Capital raising

THEOREM  identifies and recommends management teams that are forming or raising new private-equity or other investment vehicles on behalf of our institutional clients. 

As the investment landscape evolves, a growing number of private-equity, venture-capital, infrastructure, and real-asset platforms are being built not by large incumbents, but by highly specialized teams launching new funds or forming innovative investment vehicles. These emerging managers often bring deep sector knowledge, differentiated sourcing capabilities, and unique perspectives on structural opportunities in the market. Yet, despite compelling strategies, many of these platforms face a fundamental challenge: to attract institutional capital, they must demonstrate that their leadership possesses the cohesion, capability, and discipline required for long-term, repeatable performance.  THEOREM plays a critical role in this process by helping both institutional investors and emerging managers evaluate, build, and position leadership teams that can meet institutional standards.

For institutional investors, the ability to identify high-potential emerging managers has become a strategic priority. With an increasingly crowded fundraising environment, investors must distinguish between teams with a novel thesis or specialized background and those with the organizational maturity to deploy capital effectively over multiple cycles.  THEOREM supports this effort by identifying emerging managers whose strategies are not only differentiated but grounded in credible operating experience, proven investment judgment, and a coherent vision for building a sustainable platform. We look beyond thematic appeal to assess whether a manager’s approach can translate into long-term value creation.

Our evaluation of management teams focuses heavily on leadership dynamics. We examine how teams make decisions, how responsibilities are divided, and whether the individuals possess complementary skills that allow the group to function as a unified investment organization. Track record is an important dimension, but we go deeper—evaluating the quality of past investments, attribution clarity, sourcing advantages, value-creation capability, and the degree to which past performance is repeatable in future contexts. This holistic approach provides institutional investors with a clearer understanding of not only what a team has accomplished, but how they achieved it—and whether they can sustain or scale their approach.

When investors are considering commitments to new funds or forming new vehicles, we provide tailored recommendations grounded in institutional diligence criteria. Our analysis helps investors understand each team’s strategic positioning, organizational readiness, and long-term alignment. We assess whether the team has the leadership credibility to withstand market cycles, the operational discipline to manage institutional capital, and the governance structures necessary for effective oversight and risk management. By integrating these assessments, we give LPs the insight they need to allocate capital with confidence.

Conversely, we also work directly with management teams preparing to raise institutional funds. Many emerging managers possess strong investment capabilities but have limited experience presenting themselves to institutional LPs or structuring their organization around institutional expectations.  THEOREM helps these teams articulate their investment story, clarify their competitive advantage, refine their operating model, and demonstrate governance maturity. We assist in strengthening leadership narratives, sharpening fund materials, and preparing teams for the rigorous interpersonal and analytical process of institutional due diligence.

Our work with emerging managers often extends beyond preparing materials. We evaluate whether the leadership team has the right composition to support future growth. In some cases, this involves recruiting additional leaders—operating partners, senior investment professionals, or functional executives—who provide complementary skills and increase the platform’s credibility. Whether through recruitment or evaluation, our goal is to ensure that the team raising the fund is the team that can successfully manage it over the long term.

The result of this dual-sided advisory model is a more aligned capital-formation ecosystem. Institutional investors gain access to emerging managers who have been evaluated with a leadership-centric lens, reducing risk and improving allocation quality. Management teams gain clarity, structure, and the institutional readiness required to present themselves effectively and secure capital commitments. At THEOREM, we understand that emerging funds succeed not only because of their strategy, but because of the leadership behind them. Our recruitment and evaluation work ensures that new investment vehicles are built upon leadership foundations capable of enduring and thriving.