Would You Consider Selling GP Stake or Offering AUM Discount to Attract an Anchor Investor?

It’s normal for anchors to ask for preferential terms, which you can manage in a side letter. That being said, anchors tend to delay closings and are very difficult to work with. So, to qualify them before wasting time with them, send them a PACT first. You can offer them the ability to buy some of the GP as well, and several VC Lab alumni have done this and our template docs make this process pretty straight forward. The key is that you prioritize people who will make your first closing now, and this LP is probably not going to make it.