The idea of product/market fit has been around for a long time. And, while founder/market fit is a newer concept, it turns out to be just as important.

Recently, Beezer Clarkson at Saphirre Ventures wrote a post titled Raising A Fund? 9 Questions That Help Get You To GP/LP Fit. If you are a GP raising a fund, you should go read this post right now. In it, Beezer goes through, in depth, the top questions she recommends you ask an LP to determine GP/LP fit.

1. What are you currently investing in?
2. Why venture and how long have you been investing in it?
3. How much capital do you have under management, and how much of that is invested in venture?
4. How many venture managers are you currently allocating to? Will you be allocating to any new managers this year?
5. What strategies and geographies are you actively investing in?
6. What is your preferred check size and fund size?
7. What has been your history of supporting fund managers in follow-on funds? When you have not followed on in a fund, why not?
8. Who is on the investment committee and what is your process for allocation approvals?
9. Outside of great returns, what are your expectations of GPs post investment?

Seriously, go read Beezer’s post.

There’s an interesting graph in the post, which shows that a typical LP is going to add less than five new managers a year to their portfolio (and, on average, only two or three.) While an LP takes a lot of meetings, they don’t do a lot of investments.

GPs – does that sound familiar?

My partner Lindel Eakman wrote a post a few days ago about his transition from Austin to Boulder and a really helpful one about how to work with him titled A Human User Interface….with lots of quirks. This prompted me to poke around for other content from the limited partner (LP) side of the LP/VC/entrepreneurship universe.

I think the first LP blogger was Chris Douvos who periodically puts up an instant classic post at Super LP. I fondly remember a meeting with Chris in NY at the end of the day when we were raising our first Foundry Group fund. I was tired and dragging a little from the fundraising, but Chris’ energy and enthusiasm around VC picked me back up in advance of dinner. He didn’t invest in our fund, but he made a strong impression on me.

OpenLP is a new site moderated by the gang at Sapphire Ventures that seems to be a collection of all the LP stuff floating around the web. They are also promoting the idea of an #openlp twitter hashtag. It does appear that they need to work on their SEO so they don’t get confused with Free Open Source Church Worship Presentation Software

The team at Notation Capital is doing a really good podcast with interviews with LPs. Sapphire Ventures is again in the mix as a sponsor and – no surprise – episode 3 is with Chris Douvos.

My current favorite podcast, Harry Stebbings 20 Minute VC, is starting to have some LPs on it, including the omnipresent Chris Douvos and Sapphire Ventures Beezer Clarkson. I sense a pattern.

As I continued poking around, I found a few LP firms hosting blogs on their websites. I never find this as compelling as when an individual LP has their own blog, but it’s better than nothing. A few blogs I found include Top Tier Capital Partners, Weathergate, and Sapphire Ventures (on Medium).

I wish more LPs would blog to help VCs and entrepreneurs understand them better. If you know of any, please leave them in the comments.