Building advisory boards for first-time funds

Why do so many advisory boards look impressive on paper but fail to deliver real value when it actually matters? In his second appearance on the podcast, I sit down again with Matt Curtolo, a senior advisor to both GPs and LPs who has worked with more than 600 general partners across venture, growth equity, and private equity. Matt breaks down the biggest misconceptions around advisory boards and LP advisory committees, why “performative” governance quietly destroys trust, and how the best managers design advisory structures with real purpose. We get tactical on compensation, LPAC construction, advisor selection, and how great firms turn advisors into a true strategic weapon—not window dressing.

Highlights:

• The critical difference between LPACs, boards of advisors, and independent advisors
• Why most advisory boards fail before they ever meet
• Purpose and clarity as the starting point for any advisory structure
• “Performative” advisors vs. functional advisors
• The value of truly independent, unconflicted feedback
• Advisor vs. full-time hire: how to decide
• Best practices for advisor compensation (carry, cliffs, and alignment)
• Why smaller LPACs outperform large, unwieldy committees
• How advisors can (and should) support fundraising
• Common LPAC construction mistakes GPs keep repeating
• Diversity of LP perspectives as a governance advantage
• Why transparency turns LPACs into long-term advocates

Guest Bio:

Matt Curtolo is a senior advisor to general partners and limited partners across venture capital, growth equity, and private equity. Over his career, he has worked with and advised more than 600 general partners, served on numerous advisory boards and LP advisory committees, and helped managers navigate fundraising, governance, and firm-building challenges. Today, Matt focuses on helping emerging and established managers design effective advisory structures, improve LP communication, and build durable franchises across private markets.

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Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

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Stay Connected with Matt Curtolo:

LinkedIn:https://www.linkedin.com/in/matt-curtolo-caia/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Introduction (2:36) Independent Advisers' Objective Feedback (5:52) Roles and Differences of Advisers vs. Full-Time Team Members (7:33) Compensation Frameworks for Advisory Board Members (10:34) Advisory Relationship Success Rate and Turnover (13:22) Building Advisory Boards from Scratch (16:03) Advisory Board Construction Based on Team Needs (17:14) Optics and Substance in Advisory Boards (19:19) LinkedIn Affiliations as Commitment Signals (20:34) Strategic Use of LP Advisory Committees (22:53) Leveraging Advisory Boards for Fundraising and LP Introductions (25:02) Mistakes in Constructing LP Advisory Committees (LPAKs) (27:40) Optimal LPAK Size (28:33) Venture Market Outlook for 2026 (32:40) Closing remarks