Beyond your immediate circle: Building valuable relationships with influencers.

A bridge signifying that your channels are the bridge to your investors — *In alternatives, your connectors are the bridges to future investors.*

The Raising Awareness Series

Not all connectors are created equal

In the previous article, we explored the eight channels available to access your potential investors. Now let's dive deeper into what are arguably the three most influential channels for alternatives: Primary Connectors, Secondary Connectors, and Strategy Influencers.

These three channels represent your strongest bridges to potential investors, but they require distinctly different approaches. Whilst all are influenced by relationships, they have varying motivations, information needs, and engagement patterns. Understanding these nuances and tailoring your approach accordingly is the difference between ineffective, scattered communication and a precision-targeted awareness strategy.

Most alternatives management firms make two fundamental mistakes with their connectors:

They limit their outreach to connectors with whom they have a direct financial relationship
They fail to tailor their messaging appropriately for each type of connector

Let's break down how to avoid these pitfalls and systematically build your connector network as a strategic asset.

Primary Connectors: Your professional introduction network

These are always a key target for awareness building. They are the people and companies whose job it is to connect funds to potential investors. Primary connectors include all the cap intro teams—be they with your prime broker or not. Equally, they are third-party marketers, platform providers and incubator teams.

The compelling motivation

Understanding what motivates Primary Connectors is crucial to building productive relationships. The clever ones gain authority by highlighting interesting funds that they have no financial interest in introducing. Equally, they're aware that if they successfully send an investor your way, you may do more business with them.

For those with a direct financial incentive (third-party marketers, placement agents), the motivation is clear. For others, like cap intro teams, their currency is informational relevance and client service—they need to be seen as valuable resources to their investor clients. This positions them as knowledgeable about a range of opportunities, not just those paying for placement.

Communication strategy

Your information for these teams should be succinct and message-driven. In the first instance of your communication, give them enough information to talk authoritatively about your basic differentiation and include an interesting snippet that makes you stand out. They are unlikely to talk about you for more than 30 seconds, but they need to feel they have the backing of deeper information if investors ask questions.

Dropping universally recognised and timely signifiers of social proof works particularly well for this channel ('they've just left X,'… 'I've heard Y are interested'). This type of social currency provides Primary Connectors with something tangible to share in their own networks.

Engagement framework

It is worth investing your time in a regular call with members of this group. Generally, they enjoy the engagement—it's why they got into the job. However, don't treat the call like a pitch; they are not going to invest, they are looking for information they can pass on.

Primary Connectors can be a useful testing ground for finding out what might resonate with investors. You can even be upfront and ask them to reflect back to you what they think is interesting about your approach. They speak to investors all day; use their expertise.

💡 Pro tip: Create a targeted "Primary Connector deck"—a streamlined version of your full presentation with punchy messaging that can be quickly absorbed and transmitted. Include talking points specifically designed to be shared verbally.

Long-term cultivation

This is a significant group to nurture for the long term. You should be looking to build lasting relationships with value flowing both ways. Primary Connectors without a financial imperative will de-prioritise you if you only approach them when you want something (even those with a direct interest might).

Remember the mantra from our first article: "Can I use this again?" Apply this principle by keeping Primary Connectors engaged with industry insights and strategy information that they may not naturally have access to. When you become a valuable source of information for them, you strengthen your position in their network.

Secondary Connectors: Your untapped opportunity

This group is very underutilised by almost all firms, and nurturing their interest should pay dividends. Secondary connectors are people and companies that connect with investors professionally, but not to introduce funds. It encompasses everything from fund lawyers and administrators to IT providers and events organisers.

The hidden network

You likely have many Secondary Connectors in your existing network—they've been trying to sell you their services for years. Some of them are currently providing services for you. The brilliance of this channel is that these professionals often have extensive investor networks but aren't typically seen as part of a fund's awareness strategy.

Targeting strategy

There are two approaches to engaging with Secondary Connectors. You can either communicate with them in bulk with more generic messages, or sift through them and find a concentrated group of high-value Secondary Connectors. In an ideal world, you manage both approaches.

