LP Lead Qualification: Scoring Limited Partner Leads
A seven-criterion scoring sheet that ranks limited partner leads for an emerging VC fund, from venture investing experience to source of wealth and KYC.
Part 3 of 4 in LP Fundraising, notes written in 2024 on the topics of VC Lab's Venture Institute Apprenticeship. First posted April 1, 2024; updated October 31, 2026. An archive, not an active fund raise.
In short: score every limited partner (LP) lead from 0 to 100% on seven criteria, from venture investing experience to KYC/AML compliance, to see which leads to approach first.
How the scoring works#
LP Lead Qualification is a simple scoring system, designed to streamline the process of identifying and engaging with potential Limited Partners (LPs) who align closely with a venture capital firm's investment thesis. This scoring system evaluates contacts across seven criteria: venture investment experience, role experience, tech startup experience, source of wealth, location, understanding of the firm's specifics, and KYC/AML compliance. By assigning a percentage score to each criterion, leads can be prioritized based on their relevance and potential interest in becoming LPs, ensuring a more targeted and efficient outreach. Score leads after segmenting them: the segment shapes the message, the score sets who hears it first.
The percentages below are an example for a first-time fund with a tech focus in Southeast Asia, Australia and New Zealand.
Seven qualification criteria#
1. Venture Investment Overall Experience#
- Yes, in early stage: 100%
- Yes, in late stage: 75%
- Acquirer, bought stocks of tech companies: 50%
- No, but PE of tech companies: 50%
- No, but other investments: 25%
- No investment experience at all: 0%
2. Venture Investment Role Experience#
- Invested money as LP: 100%
- Invested time and/or money as MP/GP/VP/Angel: 75%
- Invested time as Consultant, advisor, mentor, vendor: 50%
- Invested motivation as exited employee with options: 25%
- Other options: 0%
3. Tech Startup Experience#
- Founder of funded late stage/exited startup: 100%
- Founder of funded early stage or failed startup: 75%
- Non-founding VP/C-level of tech startup: 75%
- Senior/head level: 50%
- Non-tech startups or other entrepreneurship: 50%
- Non-tech startup or other business C-level: 25%
- Other options: 0%
4. Source of Wealth#
- HNWI, After business exit as (non-)founder: 100%
- HNWI, From Investments: 100%
- HNWI, High salary or fees, bonuses: 75%
- VC, FoF: 75%
- FO, PE, Trust: 50%
- Corporates: 50%
- HNWI, Rich Family: 25%
- Institutions: 25% (rarely a fit for a first fund)
- Other: 0%
5. Location (SEA+ANZ)#
- Investing, living, doing business in SG, US, ANZ: 100%
- Investing, living, doing business in SEA (except SG): 75%
- Frequent traveler to SG, ANZ: 50%
- Frequent traveler to SEA (except SG): 25%
- Other: 0%
6. Understanding of Firm's Specifics#
- Did business around the firm's focus area: 100%
- Software development background: 75%
- IT background: 50%
- STEM background: 25%
- Other: 0%
7. Compliance KYC/AML#
- Fully Compliant with Global Standards: 100%
- High Compliance, Requires Minor Additional Verification: 75%
- Moderate Compliance, Subject to Detailed Review: 50%
- Low Compliance, Requires Extensive Due Diligence: 25%
- Non-Compliant, Participation Restrictions Apply: 0%
Adapt it to your fund#
The criteria and percentages here are an example framework to illustrate how contacts might be scored. Each venture capital firm should customize this system to its own investment thesis, geographic focus and strategic priorities, and tailor the weights of each criterion to its values and objectives. Use it as a starting point for building and maintaining LP relationships.
Previous in LP Fundraising: Part 2, LP Lead Segmentation.
Next in LP Fundraising: Part 4, LP Engagement Activities.