Fundraising hasn't changed as much as the decks have.
Every mandate runs the same four phases. What changes is the manager, the strategy, and which LPs are actually the right call.
Prepare
We review the PPM, the deck, the track record attribution, and the data room before any of it goes near an LP — and we say so, plainly, when a slide is going to raise more questions than it answers.
Target
We build a specific LP list based on strategy fit, typical check size, and existing relationship — not a mail-merge of every institution with an alternatives allocation.
Introduce
The calls, the meetings, the roadshow circuit, and the diligence process with every LP who says yes to a first conversation. This is most of the job, and most of the months.
Close
Terms, subscription documents, and the last, often slowest, push to get committed LPs across the line to a final close — first close, then final close, then the relationship that continues after both.
We don't work every timeline the same way.
A pension fund's process might run nine to eighteen months from first meeting to signed commitment. A family office that likes a manager can sometimes commit in weeks. We build the calendar around both speeds running at once, not around a single average that fits neither.