How to

Prepare for your Allocator One interview.

Read this first.

If any of the following sounds onerous, or too much to prepare for just a 30 minute call, you might currently be wasting enormous amounts of time in your fundraising efforts. This is the bare minimum most institutional grade investors need.

Why this format?

We run fast, evidence–driven conversations. Expect a 30‑minute call with 2 of us (usually Michael Ströck and Arushi Sharma). We’ve already studied your application, but you should not assume we know anything, for the most part. Start at first principles and your personal experience for most topics. The interview exists to pressure‑test hypotheses, and get to know you, not to judge polish. Have data at your fingertips, speak plainly, and be ready to defend assumptions—or change your mind.

Logistics checklist.

Must‑have

Nice‑to‑have

Tech

Must‑have

Stable video connection, headset, camera on.

Nice‑to‑have

Secondary screen with various documents you might want to screen-share.

People

Must‑have

Ideally, every GP on this fund.

Nice‑to‑have

Operating partner or other core team members if they are available AND inform investment decisions.

Time

Must‑have

Join on time; hard stop at :30.

Nice‑to‑have

5 min after the call for your own debrief.

Materials

Must‑have

We will ask to go through your pitch-deck. Make sure you have it ready and know how to screen-share in GMeet. “I prefer to just chat” does not work for us, even if that’s how you usually pitch.

Nice‑to‑have

Have other potentially interesting documents from your data-room ready to share.

Numbers you should know cold.

  1. Net track‑record


    • Gross & net TVPI, DPI, IRR for any prior vehicles or your angel portfolio

    • Your personal attribution stake


  2. Fund economics


    • Target size, hard cap, first‑close amount

    • Management‑fee & carry structure, hurdle (if any)


  3. Pipeline & reserve model


    • Top 5 live deals with cheque size, stage, ownership %

    • Follow‑on strategy and reserve ratio assumptions


  4. Capital formation


    • Soft‑circled vs committed LP € amounts

    • Largest single ticket you have and its conditionality


  5. Operational runway


    • Months of GP commit cash left at current burn

    • Compliance readiness (custodian, AIFM, audit)

  1. Net track‑record


    • Gross & net TVPI, DPI, IRR for any prior vehicles or your angel portfolio

    • Your personal attribution stake


  2. Fund economics


    • Target size, hard cap, first‑close amount

    • Management‑fee & carry structure, hurdle (if any)


  3. Pipeline & reserve model


    • Top 5 live deals with cheque size, stage, ownership %

    • Follow‑on strategy and reserve ratio assumptions


  4. Capital formation


    • Soft‑circled vs committed LP € amounts

    • Largest single ticket you have and its conditionality


  5. Operational runway


    • Months of GP commit cash left at current burn

    • Compliance readiness (custodian, AIFM, audit)

  1. Net track‑record


    • Gross & net TVPI, DPI, IRR for any prior vehicles or your angel portfolio

    • Your personal attribution stake


  2. Fund economics


    • Target size, hard cap, first‑close amount

    • Management‑fee & carry structure, hurdle (if any)


  3. Pipeline & reserve model


    • Top 5 live deals with cheque size, stage, ownership %

    • Follow‑on strategy and reserve ratio assumptions


  4. Capital formation


    • Soft‑circled vs committed LP € amounts

    • Largest single ticket you have and its conditionality


  5. Operational runway


    • Months of GP commit cash left at current burn

    • Compliance readiness (custodian, AIFM, audit)

Have the sheet open so you can quote exact figures—don’t try to memorise every decimal.

What we’re looking for.

Dimension

What good looks like

Red flags

Edge

What good looks like

Proprietary sourcing channel, domain‑expert credibility, high visibility brand for your founder ICP.

Red flags

Generic “we see everything” claim; “we just have great network”; no effort with regards to branding and visibility.

Decision velocity

What good looks like

Clear, time‑boxed IC process; proof of past fast moves.

Red flags

“Consensus only” voting, > 2 weeks IC cycles.

Fund size fit

What good looks like

Vehicle size that maps to strategy and GP capacity.

Red flags

Size driven by ego or “market standard”.

Learning loop

What good looks like

Demonstrated iteration between memo, market feedback, and numbers.

Red flags

Defensiveness, no evidence of course‑correction.

Character

What good looks like

Candour about risks; willingness to say “I don’t know”.

Red flags

Hand‑waving, narrative over evidence.

Sample questions you’re likely to hear.

  1. Where does your proprietary deal flow come from and why won’t it commoditise?

  2. How would a 30 % markdown in public‑market SaaS multiples change your pacing model?

  3. Which LPs have already passed, and what reasons did they give?

  4. Walk me through your biggest allocation mistake in the last three years and what you redesigned afterwards.

  5. If we gave you €25 m today but capped fund size at €50 m, how would you adjust strategy?

  1. Where does your proprietary deal flow come from and why won’t it commoditise?

  2. How would a 30 % markdown in public‑market SaaS multiples change your pacing model?

  3. Which LPs have already passed, and what reasons did they give?

  4. Walk me through your biggest allocation mistake in the last three years and what you redesigned afterwards.

  5. If we gave you €25 m today but capped fund size at €50 m, how would you adjust strategy?

  1. Where does your proprietary deal flow come from and why won’t it commoditise?

  2. How would a 30 % markdown in public‑market SaaS multiples change your pacing model?

  3. Which LPs have already passed, and what reasons did they give?

  4. Walk me through your biggest allocation mistake in the last three years and what you redesigned afterwards.

  5. If we gave you €25 m today but capped fund size at €50 m, how would you adjust strategy?

Prepare by writing honest, one‑sentence answers. Brevity forces clarity.

Common pitfalls (and how to avoid them).

Over‑rehearsed pitch → Drop the script; answer the exact question asked.

Metric drift → Don’t quote different numbers than in your deck; don’t make up numbers or statistics. Keep a single source‑of‑truth sheet.

Vision without chassis → Huge TAM story with no concrete sourcing/IC mechanics.

Pretending risk doesn’t exist → We prefer explicit risk matrices over bravado.

Inconsistency and just making stuff up. This is by far the worst impression you can leave with us.

After the call.

Decision window: We aim to revert within 10  days.

If we pass: In most cases, you will receive very concise feedback; use it to iterate and feel free to re‑apply next batch.

If we advance: Expect a deeper data‑room request and reference calls within 7 days.

Final advice.

Progress beats polish. Between now and the call, the single best use of time is to advance something real—close a deal, sign an LP, tighten your pipeline model. Evidence of momentum and performance is the strongest signal you can send.

Resources.

Allocator One application page – timelines, batch details, anchor‑deal terms.

Apply to A1 Winter 2025.

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Apply to A1 Winter 2025.

Start application

Not ready to apply yet?
Sign up for a reminder

Apply to A1 Winter 2025.

Start application

Not ready to apply yet?
Sign up for a reminder