“The table stakes for (venture capitalists) has never been higher,” says Judith Elsea,  co-founder of the fund-of-funds Weathergage Capital, in our latest interview.

With the rise of stronger and stronger operational models, like Andreessen Horowitz, the value add VCs must provide has increased significantly. So in this world of heightened competition for LP money, what do LPs want to see in prospective fund investments? According to Elsea this can be broken down into three key elements.