LP of GPs Model Redefines Emerging Manager Access

In Brief:

The venture capital ecosystem is witnessing a fundamental transformation as innovative fund structures emerge to bridge the gap between institutional LPs and emerging managers, creating new pathways for accessing top-tier talent while they're still building their firms. Lisa Cawley, Managing Director of Screendoor, reveals how the "LP of GPs" model is revolutionizing early-stage fund investing by combining allocator expertise with seasoned GP advisory support to identify tomorrow's generational brands. Speaking on the Superclusters podcast, Cawley explains how her firm's unique approach pairs three experienced allocators with 14 established GPs who provide hands-on guidance to emerging managers on everything from portfolio construction to succession planning. Her background as a competitive swimmer, CPA, and CFA brings disciplined analytical rigor to relationship-driven investing, emphasizing that successful LP-GP partnerships require genuine alignment beyond legal documentation.

Big Picture Drivers:

• Access Innovation: Traditional LP barriers to emerging managers are being solved through intermediary models that aggregate expertise and capital

• Firm Building Focus: Emphasis on long-term institutional development rather than just fund-by-fund investment success

• Relationship-Driven Investing: Moving beyond transactional approaches to genuine partnership models that support managers through multiple cycles

• Educational Premium: Growing recognition that venture requires continuous learning and mentorship for both GPs and LPs

Key Topics Covered:

• LP of GPs Structure: How Screendoor combines allocator experience with GP advisory services to support emerging managers

• Reference Checking Strategy: The importance of holistic founder feedback over surface-level validation when evaluating managers

• Family Office Dynamics: Understanding the differences between Generation 1 wealth creators and Generation 5 institutional structures

• Value-Add Quantification: Moving beyond claims of being "unique and differentiated" to measurable impact metrics

Key Insights:

• Swimming-Venture Parallel: Like competitive swimming, venture capital combines individual performance with team success, requiring both personal achievement and collaborative contribution to overall portfolio performance.

• Relationship Over Transaction: When partnerships are governed primarily by legal documents rather than mutual understanding, they become transactions rather than relationships, limiting long-term success potential.

• Firm vs Fund Building: True success requires building lasting institutions capable of succession planning and brand longevity, not just raising sequential funds.

• Reference Call Strategy: The best reference checking involves understanding how managers operate during both successful periods and challenging times, revealing character and resilience.

• Family Office Complexity: Every family office operates differently based on generation of wealth, liquidity needs, and family involvement, requiring customized LP-GP fit analysis.

• Value-Add Measurement: GPs must quantify their contributions with specific metrics like introductions made, hires facilitated, or strategic guidance provided rather than claiming generic differentiation.

Memorable Quotes:

• "If you are governing things from a point of a legal document, whatever that may be and having to refer to that in order to trigger a behavior, that often to me feels emblematic of a transaction, not a relationship" - Lisa Cawley, distinguishing between transactional and relationship-based partnerships

• "You miss 100% of the shots you don't take" - Lisa Cawley, on the importance of taking calculated risks in venture capital

• "You can be a critic while still helping somebody and you can be a critic while still giving empathy and doing so with respect" - Lisa Cawley, on balancing evaluation with support

• "If you're in venture you're basically committed to a career of lifelong learning and in venture if you think you know everything you are already behind" - Lisa Cawley, emphasizing the importance of continuous education

• "We think so much more about the partner in that not the limited" - Lisa Cawley, explaining Screendoor's philosophy on LP-GP relationships

The Wrap:

Cawley's approach demonstrates how the venture ecosystem is evolving beyond traditional LP-GP structures to create more supportive, educational partnerships that benefit all stakeholders. As the industry grapples with over 4,000 emerging managers competing for attention, innovative models like Screendoor's LP of GPs structure may become essential for helping institutional allocators access top talent while providing emerging managers with the guidance and capital needed to build lasting firms.