Building trust with capital sources

Want to Raise Capital Faster? Stop Thinking Like a Syndicator, Start Thinking Like a Media Business In 2023, we built an investor base of 3,500+ people and syndicated two deals. We had no track record. No insider access to off-market deals. No fancy spreadsheets with secret formulas. What we had was a simple shift in mindset: We stopped thinking like syndicators and started thinking like a media company. Here’s the truth: Most investors don’t get excited about your IRR projections. They don’t obsess over your glossy deal deck. They care about one thing above everything else: Trust. Trust doesn’t come from slick pitches or flashy presentations. It comes from showing up consistently with real, valuable content: • Podcasts that show investors behind-the-scenes of real deals. • Newsletters packed with transparent insights (not thinly-veiled marketing). • Webinars designed purely to educate and inform. • LinkedIn posts with actionable advice, not fluff. When we launched our podcast, Groundbreakers, we underestimated how powerful this would become. Investors started reaching out, feeling like they already knew me personally before our first call. Capital raising shifted from a stressful pitch into easy conversations. Our cost of capital dropped dramatically because trust was already there. Here’s what most syndicators miss: • They think content creation is self-promotion. But it’s really about transparency and education. • They assume building a media presence is costly. Actually, it’s the cheapest form of investor outreach you can do. • They worry content takes too much time. But losing deals to competitors who’ve built more trust takes way more time (and money). The real competitive advantage today isn’t your underwriting skills, your market selection, or even your projected returns. It’s your ability to build trust at scale. You’re no longer just in the real estate business. You’re in the trust business. How are you building trust with your investors? Let me know below.

THE RESULTS ARE IN! Over the past month, as promised, I’ve been conducting a series of interviews with former real estate investment officers from CALPERS, Allstate, Florida State investment Board, CALSTRS, LACERA, Morgan Stanley (outsourced investor account), JPMorgan (outsourced investor account), the State of Connecticut Trust Funds, Utah Retirement System, Alberta Investment Management Corp., Colorado PERA as well as former senior consultants from The Townsend Group, Mercer, Institutional Property Consultants and Pension Realty Advisers (the latter two were the dominant pension real estate consulting firms during the 1980s and early 1990s, prior to the ascendency of The Townsend Group).  The interviews focused on on best and worst practices amongst capital fund raisers, including conducting face-to-face meetings, the development and use of pitchbooks, formal and informal presentations, client servicing, offering documents, and reporting practices. The results of these interviews have been compiled into a PowerPoint presentation and report, which is being delivered shortly to the 100+ sponsors of our publications around the globe. Following is a brief summary of the findings in that report: What Sets Top Investment Managers Apart Authenticity & Emotional Intelligence: The most effective fundraisers are genuine, empathetic, patient, and focused on building relationships—not just transactions. Consistency and sincerity build trust. Tailored Communication: Presentations that are concise, audience-aware, and aligned with investor needs stand out. Avoid rigid scripts; make it a dialogue, not a monologue. Governance & Transparency: Full disclosure, accountability, and a true fiduciary culture are non-negotiable for building trust. Strategic Fit & Leadership: Investors prioritize managers who align with portfolio goals, demonstrate leadership clarity, and have deep, stable teams. Clear, Honest Reporting: Visual, benchmarked, and context-rich reporting is preferred. Overloaded or misleading materials are major turnoffs. What to Avoid: High-Pressure Sales & Lack of Follow-Up: Aggressive tactics, poor knowledge, and neglecting post-meeting engagement erode confidence. Disregard for Junior Staff & Investor Feedback: Respect for all team members and responsiveness to feedback are essential. Opaque Governance & Hidden Fees: Transparency in fees, governance, and reporting is critical. Anything less is a red flag. The Bottom Line: Success in investment management is and always has been built on trust, transparency, and authentic relationships. The best managers listen, adapt, and put client interests first—every time. We will be making a copy of the report we’re going to be presenting to our sponsors available to interested parties in about a month. Please email me if you’d like to be included in the distribution of these reports at g.dohrmann@Irei.com InvestmentManagement #BestPractices #InstitutionalRealEstate #Leadership #Transparency #ClientFocus

Capital raising isn’t about copying templates or pasting formulas handed down by the latest real estate guru. Yet, too often, I see capital raisers and capital allocators falling into the same trap: • Copy-paste templates. • Overstated (or flat-out fabricated) track records. • Generic, pitches and LinkedIn posts that all sound exactly the same. The result? * Investors see through it. * Trust erodes before it’s even built. * If your deal fails, your fake numbers will become evidence. * You sit there wondering why everyone else is raising money and you’re not. (Fact is: 95% of them aren’t either). Here’s the reality: mass-produced scripts don’t build relationships. Real estate investors, especially seasoned ones, can sniff out inauthenticity a mile away. And if your pitch sounds like everyone else’s, why would they choose you? Here's how to do it properly; • Be transparent: If you’ve only raised $2MM so far, own it. Investors care more about your real track record and integrity than inflated numbers. • Personalize your pitch: Tell your unique story. Why this deal? Why now? Why you? • Build trust through authenticity: Instead of templated emails and websites, create tailored, value-driven content that reflects your expertise, individuality, and unique value proposition. Mass-market approaches dilute credibility. Real success comes from cutting through the noise with authenticity, clarity, and professionalism. If you’ve been through one of those mass-produced guru programs and feel stuck using cookie-cutter systems, subscribe to my newsletter and learn how to do it properly. Link to subscribe in my profile here Adam Gower Ph.D.

