Anchor LP

An anchor LP is a large, early investor whose commitment gives a fundraise credibility and momentum, often representing 10-25% or more of the target. Anchors frequently negotiate better terms for taking first-close risk: fee breaks, co-investment rights, or occasionally a share of the GP's economics. For emerging managers, landing an anchor — a fund-of-funds, family office, or emerging manager program — is often the difference between a fund that closes and one that stalls.