GP Reference Call Template

Call metadata

• Reference name and role
• Relationship to the GP (on-list, off-list, ex-employee, portfolio company)
• How the reference was sourced
• Date and consent to record / take notes
• Confidentiality expectations

Relationship and exposure

• How long have you known the GP and in what capacity?
• Which funds are you invested in or which deals did you work on?
• What is your commitment size relative to the rest of your portfolio?
• Are you re-upping in the next fund?

Team and judgment

• Who is the strongest partner? Who would you not want to lose?
• Have you seen the team handle a tough situation? What happened?
• How do they treat junior people?
• How do they handle disagreement inside the partnership?

Process and discipline

• How do they source? Is it really proprietary?
• Have you seen them pass on a deal? Why?
• Where do they get pricing wrong?
• How do they behave in a down round or a difficult exit?

LP relationship

• Are reports on time and useful?
• How responsive are they to LP questions?
• How did they handle a recent issue you raised?
• Have they ever surprised you in a way you didn't like?

Open-ended (the signal questions)

• What would you want to know that I haven't asked?
• Who else should I talk to that wouldn't be on their list?
• If you were starting fresh, would you commit again?
• On a scale of one to ten, how confident are you in this team?

For LP references

Use when the reference is another LP in the fund.

• Are you re-upping? At the same size, larger, or smaller?
• Have you changed commitment size in either direction, and why?
• How transparent is the GP when something goes wrong?
• How do they handle bad news - early, late, or only when asked?
• Have you sat on the LPAC? What did that surface?
• Would you introduce them to your peers?

For portfolio company CEOs

Use when the reference is a CEO or founder of a current or former portfolio company.

• Did the GP help beyond the board meeting?
• Where were they most useful?
• Where were they not useful, or actively unhelpful?
• How did they behave when the company missed plan?
• How did they handle a difficult personnel or strategy decision?
• Would you take their capital again?

For former employees

Use when the reference previously worked at the firm. Approach carefully and respect confidentiality.

• Why did you leave?
• How are decisions really made? Who has real authority?
• Who carries the investment judgment on the team?
• How is carry actually split, and is the stated alignment real?
• What would worry you if you were an LP?
• Is there anyone there you would specifically want to invest behind?

Red flags to listen for

Phrases that often sound positive on a reference call but signal underlying risk. Note any that come up verbatim.

• "We are re-upping, but at a smaller size."
• "The senior partner is excellent, but I do not know the newer team as well."
• "They are very responsive during fundraising."
• "The strategy has evolved over time."
• "The junior team does most of the work."
• "Reporting is fine once you ask."
• "They are more institutional now."
• "We have not had a major issue with them yet."
• "I would talk to someone who worked with them during a difficult exit."
• "They are great fundraisers."

Call outcome

Force a conclusion at the end of the call. This is what makes the note useful three months later.

• Overall reference quality: strong / mixed / weak
• Net signal: positive / neutral / negative
• Most important positive signal
• Most important concern or hesitation
• Did the call confirm, weaken, or change our diligence view?
• Follow-up items and owner
• Additional references suggested
• Should this affect the IC recommendation?
• Reviewer confidence level (1-5)