Investor Relations Done Right: Lessons Pre-to-Post Close

Investor relations (IR) is often treated as a temporary fundraising task rather than a long-term operating discipline. For emerging managers especially, IR can feel reactive, unclear, or something to figure out once investor capital commitments are already coming together.

I sat down with Vienna Poiesz, Director of Investor Relations at Strut Consulting, to talk through what investor relations looks like when it is done well across the full fund lifecycle. Vienna has spent the last decade working in IR and fundraising, from first-time managers to multi-billion-dollar firms, and now advises funds at every stage.

We discussed how LPs evaluate emerging managers, how to prepare before a raise, and where managers most often lose momentum once fundraising is underway.

The following conversation has been edited for clarity and length. You can find the full webinar recording here.

How do you define investor relations, both during and outside of fundraising?

Vienna: At its core, investor relations is the discipline of trust-building over time. There are systems that support it, like reporting and communication cadence, but fundamentally it is about reducing friction and building confidence.

During fundraising, IR helps LPs underwrite not just the strategy, but the people and platform behind it. That includes how organized the process is, how responsive the team is, and whether the firm demonstrates institutional readiness.

Outside of fundraising, IR becomes stewardship. It is about setting expectations early, maintaining consistent communication, and reinforcing confidence across the life of the fund, not just when capital is being raised.

What are LPs really evaluating when they invest in an emerging manager?

Vienna: LPs are underwriting much more than a single fund or short-term returns. With emerging managers, the data is often limited, so they focus heavily on judgment and decision-making.

They want to understand how a GP thinks, how risk is assessed, and whether the firm can responsibly manage capital over a full fund cycle. Platform quality matters too. Governance, operations, compliance, and investor communications all signal whether a manager is prepared to scale.

Self-awareness is also important. LPs do not expect managers to be good at everything, but they do expect them to recognize gaps and rely on advisors or partners where needed.

How should GPs keep prospective LPs engaged during a fundraise without overwhelming them?

Vienna: Strong managers treat fundraising as a managed process, not a series of pitches. That starts with segmentation and prioritization. Not every LP moves at the same speed, writes the same size check, or can invest at first close.

The goal is a predictable cadence of useful touchpoints. That might include new investments, meaningful portfolio milestones, or data room updates that address specific LP questions. Constant check-ins without substance tend to create fatigue.

Proactively managing diligence also matters. Asking LPs about their internal process and timelines helps managers support decision-making and maintain momentum.

When an LP is ready to commit, what separates a smooth close from a painful one?

Vienna: Accepting a commitment should never be the bottleneck. By the time an LP says yes, the process should be operational.

Strong managers have clear ownership across IR, legal, compliance, and fund administration. They know what happens when a commitment is accepted, what communications go out, and what the LP should expect next.

A clear and predictable closing experience reinforces credibility at a critical moment and helps maintain momentum through first close and beyond.

What parts of the fundraising process tend to break down without proper IR support?

Vienna: Consistency is usually the first thing to slip. GPs get busy with deals or portfolio work, and communication with LPs becomes uneven. From an LP’s perspective, that can feel disorganized or low priority.

Process discipline is another common issue. Materials drift out of sync, data rooms contain inconsistencies, or close dates change without proactive communication. These issues rarely reflect weak managers, but without structure, they can raise unnecessary concerns.

Strong IR provides accountability and structure so those issues do not fall through the cracks.

How do LP expectations change from Fund I to later funds?

Vienna: With a Fund I, LPs are underwriting potential. They are taking execution risk in exchange for differentiated access, talent, or strategy.

By Fund III, expectations shift toward consistency and scalability. LPs want to see disciplined portfolio construction, repeatable decision-making, and evidence that performance is not driven by one-off wins or market timing.

Operational expectations rise as well. Informal processes need to be formalized, reporting becomes more structured, and reliance on a single individual becomes less acceptable as firms mature.

What’s the biggest myth about LP communication you’d want to debunk?

Vienna: The idea that there is such a thing as too much transparency.

There is no such thing as too much transparency when it comes to facts. What causes issues is sharing information without context or structure. Managers need to control the narrative and communicate clearly rather than reactively.

If something important needs to be shared, it should be shared. Breaking trust by withholding information is far more damaging than delivering difficult news well.

Conclusion

For emerging managers, investor relations is not just a fundraising function. It is a core operating discipline that compounds over time.

Managers who invest early in clear communication, structured processes, and consistent engagement reduce friction across fundraising cycles and build durable LP relationships. Strong IR does not eliminate challenges, but it does preserve trust and maintain confidence through market cycles.

To learn more about how AngelList supports fund formation, investor management, and ongoing fund operations, you can find the full webinar recording below or connect with an AngelList team member.

And to learn more about Strut Consulting’s IR service line helps you refine your pitch, target the right LPs, build professional data room materials, streamline LP onboarding, and deploy the optimal tech stack for your raise, reach out at bd@strutconsulting.com.