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When ‘It’s Going Great!’ Feels Like a Lie

The emotional gymnastics of being honest while projecting momentum.

Author

Fund1 Frank
August 13, 2025

Welcome to Frank’s Fundraising Feelings. Today’s topic: How Honest Should I Be?

Let’s be real — fundraising is one long “How’s it going?” conversation. And whether you’re a first-time fund manager or a startup founder, you’ve probably wrestled with this question:

Do I tell them what’s really happening… or do I just smile, nod, and say “Amazing!!” while producing enough sweat to qualify as a small irrigation system?

The answer, according to a very real conversation I had recently with a first-time GP and a founder, is: Yes, but also no.

Rule #1: Tell the Truth… Always

This is the bare minimum.
If you’re at $10M raised, you don’t say you’re at $30M. That’s not “positioning,” that’s lying.
But telling the truth doesn’t mean spilling every frustration. The pros use framing:

  • “We’re seeing great momentum.”

  • “We’re really grateful for XYZ investor joining the journey.”

  • “We’re having high-quality conversations.”

Translation: things might be slow, but they’re moving — and you’re keeping the energy positive.

Rule #2: Publicly Confident, Privately Transparent

Have a handful of trusted friends or mentors — ideally outside your investor base — who you can be 100% real with. They’re your venting safe zone.
In public? The job is to project competence and momentum like you’ve already booked the victory lap yacht.

I heard a story about two co-GP’s. One of them let a challenge slip to a few industry friends… who then spread it like a hot rumor. The other partner? Booked a flight the next week, showed up at key industry events, and over-emphasized how great things were going until the narrative flipped.

Lesson: In fundraising, perception is reality. Guard yours.

A Note on Reputation:
Keeping it Frank here — You will have a reputation. The only question is: are you willing to help shape it?

As an emerging manager, you don’t have decades of performance data or a long track record for LPs to underwrite. All you have is the future — and in the absence of proof, people underwrite momentum.

If you put your head down and hope the work speaks for itself, human nature will fill in the blanks… and it rarely assumes the best. Or put another way: you don’t need a PR team, but you can’t hide in a WeWork booth and hope the LP grapevine says nice things. It’s essential to put in the work to shape your reputation.

Rule #3: Protect Your Identity

If your sense of worth starts rising and falling with your latest LP conversation, you’re headed for an identity crisis.
Fundraising is a season, not your soul.
You are not your term sheet. You are not your rolling close. And you are definitely not your last no.

The healthier your self-worth is apart from the raise, the easier it is to confidently answer “It’s going great!” without it feeling like a personal betrayal.

Frank’s Honesty Hacks

Because it’s not just what you say — it’s how you say it.

1. The Positive Reframe Trick
Take the actual truth and shift the focus to forward motion.

  • Instead of: “We’ve only closed $2M so far.”

  • Try: “We’ve brought in several million from incredible early believers and have some exciting conversations in the pipeline.”

2. The Rumor Containment Protocol
If a negative narrative starts circulating:

  • Show up in person where key relationships are.

  • Over-index on energy and clarity.

  • Share just enough good news to drown out the bad.
    The faster you correct the storyline, the less oxygen it gets.

3. The 3-Tier Honesty System

  • Tier 1 (Inner Circle): Raw, unfiltered truth (no investors allowed).

  • Tier 2 (Friendly Industry Contacts): Truth with framing.

  • Tier 3 (Public): Momentum, milestones, and optimism — always.

At the end of the day, the goal isn’t to be fake — it’s to be strategically real. Inspire confidence, keep the inner circle close, keep the public energy high… and if all else fails, blame “stealth mode” for why you can’t share more.

-Till Next Time,
Fund1Frank
Sun’s out, funds out. Currently raising capital and my core body temperature.

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