You’ve got a great strategy. A solid track record. Maybe even a killer story. But when you sit across from an allocator? The game changes.
At our StorySales™ Capstone event, we flipped the script. A panel of experienced allocators sat down to pull back the curtain and tell boutique fund managers what actually matters. They didn’t sugarcoat it, and they gave us gold.
Here are the 7 biggest lessons they shared:
1. Be clear about your edge
“Don’t throw the kitchen sink at us. Give us the one thing that’s truly your differentiator.”
Allocators hear hundreds of pitches every year, and almost all of them sound the same. The ones that stand out are simple, confident, and clear. You don’t need to be everything to everyone. You need to know your edge and be able to explain it in plain English.
There are three kinds of edge:
- Structural — access to something others can’t reach
- Informational — insights others don’t have
- Behavioral — discipline others can’t maintain
You don’t need all three. Just know which one is yours and tell that story consistently. Clarity is differentiation.
2. Fit beats flash
“I’ve heard every performance story under the sun. What I want to know is: do you fit what we actually need?”
Performance might get attention, but fit earns the allocation.
Every allocator has a mandate, a model, and a set of boxes to fill. If your strategy doesn’t fit those boxes (or if you can’t explain how it complements what they already own) you’re wasting everyone’s time.
The best managers take the time to understand where they belong. They don’t chase every meeting. They chase the right ones.
3. Understand their world
“There’s what we want to do, what we can do, and what we’re allowed to do.”
Allocators operate within layers of structure. There are investment committees, compliance limits, and client constraints. If they don’t invest right away, it doesn’t necessarily mean “no.” It might mean, “I can’t… yet.”
Do your homework before you show up. Know the firm. Know the person. Know how decisions actually get made. When you understand their process as well as your own, you stop pitching and start partnering.
4. Lead with humanity
“We can read. Don’t waste your time reading your deck to us.”
No one wants to be pitched by a robot. Allocators want a conversation, not a performance. Drop the jargon. Talk like a person. Explain how you think, how you make decisions, and what you’ve learned along the way.
And outside the meeting room? Be the same human. Whether you’re at a conference, chatting over coffee, or hitting up a cocktail hour, the best connections come from real conversation, not forced networking.
If you lead with authenticity, the story sells itself.
5. LEAN INTO relationships, not transactions
“You’re not going to close an allocator in one meeting. It’s a long game.”
The allocator journey isn’t linear. It’s built on repetition, trust, and timing. You’ll take dozens of meetings that go nowhere… until one suddenly does. That’s not failure. That’s how it works. Allocators remember the managers who show up consistently, follow up thoughtfully, and play the long game.
Don’t push for the close. Build for connection.
6. Respect everyone in the room
“The way you treat the receptionist tells me more than your returns.”
This industry is smaller than you think. Word travels fast. Be kind to everyone, from the analyst who schedules your meeting to the CIO who takes it.
Arrogance kills deals faster than bad performance. Professionalism, respect, and humility open doors.
7. Be patient & persistent
“You’ll take a hundred meetings before one allocation. That’s normal.”
Raising capital isn’t quick, and it’s never easy. Allocators are busy. Internal processes move slowly. Timing matters. But they notice who keeps showing up. They notice who improves. They notice who stays true to their story.
Capital follows consistency. So, keep showing up. Keep refining. Keep believing that the right allocator is out there… because they are.
What are allocators looking for?
The panel made one thing clear: allocators aren’t mythical gatekeepers. They’re people who are curious, intelligent, and trying to do right by their clients.
Allocators don’t fund perfection, they fund conviction. They’re looking for managers who know who they are, tell the truth about what makes them different, and keep showing up even when the door doesn’t open the first time.
So, forget chasing attention. Build connection. Because in this business, story isn’t marketing… it’s momentum.
Be clear. Be consistent. Be human. And remember: the right story always finds its capital.