Questions fund managers actually ask about finding LPs

What is the best LP database for emerging fund managers?

For emerging managers (fund size under $50M), purpose-built LP databases make more sense than enterprise tools. Preqin and PitchBook are the industry standards but cost $15K–30K/year — hard to justify before your first close. Altura Data covers 5,800+ family offices, LPs, and institutional investors with verified direct emails, AUM range, stage focus, and geography — available as a one-time CSV purchase from $97, no subscription.

Is Crunchbase worth it for LP research?

No. Crunchbase is built for tracking startup funding rounds and VC firms, not limited partners. It has very limited coverage of family offices, endowments, and pension funds. You will not find direct LP contact emails or investment mandates on Crunchbase. For LP outreach, you need a purpose-built LP database or SEC EDGAR Form ADV filings. See our full Crunchbase vs alternatives comparison.

How do I find family office contacts for my fund?

Family offices are the most accessible LP type for first-time GPs. The best sources are: (1) purpose-built LP databases with curated family office contacts and verified emails; (2) SEC EDGAR Form ADV filings — registered family offices file these publicly; (3) industry conferences like iGlobal Family Office Summit and SALT; (4) referrals from founders who have raised from family offices. Most family offices have no website and never appear in Crunchbase or PitchBook.

PitchBook vs cheaper alternatives — what should emerging managers use for LP outreach?

PitchBook is deep but costs $20K–70K/year and is designed for deal flow research, not LP outreach. Practical alternatives: SEC EDGAR (free, requires manual work), LinkedIn Sales Navigator ($99/month, no investment data), and purpose-built LP databases like Altura Data ($97–297 one-time). Most first-time GPs start with their personal network, SEC filings, and a purpose-built database — not PitchBook.

How many LPs should I contact to achieve a first close?

Most emerging fund managers need to reach 200–500 qualified LP contacts to achieve a first close. Cold outreach conversion rates are typically 1–5%. A targeted list of 200–300 high-probability contacts with personalised outreach significantly outperforms blasting a large unqualified list. Warm introductions convert at 10–20x the rate of cold email — prioritise warm intros and use cold outreach to fill the gaps.

What is the best way to cold email LPs?

The highest-converting LP cold email is short (under 150 words), personalised to their mandate, and leads with your differentiated thesis — not your fund size. Key elements: one sentence on why their specific mandate matches your strategy; your thesis in one line; a single number that signals traction; a clear ask (15-minute call, not "review my deck"). Reference a specific prior commitment if you know their portfolio — it converts at 3–5x the generic version.

How do I build an LP list without a placement agent?

Combine: (1) your personal network mapped to LP types; (2) SEC EDGAR Form D filings from similar fund closes — LP names are disclosed publicly; (3) a purpose-built LP database for cold outreach targets; (4) conference attendance at LP/GP events. Placement agents typically charge 1–2% of commitments sourced — building your own list is slower but keeps that capital in the fund. See our full guide to finding LPs.

Are there free LP databases?

The most useful free source is SEC EDGAR Form ADV — registered investment advisers including many family offices file publicly (filterable by AUM and state). ILPA's member directory covers institutional LPs. David Teten's blog (teten.com) lists LP databases with notes on each. These free sources require significant manual work. For verified, structured contact data with emails and investment mandates, purpose-built databases like Altura Data (from $97 one-time) save dozens of research hours.

What is the difference between a single family office and multi-family office for LP outreach?

Single family offices (SFOs) manage wealth for one family — more flexible, faster to decide, more willing to back first-time GPs, but harder to find (most have no public presence). Multi-family offices (MFOs) manage multiple families, have more formal investment processes, and are easier to find but slower. For emerging managers, SFOs are typically the highest-converting LP type. Altura Data's LP & Family Office Database covers both with verified contact details.

How do I find LPs who invest in first-time fund managers?

LPs who back first-time GPs include: family offices (especially those connected to the GP through portfolio companies), funds of funds focused on emerging managers (Cendana Capital, Greenspring, Industry Ventures), corporate VCs with emerging manager programs, and university endowments with explicit first-time GP programs. SEC Form D filings from comparable emerging managers show exactly which LPs committed — these are public records and the best free source of targeted LP names.

How accurate is Preqin for emerging managers?

Preqin is the most comprehensive LP database available but has two problems for emerging managers: cost ($15K–30K/year) and data bias toward established managers. LP allocation data skews toward institutional LPs that have public track records. Family offices — the most accessible LP type for first-time GPs — are underrepresented. Preqin makes sense once you are raising $100M+; before that, the ROI is difficult to justify.

What information do I need about LPs before reaching out?

Before cold outreach, research: (1) AUM and fund size range they back; (2) stage focus; (3) sector thesis; (4) geography preference; (5) whether they back first-time GPs; (6) names of funds they have backed previously (from Form D or LinkedIn). Cold emails referencing a specific prior commitment convert at 3–5x the rate of generic outreach. Altura Data includes AUM range, stage focus, sector thesis, and geography for every contact.