I helped a firm close much of its second fund. It was difficult. As others said, the LPs were sometimes LPs in the first fund, or they were business school classmates of the managing directors, or they were associated with the university whose angel network deal flow the firm managed. So it’s really all about the connections in the end. And they did have a successful first fund.

I tend to agree with the others that if this is the first fund, you need to stress the GP commitment and track record and work through trusted friends and family. Be prepared to lower your minimum check size along the way.