What does each stage on the LP pipeline mean?

Stages in the LP pipeline represent the logical steps that a prospect (potential investor) follows along in the fundraising process. These stages can range from being added to the pipeline, through various communication steps, all the way to being closed or declined. Each stage contains a series of actions that define the steps followed to determine what happens with a prospect. These actions could include sending an email to the prospect and then waiting for their interaction to progress to another stage. The system allows for automatic progression based on actions such as a prospect clicking on a link in an email or signing a PACT, but it does not currently support automatic stage changes based on inaction.