Fostering Long-Term Relationships in Private Markets: The Case for Rebuilding Trust

By Vestlane & AQVC / Private Market Gladiators — Episode 2

At the Heart of the Private Market: Trust

In the high-stakes world of private markets, deal structures may evolve, regulatory regimes may shift, and macro cycles may turn—but one principle remains unchanged: trust is the currency that underwrites every meaningful GP-LP relationship.

In the second episode of Private Market Gladiators, a new content series co-hosted by Vestlane and AQVC, five leading voices from both sides of the fundraising equation sat down to dissect how general partners and limited partners can align for the long term—even as the ground shifts beneath them.

Featuring:

Tülin Tokatli – CEO, Pitch Me First (ex-European Investment Fund)
Tony Meadows – VC & LP Investment Strategist (ex-PE team, $70B pension plan)
Oliver Holle – Founder & Managing Partner, Speedinvest
Marius Weber – Founding Partner, AQVC (co-Host)
Ivo Schmiedt – Co-founder & CEO, Vestlane (Host)

1. Trust Isn't Just a Buzzword—It’s a Strategy

“Trust sounds simple. But it’s only built when you go through problems together—and show how you act.”

Oliver Holle

Speedinvest

For GPs, trust begins long before a capital call. For LPs, it’s what justifies long hold periods and high illiquidity.

But in 2025’s market, saying trust isn’t enough. As Speedinvest’s Oliver Holle put it bluntly, “Why should there be trust in the beginning?” Instead, institutional investors look for trust proxies:

GP commitments and alignment of incentives
Clean references and reputational capital
Consistent communication when things aren’t going perfectly

“The best partnerships are built when you can call your LP before they read about an issue in the press.”

Tony Meadows

VP & GP Investment Strategist

2. Emerging Managers Face a Paradox—and a Path Forward

Fundraising is a huge risk right now. And fewer LPs are screening.

— Tülin Tokatli, Pitch Me First

For emerging managers, especially those raising their first or second fund, the obstacles are structural. Many are caught in a familiar double-bind: We’d anchor you—if others were in. We’d join—if you had an anchor.

Tülin Tokatli, who backed VCs at EIF before founding Pitch Me First, emphasized that LPs are not necessarily deterred by a lack of DPI in early funds—but they do expect a professionalized fundraising process, a clear team vision, and proof of momentum:

Documented pipelines and milestone tracking
Early soft commitments
Warehoused deals and early KPIs

The message is clear: raise like an institution, even if you’re not there yet.

3. The DPI Dilemma: Liquidity Versus Long-Term Performance

“DPI pressures are real—but reacting without a strategy can hurt the entire portfolio.”

Marius Weber

AQVC

Low distributions and a sluggish exit market have become the norm across vintages. GPs feel the squeeze to deliver DPI, especially with fundraising on the horizon.

Oliver Holle laid out the toolkit:

Strategic secondaries (with painful discounts)
Continuation vehicles (complex and time-intensive)

Yet these decisions, he warns, stress the GP-LP relationship to the limit: it’s not just operational—it’s a trust exercise.

From AQVC’s vantage point, Weber warns against over-prioritizing DPI at the expense of fund returners. He notes that LPs are increasingly differentiating between “paper metrics” and real cashflow capabilities. And for emerging managers, the optics of managing a well-executed secondary or small exit can matter just as much as absolute returns.

4. Alignment Isn't a Structure—It's a Philosophy

“If we’re getting rich, we’re getting rich together. If there’s a problem, we solve it together.”

Tülin Tokatli

Pitch Me First

Everyone in the episode agreed: alignment of interest starts with fees and carry—but that’s only the surface. Real alignment is visible in how decisions are made when stakes are high.

Tony Meadows echoed the sentiment:

The best LP-GP relationships aren’t a struggle. They’re built on mutual belief in a long-term vision.

But he also warned against “overreaching LPs” who seek operational influence, cautioning that LPs should be stewards, not shadow-GPs.

Oliver Holle added a personal critique of rigid industry norms:

The way GP commits are structured today excludes diverse teams. Most first-time GPs finance their own commit through debt or inflated fees. That’s not alignment—it’s legacy.

Instead, the group urged creativity—but only when the trust is there.

5. Relationships That Last Longer Than Marriages

Investing in a fund lasts longer than the average marriage in Germany. If there’s no trust, don’t commit.

— Marius Weber

The final takeaway?

GP-LP relationships are long, intense, and rarely linear. In a market where expectations shift by the quarter and macro shocks ripple quickly, the best protection isn’t a clause—it’s the shared commitment to adapt together.

Whether you’re an LP vetting an emerging GP, or a GP navigating succession, secondary liquidity, or LP re-ups, this episode is a reminder that sustainable returns depend on sustainable relationships.

What Is Private Market Gladiators?

Private Market Gladiators is a no-filter discussion series by Vestlane and AQVC, featuring raw conversations with the people shaping private markets—from GPs and LPs to regulators, tech builders, and lawyers.