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It’s now mid-September, which means three things: summer is over, the kids have gone back to school…and conferences return.
September through mid-December sometimes seems like it’s a full half a year, such is the noticeable slowdown in July and August. Indeed, you could argue that you have to fit half a year’s worth of work into just these four months.
But the months ahead represent a critical opportunity for portfolio managers or investor relations folks (or both) to advance fundraising discussions, strengthen investor relationships, and position themselves to receive an allocation check in 2027 (or earlier).
And, despite the continued evolution of digital communication, there is still no substitute for in-person engagement when it comes to raising assets. Video calls and virtual meetings have undoubtedly expanded access and improved efficiency, but the alternative investment space remains a relationship-driven business. Investors commit capital not only to a strategy, but also to a team, a culture, and a long-term partnership. Those factors are often best assessed face-to-face.
Over the past two years, capital raising has become more challenging across many alternative asset classes. A comparatively elevated interest rate environment – which, by the time this article is published, might see rates increate for the first time since 2023 – denominator effects, and increased scrutiny from potential investors have created a more competitive fundraising landscape. Investors remain highly selective, prioritizing existing manager relationships while conducting deeper due diligence on new opportunities.
At the same time, alternative investment strategies continue to attract significant long-term interest. Institutional investors remain committed to alternatives as a source of diversification, yield, and long-term value creation: The challenge for fund managers seeking capital is not a lack of appetite, it’s standing out in an increasingly crowded marketplace.
The most valuable industry events are no longer simply networking opportunities. They have evolved into highly concentrated ecosystems where allocators, managers, advisors, service providers, and industry experts come together to exchange ideas and build relationships. For busy investors managing hundreds of manager interactions each year, conferences create efficiencies that are difficult to replicate elsewhere.
Something I’ve noticed when speaking to managers at events in the past couple of years is that there is something of a shift in the nature of fundraising conversations in the sense that investors want discussions that go beyond performance metrics – the operational due diligence stuff. Cybersecurity is a big one here of course, particularly given the potential risks posed by AI, but middle and back-office systems, providers, processes, etc., all feature here.
As a fund administrator, we see this firsthand in our day-to-day. Today’s LPs are asking more sophisticated operational questions than ever before (and more of them). They want confidence that managers have the infrastructure, governance frameworks, and reporting capabilities necessary to support growth.
We’re all on the home straight of 2026 now, and I doubt anyone would describe the fundraising environment as ‘easy’. But the firms that will be best positioned for success are likely to be those that remain proactive. That means maintaining investor engagement, investing in operational excellence, communicating clearly, and taking advantage of opportunities to connect with the market.
Summer may be over, but for many fund managers, some of the year’s most important fundraising conversations are only just beginning.
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Anthony D. Mascia is Managing Partner at EFSI. Drop him a note to connect here.
EFSI is an independently owned, SOC-1 compliant, full-service fund administration firm. We provide accounting, reporting, administrative, and capital introduction services to a wide range of alternative investment funds including hedge funds, funds of funds, private equity funds, real estate funds, venture capital funds, and family offices. The center of EFSI’s service incorporates resilient technology and accomplished staff, providing clients a tailor-made service with exhaustive transparency. Give us a call today or reach out to our support team online. We look forward to hearing from you soon.