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EducationGuideNovember 1, 2026

How a capital raise runs

The eight stages of a mandate, in the order they run, and what happens at each.

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Guide

What you need to know

  1. Before the market

    Three stages settle the fit, the materials and the terms before any investor sees them: a first conversation, a senior review within 48 to 72 hours, and positioning.

  2. In the market

    The raise goes first to the investors we work with. We prepare every meeting, handle diligence as it arrives and stay in the conversations until the capital is committed.

  3. After the close

    Once the capital is in, we keep the relationships we opened working for you, so your next raise starts with investors who already know you.

The first conversation, with our Client Advisor

30 minutes

Senior review: a clear answer on whether we would take the mandate

48 to 72 hours

Stages, from first conversation to investor relations

8

What are the eight stages?

A raise runs in a set order. Most of the work that decides it happens before any investor sees the materials, and the relationships it opens continue after the capital is in.

The eight stages of a mandateFrom the first conversation to investor relations, in the order they run.
The eight stages of a mandateEight stages in three phases: before the market (1 to 3), in the market (4 to 7), after the close (8).Before the marketIn the marketAfter the close1The FirstConversation30 Minutes2Senior Review48 to 72 Hours3PositioningBefore Outreach4Our NetworkFirst5Meetings andDiligenceAlongside You6Terms and CloseTo Close7Wider ReachOnly If Needed8InvestorRelationsAfter CloseThe eight stages of a mandateEight stages in three phases: before the market (1 to 3), in the market (4 to 7), after the close (8).Before the market1The First Conversation30 Minutes2Senior Review48 to 72 Hours3PositioningBefore OutreachIn the market4Our NetworkFirst5Meetings and DiligenceAlongside You6Terms and CloseTo Close7Wider ReachOnly If NeededAfter the close8Investor RelationsAfter Close
The eight stages of a mandate
StageTiming
1. The First Conversation30 Minutes
2. Senior Review48 to 72 Hours
3. PositioningBefore Outreach
4. Our NetworkFirst
5. Meetings and DiligenceAlongside You
6. Terms and CloseTo Close
7. Wider ReachOnly If Needed
8. Investor RelationsAfter Close

Source: Inaya Advisory, the stages of a mandate as we run it.

What happens before the market?

The first three stages decide whether we take the mandate and what changes before any investor sees it.

Before the market

  1. The First Conversation

    A conversation with our Client Advisor about what you are raising and the timeline you are working to. You come away with a direct first read on how the raise is likely to land with allocators.

  2. Senior Review

    Our senior team works through your materials and terms. Within 48 to 72 hours you have a clear answer on whether we would take the mandate, and what we would change before any investor sees it.

  3. Positioning

    We shape the materials and the terms around the questions an investment committee asks before it commits, so your mandate is defensible on every point before it reaches a single allocator.

What happens in the market?

The raise goes to the investors most likely to commit early, and we stay in every conversation that decides the outcome.

In the market

  1. Our Network

    The raise goes first to the pension funds, family offices, endowments and institutions we work with across the United States, Europe and the Gulf, in the order most likely to bring early commitments.

  2. Meetings and Diligence

    We prepare every investor meeting with you and attend the ones that decide the outcome. Diligence questions are handled as they arrive, so momentum holds from the first meeting to the commitment.

  3. Terms and Close

    We stay in the conversations that decide the commitment, from the first indications of interest through to final terms and side letters, until the capital is committed and the raise is closed.

  4. Wider Reach

    Where our network does not cover the full raise, we extend it to further investors selected for the fund, with an approach written for each of them and the same preparation behind every meeting.

What happens after the close?

Once the capital is in, we keep the relationships we opened working for you.

Once the capital is in, we keep the relationships we opened working for you through regular contact on your behalf, so your next raise starts with investors who already know you and how you deliver.

Notes and sources

For information only. This guide describes general practice, which varies between managers and allocators. It is not an offer or solicitation to buy or sell any security, and it is not investment, legal or tax advice.

Related

Education overview
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Further reading

Education overviewWhat an investment committee asks before it commitsReading a Form DPrivate placements under Regulation D