The deck
The thesis and the case for the fund at the front, in plain terms, in the order a committee asks its questions, with anything a committee will not use taken out.
Positioning & Materials
We set how a raise is positioned against its market and the allocators it is meant for, then build the thesis, the deck, the track record, the data room and the terms to carry it through committee.
Read as a committee reads it
We read a raise as the allocator's committee will read it, before any allocator sees it.
01
An allocator's reading
David Hunter, our Senior Advisor, was Chief Investment Officer of two US public pension systems, the Texas Municipal Retirement System and the North Dakota Retirement and Investment Office. He reviews each new situation in senior review.
02
A crowded category
Real estate accounts for 440 of the 951 open offerings of $50 million or more. A raise in a crowded category has to state plainly what separates it, and that is settled before outreach.
03
Time does not move a raise
414 of the 470 offerings open six months or longer had sold less than a quarter of their target. A raise that has not moved in its first months is unlikely to move without a change in how it is run.
Source: SEC EDGAR Form D filings, twelve months to July 2026. Inaya Advisory analysis, published in Where private raises stall. David Hunter's roles are from his earlier career.
The position
Positioning decides which allocators a raise is for, the case it makes to them and why the timing is right, before any document is written.
Against the market
We set the strategy beside the funds an allocator is already seeing in the same category, and state plainly what separates it. A raise in a crowded category is read alongside its peers.
For the allocators it is meant for
A pension fund and a family office weigh the same strategy differently. We decide which allocators the raise is built for, and every document is written for that reader.
The thesis and why now
The investment thesis is stated in a few sentences at the front of the deck, with the reason the opportunity exists today and why this team can win it at a sensible price.
When managers come to us
Positioning is asked for when the materials are the reason a raise is not moving.
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If the deck is not getting past a first read, come to us.
We rebuild the materials around the questions an investment committee asks, so the answers are on the page before the meeting.
02
If the committee meeting is in two weeks, come to us.
We prepare the manager for the questions that decide the meeting, with the track record, terms and data room ready for diligence.
03
If the terms are being questioned, come to us.
We review the terms against the market before an investor does, and we tell the manager what to change.
What we prepare
At the end of positioning the manager holds a full set of materials. Each document answers a question a committee will ask, and every figure matches across all of them.
Track record and attribution
Realised results separated from unrealised marks at deal level, each result tied to the person who made it and to whether that person is still on the team.
Terms against the market
The economics, the hurdle, the general partner commitment and governance read against the market for the strategy, with fund size tested against the opportunity.
The data room
Complete before the first diligence call, organised in the order an allocator works through it, with deal-level data beside fund totals and every figure traceable to its source. An allocator finds what it needs without having to ask.
The committee's questions
Each of the six questions most committees ask, from team continuity to operations and reporting, is answered in the materials. The allocator's staff can then present the fund to their committee without the manager in the room.
One set of figures
The deck, the data room, the track record and the terms are checked against each other before any allocator reads them. A figure that differs between two documents is one of the quickest ways to lose a committee's confidence.
Education
How a committee reads a raise
What an investment committee asks
The six questions behind most committee reviews of a fund manager, from team continuity to operations and reporting.
Read the guide
How we prepare a manager for an investment committee
The fund goes to committee with the allocator's own staff. How the deck, the track record, the data room and the terms are prepared for them.
Read more
Where private raises stall
Why a raise in a crowded category needs to state plainly what separates it from the others in front of the same committee.
Read more