They already have it.
It’s insanely hard to raise a new venture fund. Limited Partners (“LPs”), the folks that invest in venture funds, are looking for proven track records from high performers when they invest in new funds. And most reserve the vast majority of their capital for existing, proven funds and managers.
So … if you are raising a new fund these days … one thing you probably already have is deal flow. Through your network, your brand, your community, your angel group, whatever it may be.
LPs won’t invest in a new fund that doesn’t have sort of leg up, or at least potential leg up, in deal flow already.