Rung 1 · Courtesy
These two questions establish whether the LP has moved beyond initial awareness. A No on either question means the LP remains at Rung 1.
Q1Has this LP responded to your outreach with a reply that goes beyond an automated acknowledgment?
Q2Has the LP met a member of the team and/or engaged with fund materials beyond a one-line reply?
Rung 2 · Optionality
These questions distinguish a warm but passive LP from one beginning to show Diligence signals.
Q3Has the LP expressed interest in the strategy or team in terms that go beyond generic acknowledgment?
Q4Has the LP asked follow-up questions or requested materials beyond the initial fund summary?
Rung 3 · Diligence signals
Answer all five. Yes counts as a full signal, Unclear as half. Three or more signals confirm Diligence.
Q5Has contact expanded beyond the junior level, with a more senior LP team member becoming involved or referenced in conversations?
Q6Has the LP’s response time improved over the course of the relationship, with replies becoming more substantive rather than more formulaic?
Q7Has the LP referenced materials or information you sent in subsequent conversations, building on them rather than resetting to basics each time?
Q8Has the LP proactively initiated at least one contact without a prompt from your side?
Q9Has the frequency of LP-initiated contact increased over the course of the relationship?
Rung 4 · IC Prep signals
Answer all five. Three or more confirm that the LP’s investment team is preparing an internal case.
Q10Has the LP mentioned a specific committee date, IC timeline, or described any part of their internal approval process?
Q11Have questions shifted from evaluating the fund’s merits to addressing concerns or objections a committee is likely to raise?
Q12Have senior LP staff such as a CIO or Director-level investment team member joined calls without being asked?
Q13Has the LP initiated reference calls, requested introductions to existing portfolio companies, or sought conversations with your existing LPs?
Q14Have conversations moved into fund terms, fee structures, legal documentation, or side letter discussions?
Computed classification
This wizard classifies one LP. The full GP Fundraising Portfolio System applies the same discipline across your entire pipeline: a 200-LP register with bulk quick-sort, a portfolio dashboard with staleness tracking, the Deferral Assessment wizard, and a 90-day priority system. Macro-free Excel, transparent logic, built to sit on top of the CRM you already have.
Rung 5, Decision, needs no wizard. If the LP has communicated a clear outcome, a commitment or a formal pass, log it directly. A pass deserves a graceful exit; how you leave a relationship is remembered longer than how you entered it.