The role of capital raising and investor relations is expanding faster than the industry can define it. During live polling conducted at NAREIM’s Capital Raising & Investor Relations meeting held this week in Chicago, only 34% of professionals said their capital raising role is very clearly defined, while two-thirds described it as only somewhat clear or unclear—a signal that confusion has become the norm. This lack of definition often leaves IR functioning, as one attendee put it, as “the catch-all. If it doesn’t have a home, it falls into IR.”
Responsibilities now commonly include ESG reporting, secondaries coordination, private wealth operations, regulatory interpretation, and more, all layered on top of traditional fundraising and servicing responsibilities.
As expectations grow, high-performing teams are becoming more intentional about articulating their highest and best use and reallocating repeatable tasks to operations, compliance, or automation. This shift is happening during a period of intensified liquidity pressure among investors.
Across the sessions, participants noted that:
- 53% said their most frequent LP conversations center on liquidity and DPI
- Many funds are managing redemption queues or elevated liquidity requests
- LPs are increasingly pacing-constrained, cautious, and governance-sensitive
At the same time, fundraising is becoming more global. A majority of attendees reported plans to raise capital in Europe (63%), Asia (63%), and the Middle East (60%), showing how globally diversified the LP universe has become. Despite this, 34% of attendees identified compliance as the biggest barrier to foreign capital, followed by tax and structuring (26%) and prolonged internal approval cycles (18%).
Where Communication Outperforms Strategy
In today’s environment, the industry focus has shifted toward communication skills and talent development. While technical knowledge is important, the ability to communicate clearly is what now differentiates strong performers.
During polling, 68% of respondents said the area where teams need the most training is handling tough questions, followed by pitch delivery and navigating performance discussions.
As one attendee shared, “You can’t skip steps in this business.”
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