Capital Refinery
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The LP Question

THE LP QUESTION — LP review call last quarter: 'How does this portfolio company get to 5.0x next year?' Two quarters of softening answers. The LP, eventually: 'When did you first know that?' The partner, after the call: 'That's not a follow-up email. It's a trust event.'

The story breaks in the room that matters.

An LP doesn't ask 'is the deal okay?' — they ask 'when did you first know?' The hardest follow-up after that question isn't an email. It's whether the answer survives the next call.

This is what decision continuity prevents — not by writing the memo for you, but by keeping the memo testable.

Don't trust the dashboard. Trace the numbers yourself.

Three downloadable deal packs across the lifecycle. Every KPI cites its source cell. Open kpis.csv, follow the citation, the number matches.