If you're pitching family offices like they are all just institutional investors, you're already losing. Why? Most financial advisors think of capital the same way Wall Street does — as something to be allocated. Efficiently. Dispassionately. Across models and risk-return curves. (This post is an insight from an advisor coaching call yesterday!) Families — especially those with entrepreneurial wealth — don’t view capital that way. They aren’t just allocators of capital - They are creators of capital! — 🧭 What’s the difference? 🔹 Capital Allocators: Institutional. Procedural. Policy and data-driven They manage other people’s money, and their job is to optimize returns, minimize risk, and follow mandates. 🔹 Capital Creators: Entrepreneurial. Relational. Growth oriented. Purpose-driven. They built the business. Took the risk. Created wealth and jobs, not just spreadsheets. Their wealth is deeply personal — and their decisions are shaped by identity, values, and vision. — 🧩 So if you're a financial advisor, ask yourself: Are you speaking the language of allocators… or creators? Because families don't want just a deal. They want alignment. They want understanding. And above all else — they want someone who gets why their capital exists in the first place. — 💡 To connect with family office capital you have to shift your mindset. ✅ Respect the family wealth origin story Every family has one. If you want their capital, honor their journey. Don’t treat them like interchangeable LPs. ✅ Embrace the long-term investing view Family offices don’t always need an exit — they often want endurance. Offer solutions that align with legacy, not just liquidity. ✅ Build trust over time No mass emails or generic decks. Real relationships take real effort — introductions, conversations, and consistent follow-through. ✅ Present your idea in context Prove you understand the family and what they are looking for. Start with why the investment matters, not just how it performs. 👉 Creators resonate with vision more than valuation! 🧠 Personal insight: In my experience, the advisors who thrive in the family office world aren’t the ones with the best pitch decks. ✔️ They’re the ones who know how to listen. ✔️ They translate numbers into narratives ✔️ And strategy into stewardship. Cliff Note: If you want to earn the trust of family offices, stop selling like they are just allocators — and start partnering with creators. Find this useful? Repost to help your LinkedIn peeps as well♻. And follow Tommy Mayes for more family office and leadership insights!

When I transitioned from Goldman Sachs to managing my own balance sheet, it was a crash course in the trials and tribulations of capital raising. I was young, determined, and learning as I went—but there were hard lessons along the way. The biggest “aha” moment? Watching others try to break into the business and fail. It wasn’t because they lacked ambition or even good ideas. The real problem was they weren't serious about raising capital. They chased deals first, then scrambled for investors later. They avoided investor conversations like a trip to the dentist, hoping the capital would somehow magically appear. It didn’t. The second rule of real estate—and of any investment business—is simple: always be raising capital. No matter the market conditions, no matter the deal flow, building investor trust and relationships comes first. This mindset is what allowed me to secure an 8-figure commitment from a Park Avenue investment manager at the age of 29. It was a pivotal moment, made even more significant as I was navigating the loss of my father that same year. That experience lit a fire in me to do something bigger, to create something lasting. That commitment became the foundation for launching my own fund, which ultimately became one of the largest buyers of assets from Bear Stearns during the Great Financial Crisis. The lessons? • Capital raising is the lifeblood of any venture—treat it with the respect it deserves. • Learn from the mistakes of others before they become your own. • Building trust with investors is a continuous process, not a one-time effort. If you’re serious about succeeding, start raising capital now—not when you think you need it. What’s been your biggest lesson in capital raising? Let me know in the comments. I may quote you in my next book. 

