How will the fund help you? As simple as these questions are, the answers should not be. An "Of Course! How stupid are you?" answer hasn't given much though to the needs of your investors, or their investors (the LP's).

It's almost impossible to do, but if you know anyone who is an Limited Partner (LP), get them to give you a sense of what funds pitch when they themselves went out looking for money. It'll give you a sense if you're the right investment for the fund.