Well known venture capitalist Alan Patricof has written an excellent Business Insider article which gives a warts and all account of his firm's recent private equity fund raising experience. Mandatory reading for anyone brave enough to be considering the process.
"We had 515 contacts, of this, roughly 250 passed for various reasons and 100 were non-responsive. We had 154 visits, 97 due diligence requests, 33 second visits, and 12 reference requests, to ultimately produce 9 institutional investors.
That’s less than a 2% yield of all contacts and 6% of first meetings."