Prepare for your Allocator One interview.
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.
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.
Logistics checklist
Tech
Must-have: Stable video, headset, camera on.
Nice-to-have: Secondary screen for screen-sharing documents.
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 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
Have the sheet open so you can quote exact figures — don't try to memorise every decimal.
Net track record
- ·Gross & net TVPI, DPI, IRR for any prior vehicles or your angel portfolio
- ·Your personal attribution stake
Fund economics
- ·Target size, hard cap, first-close amount
- ·Management-fee & carry structure, hurdle (if any)
Pipeline & reserve model
- ·Top 5 live deals with cheque size, stage, ownership %
- ·Follow-on strategy and reserve ratio assumptions
Capital formation
- ·Soft-circled vs committed LP € amounts
- ·Largest single ticket you have and its conditionality
Operational runway
- ·Months of GP commit cash left at current burn
- ·Compliance readiness (custodian, AIFM, audit)
What we're looking for
Edge
✓ Proprietary sourcing, domain-expert credibility, high visibility brand for your founder ICP.
✗ Generic "we see everything" claim; "we just have great network"; no effort with regards to branding and visibility.
Decision velocity
✓ Clear, time-boxed IC process; proof of past fast moves.
✗ 'Consensus only' voting, >2 weeks IC cycles.
Fund size fit
✓ Vehicle size that maps to strategy and GP capacity.
✗ Size driven by ego or 'market standard'.
Learning loop
✓ Demonstrated iteration between memo, market feedback, and numbers.
✗ Defensiveness, no evidence of course-correction.
Character
✓ Candour about risks; willingness to say 'I don't know'.
✗ Hand-waving, narrative over evidence.
Sample questions you're likely to hear
Where does your proprietary deal flow come from and why won't it commoditise?
How would a 30% markdown in public-market SaaS multiples change your pacing model?
Which LPs have already passed, and what reasons did they give?
Walk me through your biggest allocation mistake in the last three years and what you redesigned afterwards.
If we gave you €25m today but capped fund size at €50m, 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 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.
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Allocator One application page – timelines, batch details, anchor-deal terms.
