It has been a challenging time to raise capital, and emerging managers have needed to pivot from traditional marketing techniques to find new ways to be successful. New managers’ track records and the way they communicate about their portfolios are taking on a greater level of importance.

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It has been a challenging time to raise capital, and emerging managers have needed to pivot from traditional marketing techniques to find new ways to be successful. New managers’ track records and the way they communicate about their portfolios are taking on a greater level of importance.

In response to recent market conditions, Rachel Lucas, Head of Capital Introduction at BTIG, discusses how manager behaviour has been impacted and how BTIG has been able to stay ahead of clients’ needs. 

Communication comes to the forefront

“When performance is challenging, managers need to be especially visible to current and prospective allocators,” said Lucas. “They need to make sure they are actively communicating the status of their portfolio, how they are dealing with market challenges, and where they see opportunities.”

Advising smaller managers on how to best communicate with family office investors is a strength of BTIG’s Cap Intro team. The team has access to over 2,300 institutional investors, with strong connections to family offices. This intimate knowledge allows BTIG to guide managers in the way they communicate with this group of investors. 

“The strong relationships that BTIG has fostered with family offices gives us a competitive edge. It is a very difficult segment to penetrate, and our clients can now benefit from the relationships we have built for well over a decade,” said Lucas. 

BTIG’s Cap Intro team offers this guidance: 

• Emerging managers should leverage their capital introduction teams to get real time feedback and insight into current investor mandates.
• Managers should be open-minded about who they are willing to talk to. Take every opportunity that’s available to meet high-quality investors.
• Be patient and trust the process. Do what you do best, and don’t alter your strategy based on current investor appetite and market conditions. Keep a consistent, long-term outlook for your business.
• Invest in your marketing process (i.e., CRM, roadshows, attend select conferences, consider hiring someone to run the marketing process for you, etc.).
• Be thoughtful in your follow up – did the name you pitched in a recent meeting have a great month? Did you hire a new COO or Analyst? Did AUM reach a new milestone? If so, it’s worth letting your prospects know!    


While fundraising was slow during the pandemic and markets have been volatile, BTIG’s Cap Intro team is hopeful that momentum will pick up in 2023.

“Perseverance really does pay off,” said Lucas, “Introductions that we made two or three years ago are just now coming to fruition. Focus on investing and building out your business in a thoughtful way, and you will ultimately attract the right long-term investor base.” 

Rachel Lucas, managing director and head of capital introduction, BTIG – Rachel Lucas manages an active team of Capital Introduction professionals across the New York, San Francisco and Dallas regional offices. She has held key leadership roles within BTIG Capital Introduction for nearly a decade. Prior to BTIG, Rachel was on the Partnerships and Business Development team at Hearst Magazines. She earned a BS in business administration and marketing from Boston University.