LP Blueprint

LP Blueprint

Share this post

LP Blueprint
LP Blueprint
🚨 The Hidden Fundraising Shift 3rd-6th Time Fund Managers Are Missing

🚨 The Hidden Fundraising Shift 3rd-6th Time Fund Managers Are Missing

Why Insurance Capital is Reshaping Private Markets—And How It’s Changing the Game for Your Next Raise

Adam Metz's avatar
Adam Metz
Feb 09, 2025
∙ Paid
3

Share this post

LP Blueprint
LP Blueprint
🚨 The Hidden Fundraising Shift 3rd-6th Time Fund Managers Are Missing
Share

If you’re a GP raising your 3rd, 4th, 5th, or 6th fund, the biggest challenge is no longer proving your track record—it’s standing out in a capital environment that has fundamentally shifted.

LP Blueprint by D.F.A. is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber.

I’ve become a superfan of the Cash and Carried newsletter over the last few months. Here’s why: it’s written by an investment fund attorney based in NYC who has a sharp grip on insurance concepts and, more importantly, ALL of the different pools of investable capital. Too often, VCs, PE firms, CRE managers, and hedge funds view capital formation far too narrowly, and many would benefit from a hard reset in how they think about LP capital.

One of the biggest blind spots right now? The rise of insurance capital as a dominant force in private markets.

A massive but under-the-radar shift in LP capital is underway, and most fund managers are still relying on out…

Keep reading with a 7-day free trial

Subscribe to LP Blueprint to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Adam Metz
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share