It's not the deck. It's the conversation after the deck that counts.

LPs ask about strategy. They are asking whether you will do something stupid like not even know your competition in the same market space. LPs ask about track record. They are asking whether you knew what you were doing or got lucky. Can you quantify your idiosyncratic alpha? LPs ask about team. They are asking whether you will still be a team in five years. They will probe team dynamics. LPs ask about pipeline. They are asking whether your sourcing edge survives competition. LPs ask about expenses, cost of goods sold, margins and fees. They are asking whether you trust your numbers. You can answer the surface question with a slide. You can only answer the real question by sitting still while they decide whether to believe you. The deck is the cover charge. The conversation is the show.