VC Firms — How to Build an LP Base for the Long-term.
Barry Eggers
2261

Barry Eggers, very insightful post. One more concept to note: the need to understand the liquidity profiles of your LPs. When there is a market correction, the institutional LPs will likely be able to more easily fund their capital calls than high net worth individuals or less-sophisticated family offices. Even then however, the institutional LPs who are too heavily illiquid will also be in trouble.