How I Invest with David Weisburd

E158: How to Find the Right LPs for Your Next Fund w/Meghan Reynolds


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Meghan Reynolds, Partner and Head of Capital Formation & Talent at Altimeter, has spent over 20 years at the intersection of GPs and LPs, helping some of the largest firms in the world raise capital, navigate investor relationships, and scale their strategies. In this episode, she breaks down what it takes to be a best-in-class capital raiser—how to expand into new strategies, find the right investors (not just any capital), and build enduring partnerships in a hypercompetitive environment.
We also talk about what’s changed in the last 20 years, how the best GPs handle crisis communication, and why building a brand as an investor matters more than ever.

Highlights:

  • The difference between capital formation and investor relations—and why many GPs get it wrong
  • How fund strategy changes impact the investor base
  • Why the most strategic capital isn’t always the largest check
  • Lessons from educating LPs about private equity in the early 2000s and private credit in the 2010s
  • The real reasons LPs don’t re-up: performance vs. transparency
  • Why geography, regulation, and timing matter in capital campaigns
  • How investor communication has evolved with tools like WhatsApp and Zoom
  • The enduring value of warm introductions in LP fundraising
  • Why small LPs might one day become your biggest supporters
  • --

    Guest Bio:

    Meghan Reynolds is a Partner and Head of Capital Formation & Talent at Altimeter, a technology-focused investment firm. She leads the firm’s capital formation efforts and has previously held senior roles at TPG and Goldman Sachs. Over her two-decade career, Meghan has built deep relationships across the LP landscape, spanning sovereign wealth funds, pensions, endowments, and family offices. She is known for her insights into how firms scale, evolve their strategies, and communicate effectively with investors.

    Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].

    We’d like to thank @Carta and @Republic for sponsoring this episode!

    #VentureCapital #VC #Startups #OpenLP #AssetManagement

    --

    Sponsor:

    At Carta, we’re on a mission to connect the participants in private capital — from investors and LPs to their portfolio companies — through a suite of financial intelligence and reporting software that’s purpose-built for venture capital and private equity. Since 2018, we’ve been empowering GPs, CFOs, and CEOs to escape obsolete systems of disconnected FP&A tools — all in favor of a single, unified software suite that helps them make impactful strategic decisions and deliver outstanding results for their investors. Learn more at: www.carta.com/fundtax

    Sponsor:

    Republic is the leading global investment platform making premier private market opportunities accessible to all investors. With over $3 billion deployed across its network of investment platforms, funds, and affiliated firms, Republic opens the door to new asset classes typically reserved for institutional investors such as—private equity, venture capital, and even sports teams and your favorite film producers.

    All securities, including the Hamilton Lane’s Private Infrastructure Fund, are offered through affiliate Republic Broker-Dealer, OpenDeal Broker LLC Member FINRA & SiPC. All securities come with specific risks not limited to a total loss of your investment. Past performance is not indicative of future results. Please review the risks specific to this investment on the HLPIF deal page hosted on http://republic.com/hlpif.

    --

    Stay Connected:

    X / Twitter:
    David Weisburd: @dweisburd

    LinkedIn:

    David Weisburd: https://www.linkedin.com/in/dweisburd/
    Meghan Reynolds: https://www.linkedin.com/in/meghankreynolds/

    --

    Links:

    Altimeter: https://www.altimeter.com/home

    --

    Questions or topics you want us to discuss on How I Invest? Email us at [email protected].

    (0:00) Episode preview
    (0:38) Strategic investment and capital formation
    (3:13) Launching and evolving fund strategies
    (5:28) Identifying new capital sources
    (8:52) Educating investors in private markets
    (12:25) First movers advantage vs. track record
    (18:13) Reasons LPs leave a fund and the importance of transparency
    (23:00) Enhancing LP communication and trust
    (27:27) Building trust through transparency and empathy
    (29:06) Equity and involvement in investor relations
    (31:31) Streamlining LP communication with tools
    (33:18) Capital allocation strategies and diversification
    (37:06) Geographic diversification strategy
    (41:47) Accessing and developing new LP relationships
    (47:00) Leveraging media and social media for fundraising
    (51:05) Internal and external communication strategies
    (55:00) Insights for LPs and staying connected
    (56:52) Closing remarks
    ...more
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