We've helped several venture firms with their LP decks.
Some insights:
1/
New firms devote anywhere between 4-8 slides full of venn diagrams, lifecycle charts, and market maps to explain their thesis.
Veterans raising another fund don't exceed 3 pages (unless they have many vintages and the performance table spans over more than a slide)
2/
While both always include their teams, starting a new firm means introducing yourself from the get-go and focusing on your past career track record.
Also, larger funds have separate investing and ops teams, and it's easier to list everyone within the last slides.
3/
Interestingly, it doesn't matter if you're an emerging manager or a seasoned patagonia vest wearer when comes to portco founders' testimonials.
We've found 4 is the sweetspot, but it's better to use them contextually if you're raising for the first time.
Namely, to back specific claims, instead of grouping them all together on a testimonial slide.