đŸ“¶ how many LPs does it take?

Data on the number of LPs it take to raise a fund, a fundamental flaw of the “everyone will build their own apps” movement, and a list of companies backed by OpenAI

March 04, 2025 ‱ Estimated Reading Time: 6 minutes

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Good morning 👋

Everybody wants to raise a venture fund until they realize how much work goes in to closing new LPs.

I’ve talked to a lot of GP friends about the right amount of LPs you should target for your next fund, and today’s piece is about answering that question for different types of funds.

Let’s get into it.

Today’s highlights

  • Data on the number of LPs it take to raise a fund

  • A fundamental flaw of the “everyone will build their own apps” movement

  • A list of companies backed by OpenAI

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