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A first fund raised on a two-pager
No Answer Yet
Sarah Guo already knew many limited partners when she raised the first Conviction fund. A friend who invests in private equity told her she needed a very differentiated story, with every part of the funnel built around the specific thing she would do. Her answer was that she didn't know yet, and she needed to raise money so she could experiment and figure it out. Nothing is known until it makes contact with reality.
The Two-Pager
So she skipped the slides. She handed people a two-pager on her background and investing history that claimed she was good at identifying extraordinary people, being useful to them, and being a genuine supporter. Add investment judgment and the ability to recruit, and that was the starting point, along with some ideas about firm culture and a plan to execute like hell. Some limited partners did not like it.
The Memo Line
The ones who committed had to write a memo for their own investment committee, and it came down to one line: she is going to execute like hell, and they would find out.
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