Every year, allocators say managers don’t listen. Managers say allocators ghost. Here’s what both sides should commit to in 2026.
Nine Core Resolutions: Side-by-Side Commitments
| 🔵 Allocator Resolutions for 2026 | 🟢 Asset Manager Resolutions for 2026 |
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Respond Early and Clearly – Even if it’s a gentle no, clarity beats silence. Managers who get clear responses show materially higher long-term engagement than those ghosted. Commit to a 10-day maximum. |
Decode “Soft No” Language – When allocators say “timing isn’t right,” the majority mean strategy fit concerns, only some mean resource constraints. Ask directly: “Is this about fit or timing?” Accept rejection gracefully. |
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Share Goals and Constraints – Be transparent about benchmarks, risk limits, allocation plans, and capacity constraints. Clear expectations reduce wasted effort on both sides. |
Lead with Context, Not Just Numbers – Managers who use attribution analysis, reflect on learnings, and outline forward adjustments during drawdowns outperform those who default to blaming macro conditions. Show your thinking, not excuses. Tiger Global’s recent raise demonstrates this. |
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Check Your Bias Patterns – Historical analysis shows allocators often over-allocate to 10+ year track records despite stated openness to emerging managers. Review: Are your stated criteria matching actual decisions? |
Optimize Follow-Up Timing – Following up within 7 days post-meeting yields optimal response rates. < 48 hours feels pushy; 14+ days suggests low priority. Respect the cadence.
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Add Value Beyond Allocations – Offer market insights, introductions, or strategic perspectives. Be a thought partner, not just a capital source. |
Show Operational Readiness – Institutional allocators demand operational transparency upfront. Robust infrastructure isn’t optional, it’s expected before you get to strategy discussions. |
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Give Constructive Feedback – Managers improve faster when they receive specific feedback vs. vague passes. One sentence of reasoning helps everyone. You’ll see which managers take action rather than simply promise improvement. |
Ask Substantive Questions – Meetings where managers ask 3-5 questions about an allocator’s strategy show higher next-stage probability. Make it dialogue, not monologue.
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Monitor Relationship Health – Relationships with 90+ days of silence have significantly lower conversion rates. Set quarterly check-in reminders even when you’re not allocating. |
Frame Your Edge Clearly – “Proprietary dataset with X elements + systematic process built over a market cycle” positioning receives more allocations than “experience + intuition” in current markets. Match your story to what’s working. |
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Standardize Metrics – Commit to standardization where you can. Managers will be grateful. Efficiency is relationship gold. |
Proactively Share Key Changes – If market conditions force a material change to your strategy/mandate, or if there’s a negative news, communicate the “why” proactively. |
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Communicate Concerns Early – Not a fan of your GPs expanding operational and portfolio complexity with evergreens, or SMAs or pitching CVs, have an open dialogue with them and seek a middle ground. |
Clear Communication on Growth – As many asset managers expand their business lines into new product offerings, asset classes, geographies and client types, it’s paramount to communicate this clearly to existing allocators how this will impact the existing business lines |
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Reflect on Decision Patterns – Be aware of unconscious tendencies: chasing recent performance, defaulting to large established firms. Discipline improves long-term outcomes. |
Be Human in Communication – Remember names, milestones, preferences. Small gestures build trust. No AI can replace genuine human connection. |
Six Joint Resolutions: What Both Should Do Together
- Embrace Radical Honesty Early – Say what you mean in the first two conversations, not six months later.
- Define “Good Fit” Upfront. Agree on the 3 non-negotiable criteria for a potential partnership within the first two meetings (e.g., mandate, minimum check size, fee structure).
- Respect Each Other’s Time – Allocators: streamline diligence asks. Managers: don’t pitch obvious misfits.
- Celebrate Wins Together – When partnerships work, acknowledge them. Gratitude strengthens ecosystems. Example Maryland State and Barings
- Challenge Groupthink – Allocators: question consensus. Managers: share real conviction, not what you think they want to hear.
- Schedule “No-Agenda” Check-Ins – Twice yearly, talk as humans, not as transactional counterparties.
AI Reality Check for 2026: Side-by-Side View
| 🔵 Allocators | 🟢 Asset Managers |
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Demand AI Governance Transparency – Understand how managers use AI. Investment intelligence and decision-making? Or just operational efficiency? Adjust your diligence accordingly. |
Give Investors Access to AI – Tools like DiligenceVault let allocators apply AI to your materials directly, isolating key terms in 78-page documents within minutes. Make your materials AI-ready. |
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Use AI Carefully – Don’t over-rely on AI screening without human judgment. Verify AI-flagged issues as they might have legitimate explanations. |
Use AI Content Intentionally – AI-generated content without unique insight adds zero value. Your peers use the same AI tools. Your edge is what AI can’t generate: proprietary insights, unique data, genuine relationships. |
Behaviors to Eliminate in 2026
| 🔵 Allocator Red Flags | 🟢 Asset Manager Red Flags |
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What 2025 Taught Us
- For Allocators: That manager you ghosted? Their network remembered. Your reputation travels faster than you think.
- For Managers: That 18-month “maybe next quarter” allocator was never investing. Pattern recognition shows 5+ deferrals = definitive pass. It may be a good idea to move on and repurpose that effort.
- For Both: Best relationships weren’t built in pitch meetings. They happened in honest, off-the-record conversations where corporate speak disappeared.
The “First 90 Days” Challenge
📤 Pick your top 5 resolutions, and share with your team before the year ends
🤝 Send to counterparts: “Which resolution or red flag resonates most with you?”
📅 Discuss two resolutions per month with your team. Put them in your calendar for periodic review. January 31, April 30, June 30.
💼 Post your commitment on LinkedIn / or share it with DV. We’d love to hear your feedback.
☕ Use as conversation starter at your next meeting
📊 Track Your Progress:
- Allocators: log response times monthly. Are you hitting the 10-day target?
- Managers: track which allocators defer 3+ times. Start moving on at 5.
- Both: Review your “ghosted” list quarterly. What pattern do you see?
🎲 2026 Wild Cards: Bold Moves to Consider
Allocators: Publish your actual allocation criteria publicly. Radical transparency filters bad fits, attracts perfect matches, and improves the quality of your inbound pipeline. Here’s an example from Yup Kim and TMRS.
Managers: Be intentional about asking for feedback, and add an internal “rejection reasons” database. Then, let AI conduct pattern analysis to reveal blind spots you’re missing in your investor engagement.
Both: Introduce one valuable connection per quarter with no direct benefit to you. Generosity compounds.
Closing Thought
The fundraising reality checks of 2025 have paved the way for a more discerning 2026, which presents a new chance to get this relationship right, with better data and analytics where it matters, and better human connection everywhere else.
See you in January.
Sources & Further Reading
This article draws on real feedback from industry practitioners, including insights from:
- 26 Degrees Global Markets (allocator red flags)
- Institutional Investor (GP-LP dynamics)
- BlackRock (hiring and firing discipline)
- Capital Allocators with Ted Seides (strategic narratives)
