LP Ticket Size Range
LP ticket size range is the typical minimum and maximum amount an allocator commits to a single fund, strategy, or investment.
Allocator relevance: Ticket size is a hard filter—if you’re outside the range, mandate fit and relationships won’t matter because the allocation won’t clear governance.
Expanded Definition
Ticket size reflects both capital scale and internal process. A $5M allocator may not write $10M checks; a $10B institution may not write $250k checks because it’s not worth the diligence cost. Ticket size can also vary by strategy (venture vs credit), structure (fund vs co-invest), and relationship status (first-time manager vs re-up).
For allocator intelligence, ticket size should be treated as a range with context: typical commitment, exceptions, and whether the allocator prefers smaller “toe-hold” first commitments.
Decision Authority & Governance
Ticket size is governed by policy constraints (allocation minimums), IC thresholds, and operational bandwidth. The approval chain often changes with size: smaller checks may be delegated; larger commitments may require board involvement.
Common Misconceptions
- AUM directly determines ticket size.
- If an allocator can write a check, they will.
- Ticket size is stable across strategies and market regimes.
Key Takeaways
- Ticket size is a qualification gate, not a preference.
- Capture ranges with context and freshness.
- Tie ticket size to decision cycle and approval thresholds.