What does effective marketing and investor communication really look like for emerging managers? At early-stage firms, marketing is rarely a standalone function. Marketing, sales, capital raising and investor relations (IR) all blend into a single, high-stakes effort, usually shouldered by a very lean team. For many managers, marketing is not about building a brand department. It’s about telling the right story, in the right way, to the right people, all while managing every other aspect of the fund.

This was a topic that was covered in the AIMA Next Generation Manager Forum this year. As moderator of ‘The Marketing Piece’ panel, we explored marketing challenges and opportunities – a topic which is fundamental for fund growth. Here are five key takeaways from our discussion.

1. There’s no single approach, and that’s the point

One of the most valuable aspects of the discussion was the range of organisational models represented – from managers with dedicated marketing, IR and business development teams, to those where one person was doing it all, relying on experience and time management more than headcount. What united them wasn’t their structure, it was focus. In resource-constrained environments, knowing where to direct time and attention makes the difference.

We took a moment to clarify the often-blurred language around fundraising. While many use terms interchangeably, they play distinct roles: 

• Marketing is the packaging and the narrative that builds credibility.
• Sales is about getting meetings, getting in front of the right people.
• Capital raising is converting conversations to allocations and anchor support.
• Investor relations is keeping investors engaged and informed after the close.

Emerging managers don’t need four departments. But they do need all four functions, even if handled by one person. Understanding the difference is essential for avoiding blind spots and building credibility from day one.

2. The toolkit matters, but the narrative comes first

Our panellists agreed: before you invest in systems or slick design, get your message right. That means aligning internally on the fund’s target investor base, value proposition and investment philosophy. You then need to ensure everyone involved in fundraising can articulate that clearly.

Once the narrative is set, professional materials become essential. Fact sheets, pitch decks and a unified elevator pitch were flagged as non-negotiables. So too was early preparation for operational due diligence (ODD). Several panellists recommended the AIMA Due Diligence Questionnaires (DDQs) as a foundational checklist, useful even before fundraising begins.

Outsourcing to designers or messaging specialists can be helpful, but with limited budgets, most agreed: spend on what investors see first. Don’t overengineer backend systems before you’ve got meetings lined up.

3. Capital raising is a process, not a campaign

Getting in the room with allocators isn’t just about cold emails or eye-catching materials. It’s about relevance and relationships.

Panellists emphasised the importance of warm introductions, whether through capital introduction teams, existing LPs or personal networks, as the most effective route to meaningful investor engagement. Events, particularly cap intro-focused ones, were cited as valuable for building visibility and long-term relationships, even when tickets don’t come quickly.

Interestingly, some panellists found that a valuable aspect of cap intro support wasn’t just the introductions themselves, but the strategic feedback that came with them. Insights on positioning, messaging and allocator perceptions helped refine their approach and improve hit rates over time.

4. Be a resource, before the pitch

One of the most effective ways emerging managers can stand out is by becoming a credible, visible resource for prospective investors, before the fundraising conversation begins.

Several panellists spoke to the value of sharing insight and expertise through content, whether it’s market commentary, thematic views or strategic perspectives. This kind of thought leadership not only builds brand presence, but also reinforces the firm’s credibility in its area of expertise.

In practical terms, consistent LinkedIn activity was highlighted as a low-cost, high-impact tool, particularly when content is relevant, timely and authentic. Being seen as a helpful voice in your space can lead to better engagement, warmer conversations and increased confidence from allocators who already feel familiar with your thinking.

5. Investor relations - the real work starts after the close

Investor relations often becomes more visible post-allocation, but it’s not an afterthought – it’s a critical part of the capital raising engine. Effective IR helps retain capital, generate referrals and lay the groundwork for future allocations.

The guiding principle? Be consistent, transparent and proactive.
As one panellist put it: “Stick to deadlines. Stick to the data. Don’t omit the negative.” Timely, accurate communication matters – not just in strong markets, but especially when performance is under pressure. Trust can unravel quickly when communication feels selective or slips off schedule.

Tools like structured CRM tracking, regular investor updates and disciplined newsletter distribution were flagged as foundational to maintaining confidence and responsiveness.

Finally, the panel emphasised that who you raise capital from matters as much as how. Investors aligned with the fund’s strategy, time horizon and risk profile tend to make IR more constructive, especially during drawdowns.

Practical advice for the early days

Panellists each shared one piece of advice they wish they had received earlier in their journey. A few stood out:

• People buy people. Be yourself. Focus on getting the second meeting, not delivering perfection in the first.
• Don’t agonise over things that investors don’t care about. Time is limited, use it on what matters.
• Be disciplined with early allocations. The decisions you make at the start shape everything that follows.
• Triple-check everything. Operational precision is part of building trust.

These comments struck a chord because they reflect the real-world pressures managers face. There’s no secret formula, but there are smart ways to prioritise.

Whilst marketing may not be top of the list when launching a hedge fund, perhaps it should be. Not in the traditional sense, but in the broader context of storytelling, trust-building and long-term investor engagement. As one panellist put it, emerging managers aren’t just selling performance. They’re selling conviction. And that starts with clarity, consistency and confidence in the message.

Thanks to Neil Hamilton (PVTL Point), Alice Hill (Tresidor), Melissa Hill (Xeqos), and Yuko Thomas (Tetragon) for their insights, and to AIMA for continuing to spotlight the realities of launching and scaling in today’s environment.