When you hear “I need to do more homework” after a full partners meeting, that usually means the other partners pointed out some risks in the deal that the partner proposing the deal couldn’t justify well enough.
It means the deal is unlikely to happen.
For example, the partner may have gotten the math wrong on some core unit economics. Or, may be rushed too quickly to present the deal without understanding the market dynamics. For example, that another start-up in the space is doing even better.
It means most likely what she or he said. The partner didn’t do enough homework before the partner pitch.
And it’s a bummer for you. Odds that this deal still happens are pretty low.