The hardest check in any raise is the first one.
Every LP who comes after it is quietly asking the same thing: who else is in? So before I open a raise wide, I want the anchor investor lined up. That's your repeat LP, your first large check, or the first $2 million or so that makes the next investor's yes easy. Land that one, then go to everyone else.
Before the deck goes to your full list, answer these three:
Who's my anchor? Write down one name, the person most likely to commit first and commit big.
What makes their yes easy? Their check size, their timeline and what they'll need to see in diligence.
When do I ask? First, one on one, before anyone else hears about the deal.
Once they're in, ask if you can mention their commitment in every conversation after that.
PSERS committed $125 million to Sterling United Properties I on Oct. 28. The fund is targeting $850 million in equity, so that one check covers roughly 15% of it. My takeaway: whether or not anyone calls it an anchor, a commitment that size does an anchor's job. Every LP still deciding now knows a large pension did its homework. Line up your first big yes before you go wide.
