Frank’s Fundraising Fails

Raising a fund is humbling. You come in thinking you’re pitching alpha. You leave praying someone answers your Calendly link.

And while I’ve mostly found my rhythm, I took some serious L’s on the way. So this week, I present: Frank’s Fundraising Fails — to save you from the pain of learning these the hard way.

Here we go.

Fail #1: Confusing “Interest” with “Intent”

That LP who said, “This sounds super compelling, I’d love to stay in touch” after your first call?
Yeah, they said that to 25 other funds this week.

I once spent months updating someone who “loved our thesis.” They opened every email. Responded to none.
Lesson: Track warm leads, but don’t count them. 

Fail #2: Waiting Too Long to Ask for the Check

You know what kills a deal faster than a “no”?
An undefined maybe stretched across 11 Zooms.

If they’re genuinely interested, asking “What’s your process for making a commitment?” is not pushy. It’s necessary.

Lesson: Don’t be shy about next steps. LPs aren’t confused. You are.

Fail #3: Over-Updating People Who Aren’t in Your Funnel

I used to send everyone — including the guy I met once at a Bitcoin meetup — detailed monthly updates.

Turns out, people who aren’t committed don’t need your portfolio construction strategy deck.
They just want a quick “we’re alive and moving.”

Lesson: Tailor your updates. Not every LP is your LP.

Fail #4: Not Building a Real Funnel at All

I had a Google Sheet with names and vague notes like “said they’re into emerging managers!!”
No stages. No next steps. Just chaos.

I didn’t have a funnel. I had a fundraising feelings journal.

Lesson: You need a CRM, not a diary. Track conversations like you’re managing a sales pipeline — because you are.

Fail #5: Taking Rejection Personally

The first time I got ghosted after a 5-call sequence, I spiraled.
“Did I talk too fast? Was my deck ugly? Do I smell through Zoom?”

The truth? They committed to a re-up fund 2 days before and didn’t have the decency to tell me.

Lesson: You’re not being rejected. You’re being deprioritized. Big difference.

✅ Take These So You Don’t Take These

If you’re raising right now:

• Ask early about process

• Track leads with intention

• Know the difference between warm and waffling

• Don’t waste updates on ghosts

• And never, ever build your funnel from memory

Fundraising isn’t about being perfect — it’s about being consistent, clear, and coachable.

Mistakes will happen. Just make new ones.

Till Next Time,
- Fund1Frank
🧢 Carry season is upon us. Hydrate accordingly.