certain extent institutional grade funds of funds.
A group like Battery Ventures will have institutional level LPs. A fund that's like 50mm in size will probably have more non-institutional.
Established funds look for long term captial that can continue to grow with their fund size growth (provided performance continues to be strong).
Institutional investors are a much better fit for the profile above. SWF, pension funds and in some cases endowments can write big checks and increase check sizes over time.
Some LPs to have rules about how big a shareholder they will be in a fund.
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