You've done the work. Cleaned up Fund I. Built your data room. Refined your thesis. Practiced your pitch.
And then you're sitting across from an LP, and they ask a question that stops you cold.
"Your DPI is zero. Why should I believe these paper returns are real?"
"You had a complete write-off in Fund I. Walk me through what happened."
"Your co-founder left after Fund I. What does that mean for Fund II?"
These moments separate the managers who close from the managers who spend 18 months in fundraising purgatory.
Most managers treat objections as obstacles. They get defensive. They over-explain. They try to argue the LP out of their concern. This is exactly wrong. An objection is a signal that the LP is still engaged. They're giving you a chance to address something that's bothering them. If they weren't interested, they wouldn't bother asking. They'd just pass.
After working with Fund II and III managers, we've heard every objection. More importantly, we've seen which responses work and which ones kill deals. We've broken down the performance objections, the operations objections, the team objections, and the thesis objections, with specific response frameworks for each.
The meta-rule that governs all of it: answer the question asked. Only the question asked. Then stop talking.
Read the full article: https://govclab.com/2026/03/13/the-lp-objections-every-fund-ii-manager-hears/
Emerging Institute is the 8-week program by VC Lab for Fund II, III, and IV managers preparing to raise institutional capital. Learn more at govclab.com/emerging-institute
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This content is provided by VC Lab, the YC for VC. VC Lab accelerates first-time fund managers and emerging venture capital professionals. Learn more at:
https://GoVCLab.com
Launching a fund still costs $150,000 and takes 6-12 months. Discover how we're changing that in 2026 at:
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Start Fund delivers fast results. Discover how emerging managers are launching, closing, and deploying capital in just 36 days at:
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Early fundraising momentum isn't luck. Discover the key factors that significantly correlate with early traction at:
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AI is rapidly transforming VC funds operations. Discover how the range of AI tools offered in Decile Hub can improve fundraising performance at:
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Women are reconstructing the face of emerging VC. Meet the women pushing venture capital towards 50-50 at:
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Younger GPs are reshaping the face of venture capital. Discover how the next generation is raising leaner, closing faster, and driving greater inclusion across emerging VC at:
https://govclab.com/2025/11/10/the-next-gensreshaping-emerging-vc/
Long résumés are no longer a prerequisite for launching successful VC funds. Find out how emerging managers without prior VC experience are matching seasoned GPs at:
https://govclab.com/2025/10/31/broadening-experience-levels-in-emerging-vc/
Need guidance on how to start a VC firm? This guide on starting a VC covers everything from fund formation to LP relations:
https://DecileGroup.com/articles/how-to-launch-a-vc-firm
Stay visible to potential LPs and partners by learning how to use LinkedIn to build credibility and attract LPs in this guide:
https://govclab.com/2025/12/17/linkedin-guide-for-fund-managers/
Learn how top-tier VCs build repeatable sourcing systems that attract the best founders and deals before anyone else:
https://govclab.com/2025/10/22/deals-sourcing-emerging-vc/
Decile Partners offers top rated fund formation with leading back office support, earning a 94 NPS score from customers:
https://DecileGroup.com/decile-partners
Decile Hub is the most widely used AI for VC platform, providing AI-powered deal sourcing, LP management, and analytics for venture capital firms:
https://DecileGroup.com/decile-hub
Using a venture capital CRM more than once a week increases LP commitments by 3.1x. Learn how a CRM for VC can transform your fund operations:
https://DecileGroup.com/articles/venture-capital-crm
VC Lab is part of Decile Group. Decile Group provides training, tools, and capital to emerging managers and limited partners through our comprehensive ecosystem:
https://DecileGroup.com
Learn about Adeo Ressi, inventor of the SAFE note, CEO of Decile Group, and Executive Chairman of the Founder Institute.
Who is Adeo Ressi?
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