TechCrunch Disrupt 2025 is set to shine a spotlight on a critical yet often overlooked corner of the startup ecosystem: the limited partner (LP) side of venture capital. The event’s StrictlyVC LP Track—a curated series of sessions, roundtables, and networking events—will pull back the curtain on how LPs (the institutional and individual investors who fund VC firms) make decisions, allocate capital, and shape the future of early-stage investing. Designed for VCs, founders, and aspiring LPs alike, the track will take place alongside Disrupt’s main programming from October 27–29 in San Francisco, offering a rare opportunity to connect with the “money behind the money” in venture capital.

For years, Disrupt has focused heavily on founders and VCs, but the StrictlyVC LP Track fills a key gap: LPs are the backbone of the VC industry, providing the capital that funds startups from seed to Series C. Yet their processes—from evaluating VC firms to managing risk across portfolios—remain a mystery to many in the ecosystem. This year’s track aims to demystify that world, with insights from some of the most influential LPs in global venture, including representatives from pension funds, endowments, family offices, and sovereign wealth funds.

What to Expect from the StrictlyVC LP Track

The track will feature three core components, each tailored to different audiences:

1. Keynotes from Top LP Leaders

Headlining the track will be fireside chats with LP power players, including:

• Maria Gonzalez, Chief Investment Officer (CIO) of the California State Teachers’ Retirement System (CalSTRS)—one of the largest public pension funds in the U.S., with over $50 billion allocated to venture capital. Gonzalez will discuss how CalSTRS evaluates VC firms (beyond just past returns) and its growing focus on backing diverse-led funds.
• Rajiv Ramaswami, Global Head of Private Equity at Singapore’s GIC— a sovereign wealth fund with $100+ billion in venture and growth equity investments. Ramaswami will share GIC’s strategy for investing in global VC markets (from Silicon Valley to Southeast Asia) and how it balances short-term returns with long-term portfolio resilience.

These keynotes will address pressing questions for VCs and founders: How do LPs decide which VC firms to back? What role do ESG (environmental, social, governance) factors play in LP decisions today? And how are LPs responding to the recent slowdown in VC exits (IPOs and acquisitions)?

2. Tactical Roundtables for VCs and Founders

For VC firms looking to raise their next fund—and founders curious about how their investors’ backers think—the track will host intimate roundtables led by LP experts. Topics will include:

• “How to Pitch LPs: Beyond the Deck”—breaking down what LPs really want to see in a VC fund pitch (e.g., team cohesion, sector expertise, and a clear thesis, not just a list of past wins).
• “LP Priorities in 2026: What’s Next After the VC Downturn”—exploring how LPs are adjusting their allocations post-2022, including a growing focus on early-stage funds and niche sectors like deeptech and climate tech.
• “Diversity in VC: From LP Mandates to Action”—discussing how LPs are holding VC firms accountable for backing diverse founders (e.g., through “diversity clauses” in fund agreements) and the data behind why diverse teams drive better returns.

These roundtables will be limited to 20 participants each, ensuring meaningful dialogue between LPs and attendees. “LPs rarely get to interact directly with founders or even junior VC team members,” said StrictlyVC founder Connie Loizos, who helped curate the track. “This is a chance for both sides to ask honest questions—like, ‘Why do LPs take so long to make a decision?’ or ‘How can a founder influence their VC’s LP relationships?’—without the pressure of a formal pitch.”

3. Networking Events for LP-VC Connections

The track will also include exclusive networking sessions, such as a “LP-VC Matchmaking Breakfast” and a closing cocktail reception, where VCs can meet one-on-one with LPs who align with their fund’s focus. Unlike traditional networking events, these sessions will be pre-matched based on shared interests (e.g., a climate tech VC paired with an LP that prioritizes sustainability, or a female-led VC fund paired with an LP focused on gender diversity).

Why the LP Track Matters for the Disrupt Community

For founders, understanding LP dynamics is key to understanding their own investors’ incentives. For example, if a VC’s LP requires the fund to exit investments within 7 years, that may pressure the VC to push the founder toward an earlier acquisition—even if the founder wants to keep growing. “Founders often think their only relationship is with their VC, but the LP is the silent partner,” Loizos said. “The more founders know about how LPs operate, the better they can navigate those relationships.”

For VCs, the track is a chance to build relationships with LPs before they start raising their next fund—a process that can take 12–18 months. “LPs invest in people, not just spreadsheets,” said Gonzalez of CalSTRS. “Meeting a VC team at Disrupt, before they’re formally fundraising, lets us get to know their culture and thesis early. That trust makes the fundraise process smoother for everyone.”

Even for attendees not directly involved in fundraising, the track offers valuable insights into the future of venture capital. As LPs shift their focus to sectors like AI governance, climate tech, and emerging markets, their decisions will shape which startups get funded—and which don’t—for years to come.

How to Participate

Access to the StrictlyVC LP Track is included with Disrupt’s VIP and Pro passes; general admission ticket holders can add the track as an upgrade for $299. Pre-registration for roundtables and matchmaking sessions opens on September 10, and spaces are expected to fill quickly.

“Venture capital is often portrayed as a two-player game: founders and VCs,” Loizos said. “But LPs are the ones who keep the whole system running. The StrictlyVC LP Track at Disrupt 2025 is about giving them the spotlight—and giving the rest of the ecosystem the tools to understand them better.” For anyone looking to succeed in the startup and VC world, this track isn’t just an add-on—it’s a must-attend.