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Melissa Richlen, Director of Private Equity and Venture Capital at the $8B+ MacArthur Foundation, joins VC Mastermind to share how one of the most respected institutional LPs in the U.S. evaluates making investments in VC firms—both legacy firms and emerging managers. With over two decades of experience investing in top-tier funds and backing breakout first-time GPs, Melissa brings a candid and practical perspective on what it takes to earn institutional capital in today’s constrained fundraising environment.

In this episode, Melissa unpacks the key signals she looks for in Fund I–III managers, including how she evaluates unrealized portfolios, what makes a credible solo GP, and how she distinguishes between short-term momentum and long-term firm-building. She also highlights common red flags—like incomplete decks, partial track records, and strategy drift—that stop diligence before it starts. The conversation goes deep on what it means to build trust with LPs over time, from reporting cadence to AGM best practices to succession planning.

This episode is essential for all GPs preparing to raise institutional capital. Whether you're raising your first institutional fund or positioning a later fund for a long-term partnership, Melissa's insights offer a detailed roadmap on what high-conviction LPs are actually looking for—and how to avoid the missteps that quietly kill a raise.

If you are a VC Managing Partner and interested in gaining access to our private podcasts please Apply for Membership. If you are already a Member please click here and make sure you are signed in.