Pitch deck
A short presentation that introduces the fund, team and strategy.
It is the first document most LPs read. A strong deck covers the thesis, team, track record, pipeline, terms and process in a few pages, with claims that can be checked.
Most fund decks run 15 to 25 slides: thesis and market, team, track record, sourcing advantage, portfolio construction, pipeline, terms and the raise timetable. LPs read many decks a week, so the first three slides need to state who you are, what you do and why you will win.
Numbers must tie out with the PPM, the data room and what the team says in meetings. In the US, a deck sent by a registered adviser is an advertisement under the SEC Marketing Rule, which affects how performance can be shown.
Worked example
A $50M seed fund's deck opens with one line on the strategy, followed by a slide on the two partners and the 11 seed deals they led before, with gross and net figures. Then come slides on how they source deals from a founder community of 4,000, a model portfolio of 30 companies with 50 percent reserves, the terms, and a target first close date.
Common questions about pitch deck
How long should a fund pitch deck be?
Usually 15 to 25 slides. LPs prefer a short, clear deck with a detailed data room behind it to a long deck that tries to answer everything.
What do LPs look for first in a fund deck?
The team, the evidence for the track record and what gives the manager an edge in finding and winning deals. Strategy and terms matter, but the people and their proof come first.