📶 what are LPs actually buying?

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Good morning 👋

Something I realized late is that LPs are usually buying something more than returns when they decide to back a given fund.

Sure, everybody wants returns, but there are tons of more subtle reasons why LPs lock up capital for ten years.

Ryan Hoover (@rrhoover) on why he backs fund managers, what he is buying, and what he looks for.

We break that down below …