How do you know if the deal in front of you is the proverbial "fat pitch" you've been waiting for? Impossible, unless you have already: - Underwritten many similar deals, and - Deeply understood your prospective LPs' return requirements If you have, the fat pitch is obvious.
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In my experience, the best investment theses are a 50/50 split between why the deal/opportunity works and why you (and your capital source) are the best to execute on it. I think that’s true across industries.
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Makes sense. If you think the thesis is killer but you’re not the guy to do it then your thesis is probably wrong.
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