Warm introduction
An introduction to an investor from someone they already know and trust.
A mutual contact, such as a co-investor, former colleague or advisor, makes the first connection. Warm introductions get far higher reply rates than cold outreach, and the value depends on how strong the relationship between the introducer and the LP really is.
Not all warm paths are equal. An introducer who has co-invested with the LP, sat on a board with them or worked with them recently carries real weight. A second-degree connection from a single conference meeting usually does not, and asking for that introduction can cost the introducer goodwill.
A good introduction request makes it easy for the introducer: a short forwardable note about the fund, why this LP specifically, and what you are asking for. Introducers should also check that the LP is open to new managers before passing it on, a step called a double opt-in.
Worked example
A GP wants to reach the CIO of a family office. Three paths exist: a former colleague who co-invested with the CIO twice in the last two years, a lawyer who drafted one of the office's fund documents five years ago, and a second-degree contact who met the CIO once at an event. The GP asks the former colleague, who sends a double opt-in email, and the CIO takes a meeting the following week.
Common questions about warm introduction
Why do warm introductions work better than cold outreach?
LPs receive far more fund pitches than they can review, so they lean on trusted contacts to filter them. A recommendation from someone they respect gets a fund read and a meeting much more often than a cold email.
How do I find warm paths to an LP?
Map who in your network has worked, invested or served on boards with the LP's decision makers, and rank those links by how recent and how close they are. Former colleagues, co-investors, founders and advisors are usually the strongest sources.