However, be warned that incorrect messaging to the wider group can clog your email, phone, and socials with return pitches for their services! Secondary Connectors are often highly motivated sales professionals themselves, so your outreach must be carefully constructed to avoid triggering a sales response.

Content considerations

Secondary Connectors are rarely plugged into the nuance of strategy differentiation. Their expertise lies elsewhere, so your communications should focus on broader themes and more accessible differentiators. Translation is key here—you're not dumbing down your message, but rather making it relevant to their context and knowledge base.

For instance, while a Strategy Influencer might appreciate the intricacies of your portfolio construction methodology, a Secondary Connector might better respond to concise explanations of your target market and investor profile. This information is more immediately useful for them to identify potential connections.

Relationship building tactics

Some Secondary Connectors might be service providers you already work with. In these cases, schedule time beyond the standard service conversations to discuss mutual network expansion. Be explicit about your growth goals and how they might help—many will be delighted to assist if the relationship is framed as mutually beneficial.

💡 Pro tip: Create a simple, non-confidential one-pager with clear contact details that Secondary Connectors can easily share with interested parties in their network. Unlike your comprehensive materials, this should be designed for frictionless sharing.

Strategy Influencers: Your industry validators

These are the people who are socially prominent in your chosen investment strategy and/or with whom you have a close relationship. Making this a conscious channel, rather than an ad hoc group, streamlines your communication about your fund and reduces the effort needed to keep them aware.

Credibility by association

Investors who are specialists in your strategy will be plugged into the same network as your Strategy Influencers. Many strategy-specific investors talk to the sell side at banks, have relationships with academics in your field, and read the same reports you receive from the same sources. Having well-regarded individuals speak positively about you, your strategy, and your team is invaluable.

Identifying your influencers

Some Strategy Influencers will spring to mind immediately as someone you are happy to share with. Others you will need to consciously cultivate. Your ideal Strategy Influencers include:

Academic experts who publish in your strategy area
Sell-side analysts who maintain strong industry connections
Industry commentators with active platforms (substack, blogs, social media, bank research)
Conference speakers and panel regulars
Respected industry veterans, even if semi-retired (especially if semi-retired!)

The key is to identify individuals whose opinion carries weight with your target investors.

Importantly, don’t forget influencers outside your demographic - ask your junior analysts who they respect in their cohort. Cultivating influencers in up-and-coming micro-networks will future-proof your reach and give you multi-point access to investors.

Tailored engagement approach

Strategy Influencers should receive your most sophisticated communications. They understand the nuances of your approach and can meaningfully engage with technical details. However, your goal isn't just to inform them—it's to provide content they can reference, build upon, or share with their networks.

Share pre-publication thought pieces with them for feedback, invite them to closed sessions or roundtables, and position them as intellectual partners rather than merely information recipients. This approach elevates their status while giving them information they can leverage in their own networks.

Cultivating two-way value

Unlike the other connector types, Strategy Influencers often have little direct incentive to promote your fund. Their currency is intellectual credibility and network prestige. Your engagement should therefore focus on providing unique insights, early access to research, or distinctive perspectives they can incorporate into their own thinking.

It is no coincidence that the largest and often most influential firms have seats at prestigious universities (sometimes whole departments!) This is boss-level value creation. In the short term, look for joint ventures or speaking opportunities.

💡 Pro tip: Develop exclusive content specifically for your Strategy Influencers that they can reference (with attribution) in their own communications. This creates a win-win where they get valuable content and you get credible third-party validation.

Creating a systematic connector strategy

To move beyond ad hoc outreach and build a true connector network, you need a systematic approach that treats these channels as strategic assets rather than occasional resources.

Audit and categorise

Start by auditing all your existing connections and categorising them into Primary Connectors, Secondary Connectors, and Strategy Influencers. Within each category, further segment by:

Relationship strength (established, developing, potential)
Geographic focus
Investor type specialisation
Communication preferences
Value exchange opportunities

This segmentation allows for much more targeted and effective communications.

