E201: Top 10 Things LPs Look for in a General Partner w/Matt Curtolo

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Aug 18, 2025

In this engaging discussion, Matt Curtolo, an institutional investor with over 20 years of experience, shares his unique insights on what distinguishes elite limited partners (LPs) from the rest. He emphasizes the critical role of emotional intelligence in investment success and warns against underestimating potential upside. Matt also addresses the real reasons LPs often decline opportunities and explores the complexities of GP-LP dynamics. With invaluable advice for emerging GPs and small LPs, he highlights the importance of trust, collaboration, and long-term thinking in building successful partnerships.

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ADVICE

Use Your LP Network For Better Deals

Build and use an LP network to share deal flow and diligence so you never sit alone on an idea.
Leverage peers to get warmed introductions and to crowdsource reference diligence efficiently.

INSIGHT

Incentives Make LPs Conservative

Institutional incentives often push LPs toward preservation and familiar brands rather than asymmetric upside bets.
This misalignment reduces risk-taking despite institutional portfolios being diversified enough to absorb concentrated winners.

ADVICE

Run A Clear, Fast Co-Invest Program

Define a clear co-investment point of view and a fast process to avoid slowing GPs down during deal windows.
Tell GPs your review timeline and stick to it so you remain an attractive co-investor.

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What does it take to be a truly great limited partner? In this episode, I spoke with Matt Curtolo, a veteran LP who’s worked with some of the most sophisticated institutional investors in the world—Hamilton Lane, MetLife, and Hirtle Callaghan. Today, Matt advises both LPs and emerging GPs, offering a rare perspective from both sides of the table. We dug deep into what separates elite LPs from the pack, how institutional incentives shape decision-making, the paradox of humility and self-promotion among GPs, and why the best partnerships are built on trust, EQ, and long-term thinking. If you're raising a fund—or allocating to them—this episode is a masterclass.

Highlights

Why emotional intelligence (EQ) often separates good LPs from elite ones
The biggest mistake LPs make: underestimating upside
How institutional misalignment discourages risk-taking
What best-in-class co-investment programs actually look like
How to assess GP conviction without asking directly
Why emerging GPs struggle—and how Matt coaches them through it
The real reasons LPs say no (hint: it’s not just returns)
Why “people first” is Matt’s ultimate investment filter
A framework for long-term games, trust-building, and kingmaking
What smaller LPs can do to punch above their weight

Guest Bio

Matt Curtolo is an institutional investor, advisor, and coach with over 20 years of experience across some of the most respected LP organizations in the world. He spent the first seven years of his career at Hamilton Lane, followed by senior roles at Hirtle Callaghan and MetLife. Most recently, he was Head of Investments at Allocate. Today, Matt advises both LPs and GPs on investment strategy, manager selection, fundraising, and co-investments—with a special focus on helping emerging managers navigate the zero-to-one journey.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

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Stay Connected

X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Matt Curtolo: 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.

(0:00) Episode preview (0:11) Experience at Hamilton Lane and early career insights (1:19) Skills and best practices for an elite limited partner (6:15) Leveraging community and referencing in due diligence (10:16) Decision-making, risk tolerance, and LP conservatism (17:16) Characteristics of top-performing LPs and institutional culture (22:03) Advantages and benefits of co-investing for large institutions (27:27) Evaluating co-investment opportunities and GP conviction (32:38) Building relationships with GPs and organizational differences (36:46) Challenges for smaller LPs and quick rejections in GP pitches (42:10) Partnership mentality and long-term industry relations (49:09) Consulting GPs and LPs for a unique perspective (53:09) Common reasons GPs fail to raise money and balancing self-promotion (59:13) The ten-year commitment test and characteristics of emerging LPs (1:03:38) Closing remarks