I've found that one of the most effective ways to start building relationships with prospective LPs is through education rather than immediately pitching an investment opportunity. I have some friends involved with Long Angle, a free community for accredited investors, and they recently published an incredibly thorough yet approachable report on search funds. In the past, I've spent countless hours over coffee walking prospective investors through the search fund model, explaining everything from acquisition structures and operator incentives to historical returns and exit strategies. Even experienced investors and CFAs would occasionally glaze over, not because they weren't interested, but because it's difficult to appreciate an unfamiliar asset class in a single conversation. What I've discovered is that giving people the opportunity to educate themselves first is far more effective. Point them toward a well-written report, encourage them to have a conversation with Claude about the economics, and show them a few websites from those of us actively pursuing acquisitions. Suddenly, the pieces start coming together. They begin to appreciate the potential for attractive risk-adjusted returns, the appeal of acquiring established, cash-flowing businesses, and the differences between search funds and traditional venture capital, where capital can remain tied up for 10–15 years. The Stanford search fund studies are particularly valuable because they provide historical performance data from an established academic source rather than relying on an individual sponsor's projections. Of course, search funds carry meaningful risks of their own, but informed investors are much better equipped to evaluate those trade-offs. Increasingly, I've found that directing prospective LPs toward books, independent research, and educational resources is one of the highest-return activities I can undertake. It saves hours of repetitive explanations, establishes credibility through third-party research, and gives investors the space to develop genuine conviction rather than feeling pressured into an immediate commitment. Some will spend weeks or months learning about the asset class before circling back, but when they do, the conversations are dramatically more productive. Instead of asking what a search fund is, they're asking about specific acquisition criteria, deal structures, and opportunities to participate. By the time they're ready to find a fund or partner to invest alongside, we've already established a relationship built on education and trust. And that's a much stronger foundation for a long-term LP relationship than any pitch deck could provide.