Develop channel-specific content

Create a content matrix that maps different content types to each connector category:

Primary Connectors:

Fund snapshots with key differentiators
Investor-ready pitch points
Quick performance updates with context
Relevant strategy developments

Secondary Connectors:

General fund overview with clear value proposition
Ideal investor profiles
Notable developments or milestones
Content that's easily shareable
Specific internal developments related to their area of expertise

Strategy Influencers:

Detailed strategy discussions
Early access to research
Technical analysis and market insights
Exclusive commentary on strategy developments

Implement consistent touchpoints

Consistency is key to maintaining awareness. Develop a communication calendar that ensures regular engagement with each connector type. Aim for the following at a minimum:

Primary Connectors: Monthly updates, quarterly calls

Secondary Connectors: Quarterly updates, bi-annual targeted outreach

Strategy Influencers: As-needed basis for unique insights, quarterly for general updates

Measure and refine

Track the effectiveness of your connector strategy by monitoring:

Referral sources for new investor enquiries
Quality of introductions (conversion rates)
Engagement levels with your communications
Mention frequency in industry conversations

Use this data to continuously refine your approach, doubling down on what works and revising what doesn't.

The compounding effect of connector cultivation

The true power of a well-maintained connector network is its compounding effect. When your Primary Connectors, Secondary Connectors, and Strategy Influencers all consistently reference your fund, it creates a powerful echo chamber of awareness.

This multi-channel reinforcement dramatically increases the likelihood that when an investor decides to allocate to your strategy, your fund will be on their consideration list. What's more, the social proof created by multiple credible sources mentioning your fund significantly reduces the perceived risk for potential investors.

For alternatives managers, particularly those in the £500m to £1bn AUM range, a systematic approach to connector cultivation represents one of the highest ROI activities for sustainable growth. It extends your reach far beyond your direct network while leveraging the credibility of established relationships.

The beauty of this approach is that it works regardless of market conditions and complements your other awareness-building efforts. While performance will always be a crucial factor, in a world of comparable returns, it's often your presence in the right conversations that makes the difference between being considered or overlooked.

In our next article, we'll explore how to effectively leverage industry media and mainstream financial publications to further amplify your awareness efforts and establish stronger authority in your space.

A quick and dirty example - a new strategy sub-sleeve

Let's make this concrete with a practical example. Imagine you're launching a new sub-sleeve within your existing strategy - perhaps adding a convertible arbitrage component to your multi-strategy fund. Here's how you might approach each connector channel:

For Primary Connectors: Send a concise email outlining:

The new strategy component and its key differentiators
How it enhances your existing offering
Target return profile and correlation benefits
A compelling "hook" - perhaps a unique approach to volatility capture

Follow up with selected cap intro teams for a 20-minute call to walk through the detailed rationale and positioning. Give them the language to explain it to their investor clients in a way that highlights your edge.

For Secondary Connectors: Create a broader announcement focusing on:

The expansion of your capabilities
What types of investors might find this addition particularly valuable
The team's expertise in this area (without technical details)
An invitation to connect if they know suitable investors

Share this with your service providers, particularly those who work across multiple funds and strategies.

For Strategy Influencers: Develop a more technical deep-dive that:

Explains your unique approach to the sub-strategy
Provides market context and opportunity assessment
Includes proprietary research or insights they can reference
Offers exclusive access to your portfolio manager for questions

Share this with academics, former practitioners, and industry commentators who focus on your strategy area. Invite them to provide feedback before finalizing your approach.

By tailoring your communications to each connector type, you dramatically increase the likelihood of your new offering reaching the right potential investors through trusted channels. Rather than cold outreach, your expansion becomes part of organic industry conversation.

So there you have it! Your three key ‘person-based’ channels. Next we’ll move onto the media and events.

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Start building your connector network today. Let's discuss how After Yellow can help you develop a systematic approach to cultivating these crucial channels.

More in the Series

Yellow Bricks Articles Unfiltered

Raising awareness part 1: “Can I use this again?”

It's more like launching a balloon than a rocket. The first in a series on generating awareness of your fund to stimulate growth. Advanced tactics to help you understand the investor journey, target your future investors and build your sales pipeline.

Raising awareness part 3: Cultivating your connector network