6 key takeaways from our LP AMA on AGMs
For our latest LP AMA, we sat down with Matt Curtolo, a seasoned private markets allocator with more than two decades of experience across Hamilton Lane, Hirtle Callaghan and MetLife. Over his career Matt has invested over $6 billion across more than 300 managers, which means he has also sat through a lot of AGMs - across strategies, market cycles, firm sizes and formats. Matt is a member of the PEM advisory council and today runs his own advisory practice, guiding GPs on fundraising, LP management and firm building.
The session ran as a true ask-me-anything, with brand builders & capital raisers from across the community bringing their own questions. Here is what we learned.
1. The AGM starts before the first session
Are there rows of ballroom chairs nobody can sit on for long, or round tables where everyone can hear, see and take part?
Then comes the welcome. Matt compared the AGM to the Super Bowl: your whole team should be there, prepped on who is coming, with an hour set aside to greet guests as they arrive. Send the agenda well in advance so nobody arrives guessing.
Skip the five-star excess. LPs know the event is paid for out of management fees, and one that feels like a luxury holiday can work against you. Get the basics right -- bad food or an awkward location will cost you -- then invest in something distinctive. At MetLife, Matt attended 20 to 25 AGMs a year and many blurred together. The ones he remembers had a thought-provoking speaker, a clever format or a takeaway worth keeping.
2. Structure the networking, and consider dropping firm names from name tags
LPs attend AGMs for many reasons, but the main ones are to continue their diligence on the firm and to meet with their peers. Matt favours a bit more structure than most GPs plan for, small-group rooms and a break from back-to-back plenaries, because left to our own devices, we all drift back to email. Leave some free time for the day job too.
He also backs name tags without organisations. Having sat at Hamilton Lane and MetLife, Matt knows what happens when your badge advertises a large cheque book. Leave the firm names off and let your team make the introductions, especially for new LPs.
3. Bring your point of view -- and your founders
Portfolio updates are the heart of the day, but delivery matters:
● Market commentary: Everyone pulls from the same data. Only cover the market where you have a distinctive view or it shapes your strategy.
● Dense numbers: Put them in pre-reads and use the stage for the story.
● Founders on stage: LPs rarely get the chance to spend time with portfolio CEOs. This is a great way to gauge a firm; their energy, relatability and whether they can tell a story.
● Underperformers: Don’t hide from them. Cover them, own what went wrong and explain the fix, with the same airtime as everyone else. A consistent template for every company keeps winners and strugglers on equal footing.
● Mandated topics such as ESG: Weave them into your strategy story rather than tacking on a standalone slide.
His advice: Anchor technical content in things the whole room can relate to. You invested in these founders because they know their field, the LPs do not need to match that knowledge to back them. For the technically minded LPs who want more, seat them at a table with a founder or GP where they can dig in.
4. Fit the format to your firm
Full virtual AGMs are a pandemic relic, but when they are unavoidable, assume you have half of everyone's attention. Keep it short – around 90 minutes – in 15-minute segments, pre-record the heavier content and use the live session for Q&A or more engaging content. Hybrid formats, in person first, with a stream and recording for those who can’t travel -- got Matt's support, with one caveat: once you announce a recording, you might get a lot fewer to join live.
For emerging managers, a full AGM is rarely the best use of a Fund I budget. Run a virtual update, get on the road to see LPs one-on-one, and host a dinner so investors can meet each other, some of Matt's managers even find sponsors for it. The full in-person AGM can wait until after Fund II closes.
5. Treat your AGM as your best sales tool
AGMs cluster in April and October, so going slightly off-cycle can help. When dates clash, LPs prioritise managers coming back to market or on the watch list; missing yours is rarely an indication of how they view the relationship with you.
As a prospective LP, Matt always asked to attend the AGM, because it offered live reference calls, portfolio access and a real view of the team. Invite three or four high-value prospects, roll out the red carpet, and tell your existing LPs they are coming. Your best advocates are already in the room.
6. Keep LPACs tight, and be deliberate about who you pay for
Matt's LPAC advice: be clear on the committee's purpose, keep the in-person session to no more than 60 minutes, and hold it the day or night before the AGM as a preview, since people drift off afterwards. Offer an in-camera session, then convene virtually as needed through the year.
On travel, fund documents often cover advisory board members. Beyond that, use discretion, avoid creating different classes of LP, and remember that some investors, such as US public pensions, cannot accept certain benefits. It is not unheard of for an AGM to be held at a grand hotel while some guests stay in the next town for exactly that reason.
Lightning round
Sit-down dinner or standing reception? Standing -- you meet more people. A seated dinner works if the placement is thoughtfully designed.
Favourite swag? A good cap. Matt also still wears a hoodie from an AGM ten years ago, and remembers that firm fondly every time.
Printed binder or app? Binders are "so 1998". Digital materials shared before and after the meeting.
Sports and activities? Yes, if they are inclusive. Golf takes time and suits small groups; morning hikes, runs, pickleball, wine or olive oil tastings bring more people in.
Favourite venue? The Montage in Laguna Beach. An ocean view helps you through a long run of slides.
Most memorable moment? A painter who created a large piece live on stage in a few minutes, set to music -- a welcome break from heavy content, and unforgettable because nobody else was doing it.
The bottom line
The AGMs that stand out treat LPs' time as the scarcest resource in the room. They are designed for conversation as well as content, candid about the portfolio, and built around a few distinctive touches that make the day stick.
Thank you to Matt for his time and candour, and to everyone who brought questions. Our LP AMAs give brand builders & capital raisers direct access to the allocators they are trying to reach. If you would like to join the next one, become a member of Private Equity Marketeer.