What began two years ago (November 12, 2023) as a way to avoid feeling like a total loser after some professional turbulence has now evolved into a weekly cathartic mental health exercise that demands ongoing self-reflection, unwavering honesty, and personal discipline. My very first post, “Breaking a Culture of Echo Chamber Investing,” unconsciously served as the gateway to explore a range of topics related to the known yet rarely openly discussed cultural, institutional, and philosophical dynamics within the relationship between LPs and GPs.
Using my posts’ engagement numbers as a metric, some topics have fallen flatter than a trampled pancake, while others have been ablaze with unexpected popularity. This microcosm of investment universe interaction has provided me with some interesting insights that extend beyond the nuanced topics I choose to write about. I believe it is only fitting that my 100th post should give a brief synopsis of what my weekly writings have taught me about LPs, GPs, the investment environment, people in general, and, to a considerable degree, myself.
- Both LPs and GPs enjoy seeing their grievances about each other broadcast by someone else:It was fascinating to see the level of engagement from LPs when I posted something that laid out critiques about GPs, and vice versa. This informed me that not enough candid conversations are being had between the two parties. LPACs (LP Advisory Committees) serve as an excellent bridge for LPs and GPs to share opinions and receive feedback; however, a gap in understanding still appears to exist between them. More surveys, off-the-record sessions, and brutally honest interactions are likely to foster greater solidarity between the parties.
- LPs seek forums where pain can be expressed and shared: In addition to my own, I see many posts as well as podcasts that LPs flock to share various forms of their pain, be it GP transparency, fund size growth, the lack of liquidity, portfolio company valuations, internal decision-making politics, etc. I believe investors view such media as a therapeutic way to alleviate feelings of isolation. I think astute GPs can glean valuable insights from these LP conclaves to enrich their investment programs.
- Almost every GP is seeking the true meaning of “differentiation”: The definition of “differentiation” is more elusive than a spotless cheetah. Almost every GP advice guru will tell managers to emphasize their differentiation. The problem is, how can you highlight what makes you different if you don’t know what everyone else has? I have been very careful in my recent writings to avoid clichéd buzzwords that sound good but are just mental dead ends. I have noticed that posts advocating for the emphasis on individual manager attributes and then leveraging those traits to build a compatible following tend to receive higher engagement because this advice is more practical and actionable.
- Clearly articulating a “narrative” is a chimera for GPs and LPs: Related to the above point, I have learned that managers really struggle with formulating a clear narrative. The “why do (or should) you exist?” question can expose or transpose managers. A simple way I have tried to describe what a compelling narrative embodies is “a narrative is a clear, honest, and personal description of a GP’s purpose, that also takes into consideration what LPs typically seek for their portfolios”.
- The financial rewards of asset managers seems to be a taboo topic: It is okay to talk about outsized returns that a fund can potentially deliver and what successful investing looks like. However, I have noticed that the wide-ranging discussions about due diligence problems, biases, GP/LP misalignments, valuations, agency issues, etc., tend not to include granular and critical discussions about what is drawing so many people into the asset management world. Every time I post something that broaches the topic of the mind-blowing wealth that some GPs have accumulated, I don’t even hear crickets; I occasionally hear a solitary frog croak.
- Emerging manager content sells like hot cakes: I came up with a series called “The Unbearable Lightness of Being a Fund I” that I periodically deliver. The goal of this series is to help emerging managers navigate their treacherous journey of establishing a place in the investment ecosystem, praising them for their bravery, and expressing empathy for the trials and tribulations they must endure. The series receives a lot of engagement and has opened up my network to many fantastic individuals. Based on feedback, I think the advice I provide that has resonated the most is “be careful who you surround yourself with and receive advice and initial capital from”.
- Pictures draw more attention than I expected: the pictures I use for my posts sometimes garner even more attention than what I wrote about. I have come to understand, to a deeper extent, that humans are very visual and creative beings. Something like a picture or a catchy title can capture initial attention, and hopefully, the substance of the content can keep that attention. I believe this sentiment is a valuable nugget of information that can be applied to manager pitch decks, LP investor committee memos, startup fundraising, and more.
Reflecting on nearly two years of candid weekly writing, I have gained invaluable insights into the nuanced relationship between LPs and GPs, their shared challenges, and the ongoing search for authenticity and connection in the investment world. Honest dialogue, empathy, and a willingness to address even uncomfortable topics are essential for bridging gaps and driving progress. Ultimately, the journey has reaffirmed the importance of self-reflection, clear communication, and community in navigating the complexities of asset management.
Anthony Kwesi Hagan
Founder and Head of Research, FreedomizationTM
November 9th, 2025
