Top Ten Limited Partner (LP) Lies

Paul Kedrosky has published another great Top Ten list, following on his previous Top Ten VC Lies. This time it's the Top Ten LP Lies. I'll give you the first five, but you'll have to visit Paul to see the rest...

10: We don't invest in first or second funds, see #1
9: We have committed this years allocation
8: We don't believe in this asset category unless we can get into Sequoia
7: My committee would never let me do a deal outside of the valley
6: Our diligence is very deep (bottomless unless you are about to close and any of my close LP friends are in)

Check out Paul's blog for the top 5...

BTW: If you have questions about any of these, or the VC lies, ask away in my comments. I don't agree with all of them, but they are good conversation starters...