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Steffen Risager
Steffen Risager

Former LP & CIO turned software founder

Digging through the mailbag

Sep 10, 2026

On LP mandates, re-up diligence and presenting an LP to GPs

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The third underwriting should be the deepest (yet)

Sep 3, 2026

A good re-up DD should confirm your thesis or reveal your biases

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Every LP will have much better data

Aug 27, 2026

Why AI changes the economics of portfolio monitoring

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The cover-page habit I never forgot (and stole)

Aug 20, 2026

A small administrative detail with lasting value for investment teams

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Three of my favourite charts for Manager diligence

Aug 13, 2026

When evaluating a fund, I look at many visuals. Here are three of my favourites you can start using today.

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The A-E System I Used to Prioritize GPs

Aug 6, 2026

How a simple rating turned manager evaluation into a repeatable sourcing process

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What Kind of LP Are You?

Jul 30, 2026

It took me ten years to realize my investment philosophy was very different from the one I thought I had

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Every LP gets the same information. Why do they reach different conclusions?

Jul 23, 2026

Same track record. Same meetings. Same references. The factual gap is small, the interpretation is where LPs differ.

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What Makes an LP Attractive to GPs?

Jul 16, 2026

Brand and ticket size matter. But after a decade on the LP side, I came to believe two other factors matter even more.

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The July Playbook

Jul 9, 2026

Why July was often my most productive month for building GP relationships + step-by-step guide

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The Hidden Cost of Expanding Your Mandate

Jul 2, 2026

Plus "Welcome Sweden!" and the standards we hold ourselves to

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The Gap Between What They Said and What Happened

Jun 25, 2026

About one of the highest-leverage things we ever did

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The Purpose of Monitoring?

Jun 18, 2026

Who and what should get your attention?

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Will the role of placement agents increase or diminish?

Jun 11, 2026

Learnings from 10 years as an LP

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The Research I Never Got Around to

Jun 4, 2026

How to come prepared to meetings at SuperReturn - without the tedious research effort

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The Part of Being an LP That Took Me Years to Accept

May 28, 2026

The best GPs don’t need your capital. They allocate access to LPs who started building the relationship years before the fundraise.

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It’s me, not AI. How I finally got a useful market map

May 21, 2026

The real problem isn’t the tools. It’s the question you ask - and why that determines the entire output.

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The 4–5 pages that define how you show up

May 14, 2026

Turning a pitch into a comparison

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IRR: A Simple and Surprising Measure

May 7, 2026

IRR Is Private Equity's Most Quoted Number. It's Also the one Most Easily Engineered. Here's The Math That Always Surprises Me

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The Reference Call That Sounds Good and Tells You Nothing

Apr 30, 2026

When the Politician's Answer Becomes a Problem

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Your Framework Is Not Your Edge. Your Calibration Is

Apr 23, 2026

Where Framework Ends and Judgment Begins

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The Ranking Is True. But What Is The Question?

Apr 16, 2026

A ranking tells you who performed. It doesn't tell you who will. The gap between those two questions is the entire job.

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The Number That Looks Great - Until You Remove Two Deals

Apr 9, 2026

On luck, repeatability and losses

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Carry Drives Upside. GP Commitment Does Something Else

Apr 2, 2026

As LPs we think mostly of returns. The GP commitment mostly sit on the other side of the equation

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Co-investments: Deal underwriting or manager selection?

Mar 26, 2026

A framework for moving fast without re-underwriting every deal

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