Happy Thursday and welcome to another edition of BeyondTVPI.

SuperReturn is just a few days away. If you’re attending, your calendar probably contains somewhere around twenty GP meetings next week.

You may already be prepared for all of them.

If you’re anything like I was as an LP, however, preparation probably involves a combination of old meeting notes and a quick skim of the GP’s website.

To help with that, we’ve just launched our new GP Research Assistant.

The workflow generates a sourced briefing on any GP using public information, highlights recent developments, suggests follow-up questions, and provides links back to the underlying sources.

It’s completely free to download and you can do so here.

Our previous workflow, the Private Equity Market Mapping Assistant, has already been downloaded more than 30 times, so we thought we’d release another tool that’s directly useful for LPs heading to Berlin next week.

In today’s article, I’ll show you exactly how it works and walk through a live example using Axcel.

Next week, 6,000 people will fill the InterContinental Berlin for SuperReturn.

If you’re one of the LPs attending, your calendar probably contains twenty GP meetings. Some of them are managers you know well. Others are firms you’ve only spoken to briefly. A few are probably meetings you accepted because someone said, “You should really meet these guys.”

And let’s be honest, you’re probably not spending an hour preparing for each meeting.

I for sure didn’t.

Conference preparation tends to look something like this: pull up the notes from the last meeting, skim the GP’s website, glance at a recent announcement if time permits, and head to the next session.

Not because LPs are lazy. Because there simply aren’t enough hours in the day.

Somewhere on your calendar is a GP that raised a new strategy six months ago. Another made its first investment in a new geography. Another quietly changed leadership. All things you’d probably want to know before sitting down across the table.

The problem isn’t that the information is hard to find.

The problem is finding it twenty times before boarding a flight.

That’s the problem this skill was built to solve.

As an example, I ran it against Axcel, the Danish mid-market private equity firm, using a six-month public-news refresh.

In a few minutes it surfaced:

None of those findings are individually difficult to discover.

But taken together they create a very different meeting briefing than a quick skim of a website.

And one of them matters more than the others.

On 6 February 2026, Christian Bamberger Bro became Axcel’s Managing Partner, completing a succession process first announced in 2025. Christian Schmidt-Jacobsen stepped back into a Partner role focused on the firm’s new Elevate strategy.

A managing partner transition is exactly the kind of development that often slips through the cracks.

It doesn’t generate the attention of a major exit. It doesn’t show up in performance reporting. It doesn’t move a valuation mark.

But if you’re evaluating whether to back the next fund, leadership transitions matter.

And knowing this before the meeting means you can spend twenty minutes digging deeper instead of being brought up to speed.

A recurring problem with AI research is attribution.

“According to what?”

That’s why every finding in the output includes its sources, supporting quotations, URLs and retrieval dates.

If an analyst handed me a briefing without sources, I’d hand it straight back. AI shouldn’t get a free pass.

The difference between:

“I think I read somewhere that management changed.”

and

“Here’s the announcement. Here’s the quote. Here’s the date.”

is the difference between a vague memory and something you can confidently discuss in an investment committee meeting.

The most useful part of the output isn’t necessarily the findings.

It’s the questions.

For the Axcel succession, the suggested follow-up was:

With Schmidt-Jacobsen moving to lead Elevate, who now owns Axcel VII investment decisions, and how is key-person risk addressed in the LPA?

That’s a very different conversation from:

“So tell me about the leadership change.”

One gets a prepared answer.

The other gets closer to the underwriting question.

The assistant didn’t tell me anything I couldn’t have found myself.

It just did the work in minutes instead of requiring an hour and 17 browser tabs.

More importantly, it did it consistently.

Most of us aren’t going to spend an hour preparing for every GP meeting.

Most of us would, however, happily read a one-page briefing on the flight to Berlin.

If you’re heading to SuperReturn next week, download the skill, run it against the managers on your calendar, and read the briefs before you land.

The information was always there.

The difference is that now you’ll actually have time to read it.

If you’re interested, you can download the skill here.

On Tuesday, I had what every GP dreams of: the undivided attention of a room full of LPs for nearly an hour.

I was invited to speak to the European Emerging LPs during their lunch session. The webinar was well attended, and judging by the number of new BeyondTVPI subscribers that appeared afterwards, it seems the audience found at least some of it useful.

It was my first time speaking in this format. I don’t suffer from stage fright - in fact, I generally enjoy presenting - but I still noticed the familiar butterflies as the start time approached. No matter how many meetings you’ve done, there’s something different about being the person everyone has logged in to hear.

My main takeaway from the session is that there are a lot of smart young LPs out there. The questions were thoughtful and practical, covering everything from the role of placement agents (where I have plenty of opinions), to co-investments (where I have even more), to first-time managers (where I have fewer).

If you’re interested, you can find the presentation here.

I thoroughly enjoyed it and hope it’s the first of many opportunities to share some of the things I’ve learned over the years.

After all, the entire idea behind BeyondTVPI is simple: share some of the frameworks, mistakes, and lessons that took me a decade to accumulate.

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 totalling approx. $6bn across fund- and co-investments.