August 18, 2025

E201: Top 10 Things LPs Look for in a General Partner w/Matt Curtolo

1 hour 7 minutes

What does it take to be a truly great limited partner?

In this episode, I spoke with Matt Curtolo, a veteran LP who’s worked with some of the most sophisticated institutional investors in the world—Hamilton Lane, MetLife, and Hirtle Callaghan. Today, Matt advises both LPs and emerging GPs, offering a rare perspective from both sides of the table.

We dug deep into what separates elite LPs from the pack, how institutional incentives shape decision-making, the paradox of humility and self-promotion among GPs, and why the best partnerships are built on trust, EQ, and long-term thinking.

If you're raising a fund—or allocating to them—this episode is a masterclass.

Highlights

Why emotional intelligence (EQ) often separates good LPs from elite ones

The biggest mistake LPs make: underestimating upside

How institutional misalignment discourages risk-taking

What best-in-class co-investment programs actually look like

How to assess GP conviction without asking directly

Why emerging GPs struggle—and how Matt coaches them through it

The real reasons LPs say no (hint: it’s not just returns)

Why “people first” is Matt’s ultimate investment filter

A framework for long-term games, trust-building, and kingmaking

What smaller LPs can do to punch above their weight

Guest Bio

Matt Curtolo is an institutional investor, advisor, and coach with over 20 years of experience across some of the most respected LP organizations in the world. He spent the first seven years of his career at Hamilton Lane, followed by senior roles at Hirtle Callaghan and MetLife. Most recently, he was Head of Investments at Allocate. Today, Matt advises both LPs and GPs on investment strategy, manager selection, fundraising, and co-investments—with a special focus on helping emerging managers navigate the zero-to-one journey.

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].

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Stay Connected

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David Weisburd: @dweisburd

LinkedIn:

David Weisburd: https://www.linkedin.com/in/dweisburd/

Matt Curtolo: https://www.linkedin.com/in/matt-curtolo-caia/

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

(0:00) Episode preview

(0:11) Experience at Hamilton Lane and early career insights

(1:19) Skills and best practices for an elite limited partner

(6:15) Leveraging community and referencing in due diligence

(10:16) Decision-making, risk tolerance, and LP conservatism

(17:16) Characteristics of top-performing LPs and institutional culture

(22:03) Advantages and benefits of co-investing for large institutions

(27:27) Evaluating co-investment opportunities and GP conviction

(32:38) Building relationships with GPs and organizational differences

(36:46) Challenges for smaller LPs and quick rejections in GP pitches

(42:10) Partnership mentality and long-term industry relations

(49:09) Consulting GPs and LPs for a unique perspective

(53:09) Common reasons GPs fail to raise money and balancing self-promotion

(59:13) The ten-year commitment test and characteristics of emerging LPs

(1:03:38) Closing remarks

...more

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By David Weisburd

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