Five Tips for GPs Building a Reference List that Actually Helps You Close LPs
References are one of the most meaningful parts of how LPs evaluate venture managers. As we all know, VC is an art, not a science - decks and data rooms only take you so far. I often describe my job as “professional gossiping” because once I hear a pitch I like, the first thing I do is text a few LP, GP, and founder friends: “Do you know GP X? What do you think of her?”
The truth is, the qualities that make a great VC - judgment, trustworthiness, empathy, persistence - are hard to communicate in a memo without sounding self-promotional. The best reference lists help fill that gap.
A few tips on how to make yours do that well:
1. Pick references that will highlight investment skill as well as strong firm operations and governance. In references, I’m trying to get a clear picture of two things:
Are you a strong investor who gets access to great deals and earns founder respect (consistently and sustainably)?
Are you a good firm operator and long-term partner to work with - transparent, collaborative, reasonable, dependable, clear and consistent with your reporting and communication?
These sometimes don’t line up perfectly. Many impressive investors are also... difficult to work with. That’s a conscious tradeoff every LP evaluates.
So, make sure your references cover both sides - the investment edge and the interpersonal/governance side. LPs or co-investors might best speak to your firm-building and communication style, but founders can also help here (e.g. if you have to deliver the uncomfortable news of opting out of your founder’s bridge round, how do you do that?)
Pitfall to avoid: Don’t assume LPs will meet every reference on your list. If there is a specific mix of people we should talk with to showcase both investment skill and strong firm operations, communicate that.
2. Include co-investors that reinforce market reputation. These references should articulate how the market sees you: what you’re known for and why you get called into deals. That could be because you truly know a sector inside and out, but sometimes it’s other things - your responsiveness, how quickly you make decisions, or that your check size fits seamlessly into the early rounds your peers are assembling. Pick references that highlight what you are highlighting as your “edge” throughout the rest of your materials.
Pitfall to avoid: attribution confusion. Everyone’s heard of a great company through multiple sources. If you’re claiming you sourced a deal through a particular channel, make sure any co-investor on your list will confirm that same story. A discrepancy here can read as careless at best, and disingenuous at worst. (Assume if you are both in the deal, we will ask how the round came together).
3. Choose LP references who have nuanced context on why they invested, not just credentials/name brand LPs. Yes - include your largest checks - they will almost always get called. But beyond that, think strategically about which LPs really went deep on their own diligence, and have a unique take on why they invested in you vs similar GPs. Also consider:
Who wrote the largest check relative to their fund size?
Who took a genuine leap to back you (e.g. an otherwise “no Fund I” LP who made an exception)?
Who has directly experienced your value proposition - for example, participating in co-invests if that’s part of your pitch?
The big-brand institutions are useful for signaling, but if an LP has seen that name on every funds LP list, it can be less differentiated.
4. Include founder references where things didn’t go well. Every GP has founders eager to sing their praises. Those stories are good - but what’s even better are references that reflect how you behave when things get hard.
If a company struggled, pivoted, or shut down, what role did you play? How did you handle disagreements about product direction or financing strategy? Did you stay supportive when the outcome was uncertain?
When founders say they’d choose you again, even after a tough journey, it demonstrates GP humility and consistency - qualities that most LPs rank as highly as “deal access.”
5. Prep your references so they can be specific. You don’t need to over-engineer this. Just send a short note reminding each reference of a few projects, portfolio companies, or interactions you worked on together — the types of things you hope they highlight. That helps them stay grounded in real examples rather than broad platitudes like “she’s great to work with.” Specificity is what makes references credible and memorable.
If you’re a seed or emerging manager — especially one with a specialized focus — we’re actively investing and always happy to connect: julia.maltby@fengate.com