👋 Welcome to the 42 new readers who joins us this week and welcome back to everyone else.
Today we’ll be diving into one of our most practical post yet. By the end of it, you hopefully have some things you can go implement today.
So let’s get started.
“Meet as many managers as possible” sounds easy - until you’ve met 500 of them. When time becomes your scarcest resource, intuition alone won’t scale. That’s why I used an A–E system - a letter grade that turns analysis into action.
You’ve seen my “boring” framework on scoring managers 1–5 across performance, strategy, value creation, people, and terms. The A-E list sits on top of that: a single letter that translates analysis into action - who we meet, how often, and where.
Why a letter grade?
It forces prioritization. A single letter makes tradeoffs explicit when the calendar gets tight and decisions need to be made.
It creates consistency across the team. New joiners know exactly how to behave with an A vs. C.
It signals commitment to managers. Showing up in their office 6-9 months after the first meeting isn’t random - it’s the operating system working.
The definitions (and what they mean for your time)
Rule: once we’ve met, we assign A-E within 24 hours, and re-evaluate after every meeting.
A: “Commit to next fund unless there are big surprises”
Clear, repeatable performance with depth (not just an outlier), top decile/quartile through cycles, stable team, clean terms.
Cadence: Meet 1x/year; 2–3x/year within 9 months of a fundraise. Visit onsite at least once per cycle.
How many GPs? In the US mid-market, I can point to ~20 clear A’s. I won’t rate an A without a line-by-line review.
B: “In the running, one of many options”
Strong but with one or more open questions (succession, fund size drift, or a still-unrealized driver).
Cadence: Meet every 12–18 months; quarterly touchpoints 6–9 months pre-raise.
How many GPs? On the order of ~100 in the US mid market. Typical “B-not-A reasons”: return distribution, succession risk, or a new size segment without realized proof.
Personal note: I was lucky to start inside a firm that already ran this system - and with teachers who made it a habit. After every meeting, they asked me first: “What’s the grade?” - no hedging, no waiting to see what the seniors thought. That simple ritual - commit, then explain - compressed years of learning into months.
C: “Track, don’t chase”
Solid story but either average outcomes, concentration you don’t love, or strategy/size mismatch.
Cadence: 18–24 months or only near fundraises. No repeat meeting if you met them recently and nothing changed.
Pattern: The classic JAMBO (Just Another Mid-Market Buyout fund) that “focuses on consumer, industrials, and services” - i.e., everything. (Sector-agnostic can work; they just need a model focus.)
D: “Pass for this cycle”
Multiple unresolved flags; unlikely to be competitive for your program.
Cadence: Asynchronous updates only (letters, decks). No meetings unless a major catalyst occurs.
E: “Archive”
Outside mandate or clear no.
Cadence: None, beyond regulatory/relationship niceties.
For managers we hadn’t met (pre-meeting only):
P - Potential: Not yet met; leading indicators (large fund size growth, top-tier placement agent, (yes, we rated them), strong LP base). Use to prioritize a first meeting in 3–6 months. Keep reaching out regularly if not responsive.
U - Unknown: In-mandate but thin signals. Prioritize an intro call over a physical meeting.
After any meeting with a P or U, convert to A-E.
Bonus tip
In today’s news: Integrum has closed Fund II at $2.5 billion, following their $1.1 billion Fund I from 2022. That kind of momentum would earn them a solid “P” in my book - clearly, they’re doing something right. And if I hadn’t met a GP yet, I found that right after a fundraise is one of the best times to do it.
Examples of how the sourcing machine works
Example 1: Raising an Annex fund → “B for now” → early allocation
We first met a GP while they were raising a small annex fund. Strong strategy and team, but we needed more proof. We graded B and logged “evidence gap (realizations/depth)” as the reason.
The cadence did the rest: we checked in 9 months later, saw more proof and was there when the next fund opened shortly thereafter. At this point, we were already underwrite-ready and got in early - while several LPs who “found” them during the raise were too late.
Example 2: Three-year pursuit → sudden opening
After an initial intro meeting, we graded a manager A based on track record and team. Then… radio silence - for three years.
The system said: keep showing up. Every time we were in their city, we reached out. We logged 9 polite touches (quarterly notes + trip pings). No drama, no pressure (although I felt a bit like a fool).
Then an allocation opened unexpectedly. They remembered we’d been consistently, persistently present - even without replies. We got the call - and made the commitment.
How it impacts your calendar (and your travel)
Regular planning: At regular intervals (quarterly or bi-annual) go through the list and prioritize your meetings activities.
City stacking: If you’re flying anyway, use the letters to prioritize in-office meetings. GPs notice, and it lifts allocation odds.
Yield on meetings: If a C reached out and you met them recently, decline politely and ask for an update deck. The system says your incremental hour is better spent with an A or fundraising-adjacent B.
The CRM fields cheat sheet that make it work
Cadence doesn’t live in your head - it lives in your CRM. These five fields are the bare minimum that make the A-E system work: they tell you when to follow up, what would move a GP up a grade, and who’s responsible. Update them after every meeting. If something’s blank, that’s your next task.
Field | Example | Why it matters |
|---|---|---|
GP rating | B | Drives cadence |
Next raise estimate | Q2 ’26 | Schedules touchpoints |
Last meeting | Apr 2025 (update) | Enforces spacing |
What could be better? | More realized exits | Focuses follow-ups |
Responsible | Steffen | Accountability |
“Thanks for the note and the update deck. We met in April and, per our process, we space follow-ups unless there’s a material change (team, strategy, realized exits, or fundraise timing). Let’s revisit closer to your next raise or if one of those catalysts hits. We appreciate staying in the loop.”
It’s honest, consistent, and keeps the door open without consuming the calendar.
The bottom line
Most LPs are great team judges - but lose on calendar Tetris. The A-E list is the machine that gets you in the right rooms at the right times. A single letter turns analysis into behavior - who you meet, how often, and where - and creates prioritization and unity across the team.
Do the boring work: write definitions, set cadences, log them, and stick to them. Your calendar will start working for you, not against you - and managers will notice that you keep showing up when it counts.
That’s the point: systems compound. So does trust.
How did you like today's post?
🔖 Interesting reads
Here are a few articles I found share-worthy this week.
Hamilton Lane: The case for Middle Market Private Equity: It is no secret that I find the US middle market to be one of the areas with the best risk/return ratio. Here, Hamilton Lane dives into deal level returns here to give more evidence.
💰 A quick intel snapshot of recently raised funds
A relatively slow week on the fundraising side of things. After 13 funds in our last newsletter and ~$60 billion raised, we only have 7 funds and ~$6 billion raised this time around.
Integrum Capital Partners II: $2.5bn (services, US)
RCP Secondary Opportunity Fund V: $1.26bn (secondary - North American small buyouts; LBO/growth/restructuring)
Plexus Fund VII: $977m (structured capital - debt + equity; lower‑middle market, US)
Shore Capital Partners Healthcare Fund VI: $625m+ (healthcare, US)'
Town Hall Ventures Fund IV: $440m (AI & healthcare innovation for underserved communities, US)
Plexus Equity Fund II: $345m (control buyout - lower‑middle market buyouts; business & essential services, US)
Shore Capital Partners Search Fund II: ~$225m (search fund, US)
One final thing…
If you enjoyed this newsletter, I’d appreciate it if you would forward it to a colleague or friend. If you’re that friend, welcome!
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.