How to Turn an LP’s “Maybe” into “Send the Docs
Why GPs stall out and how to restart the conversation with conviction
Dear Readers,
Welcome to the latest edition of the HealthVC newsletter!
If you’ve been fundraising for any serious length of time, whether it’s month four or month fourteen, you’ve hit this wall.
You’ve had a meeting that felt like momentum. You walked away thinking, “They get it. This could close.” They nodded along. Asked thoughtful questions. Maybe even requested your deck, your pacing model, your data room. You did everything right.
And then… nothing.
Or worse, the vague, diplomatic stall.
“We’re interested, but not ready to commit.”
“Let’s circle back in a few months.”
“Really like the strategy. Timing just isn’t ideal on our side.”
You mark them as ‘warm.’ You keep them on the update list. You send them milestones. You follow up. But nothing happens. No wire. No firm no. Just drift.
Here’s the hard truth most GPs don’t want to admit: the majority of LPs won’t ghost you directly. But they will quietly step back. Not because they don’t like your fund, but because they’re waiting for a signal that says, “this is moving with or without you.”
That’s where most raises die. Not with rejection, but with slow, unaddressed indecision.
This newsletter is your tactical roadmap for what to do next. Not in theory, but in practice, with frameworks, language, and follow-up formats that convert.
Let’s get into it.
Why “Maybe” Is the Most Dangerous Answer
A clear “no” gives you the gift of clarity. It’s honest. You can regroup, reframe, or re-engage next cycle. You free up mental bandwidth. You stay in control.
A “yes” is gold. It moves your raise forward. It validates your structure. It creates momentum you can use to attract others.
But a “maybe”? A “maybe” traps you in a holding pattern.
It occupies space in your pipeline.
It eats up your attention.
And worst of all, it projects inertia.
Every day that passes after a positive LP conversation without follow-up, interest decreases your perceived urgency. It gives the appearance that your raise is dragging. That your round isn’t competitive. That others aren’t moving.
And in venture, perception shapes reality.
Most LPs don’t stall maliciously. They’re not trying to mislead you. But they are:
Overcommitted and struggling to prioritize
Waiting for someone else to validate you
Hedging their time until a clearer opportunity emerges
This means your job is not to “remind” them with more updates. Your job is to reframe the narrative in a way that makes inaction feel riskier than action.
Let’s break down exactly how to do that.
The 3 Most Common LP Stall Tactics (and What They Actually Mean)
There are patterns in the way LPs delay. And once you learn to decode those patterns, you can respond with structure, not emotion.
1. “We’re waiting to see how your first close goes.”
What they say:
“Let’s stay in touch, excited to see who else comes in.”
What they mean:
“You’re not de-risked yet. I don’t want to be the first mover. I want external validation.”
This is a credibility deferral. They’re not out, but they’re not going to help you unlock the round either. They’re waiting for a known name, another fund, a well-known operator, or a family office they trust to lean in first.
What to do:
You don’t push. You build motion. You communicate it visibly. Every 2–3 weeks, send micro-updates that highlight movement:
“We’ve confirmed €2.8M for first close, two family offices are in diligence now.”
“Confirmed lead from [Institutional LP], finalizing docs now. First close tracking to end of quarter.”
“€6.2M soft-circled with one final allocation pending.”
It’s not about bragging. It’s about reducing perceived risk.
Language that works:
“We’re targeting €6M for first close with [Institutional LP] anchoring. Happy to discuss remaining allocation windows if timing aligns.”
You’re not asking for a commitment. You’re showing that the train is moving, and they’re welcome to catch it before it’s full.
2. “We’re reviewing internally - give us a few weeks.”
What they say:
“We’re still discussing this with our IC / Investment team.”
What they mean:
“You haven’t given us a reason to prioritize this internally.”
Internal review is often code for “this isn’t urgent.” Most LPs have more interesting decks than they can realistically process. If you’re not making the internal advocate’s job easier, your deal drops to the bottom of the queue.
