40 Investor Calls, 5 Units Closed—Is This Normal or a Red Flag for Traditional Search Raise?

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March 09, 2025

by an member from Northwestern University in Chicago, IL, USA

I am raising for a Traditional Search Fund. So far, I've had 40 calls and closed five units across four investors (5 units from a total of 16). Eight or nine have rejected me, and the rest have completely ghosted me. I know persistence is key, but is it normal to close just five units after 40 calls with different investors? Or should I reassess my approach and refine my pitch? And no, prospects are not giving feedback.

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Reply by an investor
from Stanford University in Dallas, TX, USA
Hard to say without more information. If you have the type of background that is particularly attractive to investors (e.g., private equity or special forces military as just two examples) then this hit rate is surprisingly low and there is likely something worth refining in your pitch. If you come from a less conventional background then the hit rate is less surprising although that doesn’t mean that you couldn’t tweak your pitch in order to increase your odds of success.
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Reply by a searcher
in United States
Great success rate. Take the mindset of getting to 250 "no's" -- i.e. don't sweat them so much, part of the process.
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