In this episode, Joel Palathinkal delves into managing Limited Partner (LP) relationships and expectations. Key topics include tailoring pitches for different LP types, asset allocation for family offices, and avoiding common LP strategy mistakes. The episode emphasizes the importance of strong GP-LP relationships, covering communication, conflict resolution, and effective fund update strategies. It also discusses building a track record for new managers, differentiating funds, and engaging multi-generational family offices, with a focus on geographic differences, particularly in Texas. The episode wraps up with insights on fund evolution, scaling, and strategic hiring. (0:00) Introduction and guest backgrounds (6:34) Managing LP expectations and goals (9:39) Tailoring pitches to different LP types (11:29) Asset allocation for family offices (14:17) Common LP strategy mistakes by fund managers (18:36) GP-LP relationship maintenance (20:48) Importance of communication with LPs (24:09) Handling conflicts with LPs (27:15) Fund update strategies (29:53) Tips for AGMs (33:43) Presenting performance to LPs (35:28) Building a track record for new managers (37:18) Differentiating your fund (39:17) Scaling a fund management team (42:02) Engaging with multi-generational family offices (44:32) Geographic differences in the LPGP ecosystem (46:39) Building an LP base in Texas (48:18) Engaging oil and gas families in venture markets (50:19) Personal relationships in Texas fundraising (51:24) Evolution of fund managers and structures (54:49) Scaling funds and strategic hires