Why LPs Ignore 95% of Cold Outreach — And How to Be the 5% They Reply To
Cold outreach from VCs to LPs rarely works — unless it’s relevant. Here’s how to craft messages that stand out, add value, and get real replies (plus one tool that turns “cold” into “warm”).
Cold Outreach Isn’t Dead — Lazy Outreach Is
Ninety-five percent of cold outreach from VCs to LPs goes unanswered. The other five percent share one trait: relevance.
LPs are inundated with messages that all sound the same — “We’re raising Fund II…” or “Can we grab 15 minutes?” What breaks through isn’t length or charm; it’s context. The message feels written for them, not at them.
After reviewing hundreds of VC-to-LP emails and DMs, one pattern is clear: the more specific, thoughtful, and value-driven the outreach, the higher the response rate.
Why Cold Outreach Fails (and Sometimes Works)
Across hundreds of cold messages, a few data points tell the story:
- Personalized reference to a recent investment → 6–8% response
- Mention of a mutual connection → 5–6%
- Industry-specific insight shared → 4–5%
- Direct, no-fluff ask → 2–3%
- Generic deck intro → <1%
The best emails follow one rule: value before ask.
A winning message typically:
- References something specific to the recipient in the subject line.
- Opens with respect for their time.
- Adds value — an idea, dataset, or perspective — before making any ask.
- Ends with a soft CTA like “Would this be useful?” instead of “Can we meet?”
- Follows up with something new, not just “bumping this up.”
Each touchpoint adds signal.
What LPs Actually Respond To
LPs are pattern-matchers. Anything that looks generic disappears instantly.
They pay attention to:
- Specificity. “Noticed your firm recently backed three climate-focused funds” beats “We’re raising a climate fund.”
- Context. Referencing a shared portfolio company or co-investment builds instant familiarity.
- Insight. Offering an angle they haven’t seen — a data trend or regulatory shift — positions you as useful.
- Respect. “Would this be useful?” lands better than “Can we schedule a call?”
Other Channels That Work
Cold email isn’t your only option. The best VCs diversify touchpoints before sending that first note.
LinkedIn: Warm the Cold
Engage with an LP’s posts meaningfully for a week or two. Real comments (not “Great post!”) turn a stranger into a familiar name.
When you message:
- Reference something specific they’ve shared.
- Keep it under four lines.
- Focus on them, not your fund.
Phone: The Overlooked Channel
Few people use it, which is why it stands out. A short, informed voicemail that adds value — for example, noting a sector trend relevant to their next fund cycle — can cut through inbox clutter.
Offline Touchpoints
Digital fatigue makes analog gestures memorable:
- A handwritten note tied to a recent milestone.
- A printed, personalized mini-report.
- A relevant book or local gift.
- An invite to a small event or dinner.
How to Make Cold Outreach 30× More Effective
Even great personalization has limits. The top-performing VCs don’t just do cold outreach — they “warm connect.”
That’s where Fundingstack’s new Get Intro feature comes in. It maps your extended network of investors, founders, and LPs to show who can introduce you to whom, turning cold outreach into warm introductions.
VCs using Get Intro report up to 30× higher reply rates than blind emails because a trusted introducer short-circuits skepticism. You skip the “who are you?” filter, borrow credibility, and start from relevance.
A Simple Five-Step Outreach Framework
1. Do the Homework: Research the LP — their focus areas, fund size, and portfolio. Find one clear connection point: a shared deal, thesis overlap, or mutual contact.
2. Lead With Relevance: Show you’ve done your research right away. Example: “Noticed your recent investment in renewable agtech — we’re seeing similar traction in our early-stage pipeline.”
3. Add Value Before You Ask: Offer something useful — a data point, brief insight, or resource. Example: “We’ve tracked 40+ agtech startups moving into carbon measurement — happy to share the dataset.”
4. Make a Soft Ask: End with a question that invites engagement, not a demand for time. Example: “Would a short note on this trend be useful?” instead of “Can we hop on a call?”
5. Follow Up With Something New: Each follow-up should add value — a market update, new data, or relevant connection. Example: “Saw that one of your portfolio companies just expanded to Europe — similar move happening in [related space]. Thought you’d find it interesting.”
Every message should move the conversation forward, not repeat the last one.
The Bottom Line
Cold outreach isn’t going away. Every VC does it — but few do it well.
The secret isn’t writing the perfect email. It’s writing the relevant one. Start with context. Lead with value. Respect their time.
And whenever possible, make the cold a little warmer — a mutual contact, a useful insight, or a Get Intro connection that starts from trust.
Because LPs don’t reply to decks. They reply to relevance.