The next generation of funds won’t raise LP money, they’ll earn it through data.

The old model of fundraising was built on mystique.
You built a brand, hired a placement agent, assembled a glossy deck full of logos, exits, and hockey-stick IRRs, and flew around the world collecting commitments based on trust or legacy.

LPs weren’t really buying performance. They were buying reputation.

But that model is cracking.
LPs are tired of vintage funds that look strong but lack transparency. They’ve seen too many “value creation” stories that evaporate once the deal closes. And with benchmarking data becoming richer and more accessible, excuses are running out.

The next generation of managers won’t raise money on promise. They’ll earn it on proof.

That proof won’t come from IRR tables or quarterly PDFs, it’ll come from live data.
Dashboards that show how value is being created in real time: pricing shifts, CAC reductions, retention curves, margin expansion. Attribution models that track which operational levers actually drive MOIC.