Tips from the fundraising trail

We want to share with you a few tips from our 20+ years of achieving success on the fundraising trail.

Pack a good map. In fundraising, this means planning up front to anticipate potential obstacles and how long the journey will take. Your map should include accurate readings on the likely timing and amounts of commitments from your existing LPs. It should also identify potential challenges, such as questions regarding performance, team changes, succession, or strategy evolution. Importantly, a good map should plot various routes to reach the destination.

Have the right equipment. On the mountain trail you need provisions – at a minimum, quality boots and raingear. On the fundraising trail, the right equipment starts with a presentation that effectively differentiates your strategy, as well as relevant analyses that validate the statements you are making about your team’s strengths. A prepared fundraiser also packs a comprehensive data room and legal documents before hitting the fundraising trail [is this too obvious?].

Don’t get separated. During a fundraise, you need to continually check that every member of your team is delivering a consistent message. LPs will want to meet with all members of the team. Practice staying together on message to ensure that LPs are hearing consistently reinforced strengths.

Leave early. It’s always better to start a hike early than to finish in the dark. Likewise, start your “soft” fundraising activity well in advance of your desired first-close timing. This process almost always takes longer than a fund manager hopes.

Enjoy the scenery. The fundraising trail can be arduous with many “uphill” traverses. Pause every once in a while to enjoy the scenery. Whether eating a cheesesteak at Pat’s King of Steaks in Philadelphia, playing a few chrods at the Rock and Roll Hall of Fame in Cleveland, or walking in Muir Woods National Monument outside San Francisco, every city and town has an interesting diversion.

Choose a good guide. Partnering with someone who already knows the trail can make the journey smoother, faster, and more fun. The Trailmark team aims to be that partner for you!

2020 is going to be another exciting year for private markets fundraising. We look forward to hearing your plans and helping you to bag that fundraising peak!