Hi there and welcome to BeyondTVPI 👋
I’m Steffen, and I’m really excited to have you on board for this very first issue of what I hope becomes your favorite read in the LP space.
Think of this newsletter as a little corner where we can talk shop about being a Limited Partner, share some lessons learned the hard way, and explore what makes us all better at what we do.
Why am I getting this?
I’ve taken the liberty to add you to this newsletter because I think the topics will be relevant and useful for you. If it’s not for you, you’re of course free to unsubscribe anytime using the link at the bottom.
For now, we’re just setting the stage. In the issues ahead, you’ll get:
🎯 Practical LP playbooks → manager selection, liquidity forecasting, and more. Real practical examples, not “thought leader stuff”
👁️ Behind the scenes as we build FundFrame (the wins and the screwups)
🔖 Interesting reads I’ve come across recently - whether they’re LP-focused or just things that caught my eye
💰 A quick intel snapshot of recently raised funds…
… and we promise not to be boring.
But most importantly, I’d love to hear from you. If there are topics you’re wrestling with, challenges you’d like to see unpacked, or anything you’re curious about, just hit reply and let me know.
Something you’d like unpacked? Just hit reply and tell me.Let’s make this the start of something really useful and a bit of fun too.
Talk soon!
Best, Steffen Ex-LP, founder of FundFrame - building tools I wish I had as an investor.
🔖 Interesting reads
Here are a few articles I found share-worthy this week.
How Climate drove the US Civil War. Tomas Pueyo argues that climate drove the U.S. Civil War by shaping Northern and Southern agriculture, labor needs, and population growth, which ultimately dictated their economic and political power. Fascinating read.
$46B of hard truths from Ben Horowitz: As a founder, I found this very interesting. Key lesson - that we also witnessed at Advantage Investment Partners… success is the sum of countless small decisions, not one big bet.
Our provider dashboard: Built by Alexander, this shows how we track providers internally and externally - a small but useful tool in keeping operations clear.
💰 A quick intel snapshot of recently raised funds
Advent International Global Private Equity XI: $20bn (large-cap buyout, global)
Veritas Capital Fund IX: $14.4bn (tech & government, US)
Asterion Industrial Partners Fund III: €3.4bn (infrastructure, Europe)
ICG European Infrastructure Fund II: €3.15bn (infrastructure, Europe)
Aurora Capital Partners Fund VII: $2.1bn (mid-market buyout, US)
TVM Capital Healthcare Southeast Asia Fund: $150m first close (healthcare growth, Southeast Asia)
Written by
Steffen Risager
This newsletter is written by Steffen Risager, the founder of FundFrame, a platform for LPs to manage their private markets investments.
Before that, Steffen was CIO at Advantage Investment Partners, a Danish Fund-of-Funds.
Steffen has a decade of experience as an LP, and has made commitments totaling approx. $6bn across fund- and co-investments.