About this episode
Why do so many advisory boards look impressive on paper but fail to deliver real value when it actually matters?
In his second appearance on the podcast, I sit down again with Matt Curtolo, a senior advisor to both GPs and LPs who has worked with more than 600 general partners across venture, growth equity, and private equity. Matt breaks down the biggest misconceptions around advisory boards and LP advisory committees, why “performative” governance quietly destroys trust, and how the best managers design advisory structures with real purpose. We get tactical on compensation, LPAC construction, advisor selection, and how great firms turn advisors into a true strategic weapon—not window dressing.
Highlights:
The critical difference between LPACs, boards of advisors, and independent advisors
Why most advisory boards fail before they ever meet
Purpose and clarity as the starting point for any advisory structure
“Performative” advisors vs. functional advisors
The value of truly independent, unconflicted feedback
Advisor vs. full-time hire: how to decide
Best practices for advisor compensation (carry, cliffs, and alignment)
Why smaller LPACs outperform large, unwieldy committees
How advisors can (and should) support fundraising
Common LPAC construction mistakes GPs keep repeating
Diversity of LP perspectives as a governance advantage
Why transparency turns LPACs into long-term advocates
Guest Bio:
Matt Curtolo is a senior advisor to general partners and limited partners across venture capital, growth equity, and private equity. Over his career, he has worked with and advised more than 600 general partners, served on numerous advisory boards and LP advisory committees, and helped managers navigate fundraising, governance, and firm-building challenges. Today, Matt focuses on helping emerging and established managers design effective advisory structures, improve LP communication, and build durable franchises across private markets.
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We’d like to thank AlphaSense for sponsoring this episode!
Sponsor:
AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.
