What Worked in 2021 vs. What LPs Want to See Now

These insights come from over 500 conversations with founders, angels, and VCs over the past year—through post-event surveys, one-on-one calls, and virtual roundtables

If venture capital still feels like the Changing of the Guard outside Buckingham Palace—fancy uniforms, lots of ceremony, but not much real movement—it’s because, in many rooms, that’s exactly what’s happening.

Step outside the palace gates and put your ear to the street, and you’ll hear something very different: LPs are not okay. (Well, maybe they’re note

They’re frustrated, tapped out, and quietly pushing back on the same growth-at-all-costs playbooks that worked in 2021. The capital isn’t gone—but the patience is.

How do we know all of this, if we’re just sitting in the basement all day, listening to Rush’s Farewell to Kings?

We don’t! We just read it on LinkedIn!

There’s a guy named Max Pog who had a ridiculous amount of conversations about venture capital and what VCs and LPs are investing in the last 3 years.

Technically speaking, we’ve never actually met this guy Max Pog in person.

But we’ve now worked on five virtual conferences together, swapped hundreds of messages, and debat…