What to do:
Make the internal sell easy. Write it for them. Create a single-page summary with:
Why now: Market timing, structural tailwinds, category momentum
Why you: GP edge, track record, sourcing moat
Why this fund: Size rationale, check strategy, pacing logic
What’s next: Soft circle %, close timing, allocation window
Pair it with an offer, not a plea:
“Happy to share the updated 1-pager we used with [recent LP]. Let me know if that’s helpful to accelerate internal conversations.”
You’re offering leverage, not begging for attention.
3. “Circle back in a few months, we’re focused on re-ups right now.”
What they say:
“Really like your strategy, just not great timing.”
What they mean:
“You’re too easy to say no to right now.”
This is often a reflexive deferral. You’re not urgent. You’re not on fire. You’re not hard to ignore yet.
What to do:
Keep them in the loop, but tighten your communication. No vague updates. No passive language. Just crisp signals and subtle scarcity.
“We’re targeting a hard cap at €15M - now €9.3M soft-circled.”
“We’re finalizing 3 LPs this month, with limited room for new allocations pre-close.”
This language shows them that if they wait too long, the opportunity may pass.
Example close line:
“Let me know if it’s worth revisiting before allocation locks, we’re seeing a lot of movement this quarter.”
It’s respectful. But clear.
When to Push, When to Wait, and When to Walk
Timing is everything. Here’s a simple framework:
Push
When you have new data or validation:
New LP commitments
First close confirmed
New portfolio win
Exit or markup
These events reset urgency and earn you the right to re-engage with strength.
Wait
When the LP has clearly outlined a timeline:
“We only make new commitments in Q4.”
“We’re finishing re-ups through August, then looking at new names.”
“Our IC isn’t meeting until end of next month.”
Don’t force it. But send monthly updates. Mark the calendar. Follow up with specificity just before the window reopens.
Walk
When the LP goes dark for 6+ weeks and avoids specificity in every reply.
You don’t need to burn the bridge, but you do need to stop prioritizing them.
What to say:
“Appreciate all the time you’ve spent with us so far. We’re heading toward final allocation this month. If there’s still interest, happy to re-engage, otherwise we’ll keep you posted for the next close.”
Respectful. Final. Clean.
The Follow-Up That Gets Responses Without Sounding Desperate
Bad follow-ups are vague, long, and self-congratulatory.
Great ones are specific, succinct, and structured around timing.
Here’s a format that works:
Subject: Fund Update - Allocation Windows and First Close
Hi [Name],
Just a quick update, we’ve now soft-circled €9.3M and confirmed [Institutional LP] for anchor. First close is tracking for [date].
As we narrow final allocations, I wanted to make sure you had visibility on timing. Let me know if there’s interest in reconnecting this week.
Appreciate your time and hope all is well.
Best,
[Your Name]
Why it works:
It signals movement
It invites re-engagement
It respects their time
It nudges a decision without pressure
And crucially, it protects your own momentum.
Final Thought: “Maybe” Isn’t Fatal. But It’s a Signal
Most LPs don’t say no. They fade. That’s the real risk.
But you don’t have to wait for their clarity. You can create it yourself, with structure, sequencing, and updates that close.
This isn’t about chasing ghosts. It’s about showing consistent motion, so they realize the opportunity may be gone if they wait too long.
The best fundraisers don’t accept drift. They run campaigns.
And if you’re looking for the tools to do that, to build real urgency, clarity, and traction, we built HealthVC Pro for exactly this moment.
Inside HealthVC Pro:
Investor update templates that frame urgency, not fluff
Cold email and re-engagement scripts used by top funds
Live examples of fundraising timelines from active GPs
Pipeline and allocation trackers to prioritize real interest
Async pitch feedback from operators and LPs
Monthly workshops on momentum building
You don’t need to push harder. You need to structure better.
👉 Join HealthVC Pro now to access the HealthVC Operating System.
Let’s turn your soft interest into signed commitments.