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LP Blueprint
LP Blueprint
🩸Most Fund Managers Are Quietly Bleeding Out—and They Don’t Know Why

🩸Most Fund Managers Are Quietly Bleeding Out—and They Don’t Know Why

Over the next 12 months, hundreds of GPs will quietly fail to raise their next fund. They’ll blame the market. The "recession". The timing. LP risk appetite.

Adam Metz's avatar
Adam Metz
Mar 31, 2025
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LP Blueprint
LP Blueprint
🩸Most Fund Managers Are Quietly Bleeding Out—and They Don’t Know Why
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But the truth is way simpler—and way harder.

They’ll fail because they never did the heart work.

Feel free to stop reading now and say that LP Blueprint has become a self-help rag. But here’s the truth.

These GPs and MDs never confronted the shame they carry around money.
They never escaped the reflex to chase approval from LPs.
They never stopped running their fund like a glorified side hustle.

And when the capital doesn’t come in, they’ll retreat instead of rebuild.

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