LP Lead Segmentation: Sorting LP Leads by Relationship
How an emerging VC fund can segment limited partner leads by relationship, then by connection degree, shared years, location and background.
Part 2 of 4 in LP Fundraising, notes written in 2024 on the topics of VC Lab's Venture Institute Apprenticeship. First posted April 11, 2024; updated October 31, 2026. An archive, not an active fund raise.
In short: sort limited partner (LP) leads first by how you know them (work, school, family and friends, clubs, portfolio, sector), then by connection degree, shared years, location and professional background, so each segment gets its own message and priority.
Why segment LP leads#
Segmenting potential Limited Partner (LP) leads, wherever they come from, makes personalized engagement possible and shows which outreach works. My universal LP segmentation framework sorts contacts first by their relationship to the fundraiser.
Secondary dimensions refine each segment: connection degree, shared experiences, location and the contact's professional background. This allows tailored messages, prioritized outreach and a clear view of which approaches get the best engagement.
Primary segmentation by relationship#
If you have worked at five companies and studied at a few places, this approach gives around 50 primary segments.
Working relationships#
- Former colleagues: direct colleagues and people who worked at the same organization at different times, possibly connected through mutual acquaintances.
- Key partners: past and current clients or contractors: relationships built through professional services or collaborations.
- Current colleagues: people you work with now, across projects or departments.
Educational alumni#
Universities, training programs and other educational experiences, split by whether you attended the same cohort or year.
Family and friends' professional networks#
Personal connections can give introductions or insights into potential leads. Keep the segments separate: each family member, alumni group or company is its own segment.
Members of groups and clubs#
- Sector peers: for example, AI startups or SaaS enthusiasts.
- VC groups: such as first-time VCs or angel syndicates.
- Hobby and interest clubs: built around the experiences members share.
Portfolio connections#
The team members and advisors of the fund's portfolio companies, their key clients, co-investors, and the LPs of those investors.
People in the fund's sector#
- Investors at any stage.
- Founders, C-level executives, heads and senior staff of exited or late-stage startups, depending on business size.
Secondary segmentation#
Split each primary segment further by:
- Connection degree: 1st (people you know and can reach directly) or 2nd (people you can be introduced to).
- Shared years: the same or different years of working or studying together.
- Location: country or region, and how it relates to the fund's geographic focus.
- Professional background: investor, founder, C-level or senior, and so on.
This gives targeted, personal outreach, prioritizes leads by how warm the relationship is, and shapes the message for each segment.
With the secondary level, the number of LP segments reaches the hundreds. That's why a CRM or marketing tool to manage segments is essential.
Previous in LP Fundraising: Part 1, LP Lead Sources.
Next in LP Fundraising: Part 3, LP Lead Qualification.