We all know that in recent months the fundraising environment for venture capital managers has been punishing, but some Limited Partners (LPs) are fighting back and quite prepared to take on a new level of pain – literally. Yes, the first rule of fight club is to not talk about fight club, but some stories must be told. Rumor has it that François-Charles Sirois, president of Quebec-based venture and private equity fund Telesystem Ltd., challenged a potential investor to a boxing match to settle the investment decision. The challenger was Jacques Bernier, managing partner of Teralys Capital, a large technology-focused fund of funds.

We couldn't confirm the wager, but Emerald did attend the boxing match and witnessed a valuable fundraising lesson. It's fair to say Sirois is slightly younger than Bernier but neither opponent had ever boxed in a structured six-round bout. Bernier, known for his relaxing pastimes, including race-car driving, did get some pre-event training. But he also relied heavily on his years of recreational boxing experience. Sirois, on the other hand, was out to prove he was no chump. To prepare for the match he committed to a grueling six-month training program. He also mentally prepared by playing back-to-back versions of Eye of the Tiger for the 24 hours that preceded the fight.

The first three rounds were too close to call. In the fourth round it became evident that Bernier, flying like a butterfly and stinging like a bee, was tiring out his younger opponent by forcing him to dance laps around the ring. Sirois grew exhausted during the final rounds and left himself vulnerable to Bernier's final flurry of punches. It was unanimous in the end: Bernier took the belt.

The boxing match raised money for two worthy charities, provided good entertainment for spectators, and most importantly reminded Emerald the importance of smart strategy and good pacing. It also reminded us that conference calls are much more humane. That is one tough LP!

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