Last week, @EniacVC hosted a fundraising workshop for emerging fund managers with some of its amazing LPs and 30 incredible VC firms in NYC, in the worst fundraising market since 2008. Here are some of the takeaways. Top 10 tips on how GPs can fundraise effectively in this market: 1. Put the "P" back in "LP", especially in these downtimes: A) Over communicate with LPs, current and prospective B) Rip the band-aid off artificial valuations in 2020-22 and write your book down 2. It's OK to raise a smaller fund (it may very well have been too big beforehand). 3. GP chemistry is something highly scrutinized, as when VCs invest in a startup. When managers work with relationship consultants/coaches, that is viewed very positively. Solo GPs can be tougher to back, but not impossible. 4. Fund 2s are easier to raise than Fund 3s because you're still selling the vision. Fund 3 needs the magic three letter word to raise "D-P-I". 5. Seed funds may now take up to 18 years to fully germinate. Paint the vision of who you will be in 18 years, not 10, not 2. 6. Offer direct invests to current/prospective LPs, highly appreciated and can help accelerate a formal relationship. Optimize use of an LPAC (Limited Partner Advisory Committee) to your advantage. 7. Don't be shy to be super proactive and persistent- shows how you run your business, be aggressive but courteous and kind. 8. Best time to generate liquidity is when LPs need it the most (i.e. now). Don’t be afraid to take some upside off the table strategically. Know what is driving your portfolio. 9. "Is it realistic for me to envision you participating in this fundraise?" Don’t be afraid to ask an LP this question at the appropriate moment. 10. 5%+ interest rates reduce your options as an LP. Managers need to have a very good answer if you are coming back to raise every 12-20months. Special thanks to our incredible LPs Kavita Nayar at DUMAC, Geetanjali Gupta at the New York Public Library, and Alan Mattamana at Fairview for their insights, and to @CharlieNYC at Fidelity for sponsoring this event!