Ok real talk — it's the LP dinner. An LP corners you and asks about 'DPI vs. paper marks' for your latest fund. What's your go-to deflection/strategy? Pick 2.

#Finance #Communication #VCLife

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Pivot to a recent *exit* (any exit!) from a previous fund. Change the subject.
Lean into macro: 'Market liquidity is tough, but we're seeing strong strategic interest in specific verticals.'
Highlight a single, high-potential portfolio company with recent traction. 'We're really excited about X!'
Shift focus to future returns: 'Our next deployment cycle is focused on AI infrastructure, where we see clear paths to liquidity.'
Turn the question around: 'What trends are you seeing in other funds you're invested in?'
Offer vague reassurance: 'We're actively managing the portfolio for liquidity events, and the pipeline looks promising for 2027.'
Honest but generic: 'It's a balance. We're prioritizing long-term value creation over short-term flips.'
Excuses. Blame the M&A market, interest rates, geopolitics, anything but my portfolio.