“If you have a good deal, the money will come.” It’s one of the most misleading phrases in real estate and venture finance. The truth? Great deals fall apart all the time—not because they weren’t viable, but because the sponsor failed to connect, communicate, and lead with clarity. Some of the hardest lessons I’ve learned in capital raising came from watching smart people self-sabotage and lose out on millions in investment. Here are five traits I’ve seen separate successful raises from failed ones: - Emotional Intelligence - A Compelling Story - Preparation - Clarity - Confidence Let’s get into these… 1. Emotional Intelligence This is the underrated X-factor. Warren Buffett has repeatedly credited “How to Win Friends and Influence People” by Dale Carnegie as a game-changer. Why? Because trust is built through rapport, and rapport starts with emotional intelligence. 2. A Compelling Story A good story is what opens the door. A compelling story resonates with the audience. They help investors see themselves in your vision. When they feel aligned with the “why,” they’re far more likely to say yes to the “how.” 3. Preparation Do your homework. Know your audience. Show up with materials, proformas, renderings, and decks even if they have been shared electronically. 4. Clarity Don’t dance around the details. Investors need to know exactly what you’re offering, how it works, and what their role is. Be direct, then stop talking and listen. You’d be amazed how much trust is built in silence. 5. Confidence Confidence is contagious. When you’re grounded in your plan—and honest about the risks—you create a space where others feel safe following your lead. If you’re out there raising capital, remember: it’s not just about the deal. It’s about you—how you show up, how you tell the story, and how you create connection. What would you add to this list?

The Best Time to Raise Capital is When You Don’t Need It One of the most common pieces of advice VCs give to entrepreneurs Recently, I met an influential individual who, during our meeting, asked me three times what I wanted from him. Each time, I simply replied the truth, “I’ve just come to meet you with no agenda.” What happened next surprised me. After I left, the person messaged to say that he wanted to figure out synergies This experience taught me that relationship-building isn’t about asking for something—it’s about creating trust and goodwill. When you’ve invested enough in the relationship, you won’t need to ask; the answer will come naturally. Here are a few steps that have worked for me to build relationships that matter: 1. Identify Your Key Connections Make a list of 25 decision-makers you’d like to do business with in 2026. 2. Plan “No-Agenda” Meetings in 2025 Set up casual meetings where you focus on introductions, a quick update about your business, and spend 80% of the time on other topics. Shared interests, industry trends, or even personal stories work well. 3. Follow Up Thoughtfully Based on the first meeting, schedule 3-4 follow-ups over the year to stay in touch and build rapport. 4. Invest in the Relationship Go beyond surface-level interactions. Understand their goals, values, and challenges. Offer support or insights where you can. 5. Build Confidence When the time comes to ask for something, they should feel so confident in the relationship that saying “yes” becomes second nature. The Bottom Line Building strong relationships takes time, effort, and patience—there are no shortcuts. But the rewards? A network that supports you without you having to ask. The best relationships are built long before you need them.

Trust is not a feeling.. it is more of a system. In the art of gathering information through human sources and interpersonal communications (HUMINT), you need to BUILD TRUST with your assets and sources. That's obvious. And when you're handling a large network of assets and sources, it can become complex. Same things apply in business and networking. When I transitioned into business myself, I applied the principles and methods I've learned from my past experiences: - I mapped my network - I built relationships but I also classified them. ➡️ Who can you trust? You can't leave it to chance. So you assess, test, and qualify. And if you’re serious about surrounding yourself with high-value people, you should too. ➡️ The 5-step trust framework from HUMINT 1. Reliability: do they deliver? A: Always reliable B: Mostly reliable C: Sometimes reliable D: Known for inaccuracies 2. Access: do they really know what they claim? - Direct access: first-hand experience. - Indirect access: Knows someone who was there. - Speculative: guesswork, rumors, or assumptions. 3. Motivation (MICE): why are they helping you? - Money: are they transactional? - Ideology: do they believe in the same mission? - Coercion: are they pressured to comply? - Ego: are they helping for validation or status? If you don’t understand why someone is offering you something, you’re already compromised. 5. Handling relationships A valuable connection needs to be MAINTAINED. People need to be nurtured, managed, and continuously assessed. Because whether you’re closing deals, hiring talent, or forming partnerships, you need to know who’s solid, who’s weak, and who’s a liability. If you already implemented background checks or profilings, don't forget that they should be LIVING documents. Constantly evolving with the relationship. Can you detect liars easily? https://lnkd.in/d3sHptji 🪬 PS: If you’re new here, I’m Oriane, founder of OC Strategic Advisory (OCSA). I help leaders navigate the Grey Zone and complex environments using intelligence. X: @ocstrategic

Approaching investors with a strategic mindset can make all the difference when on the hunt for external capital. Here are a few tips from my end: 🔍 Evaluate Your Need to Raise - Start by clarifying your reasons for seeking investment. While bootstrapping allows you to maintain control, it can also hinder growth. Consider whether immediate funding is necessary or if improving your metrics first could strengthen your position when you do raise capital. 🤝 Build Relationships Early. In this market, fundraising can take a long time. Establishing connections long before discussing funding is key, where the focus should be on value and mutual benefits rather than just cash. Get to know potential investors and build your conviction. 🕵️♂️ Analyze The Investment Strategy - Study potential investors thoroughly and try to understand their investment focus, industry preferences, and past investments. Doing your due diligence ensures you're targeting the right investors. 🌍 Be Strategic in Your Choice - If you can, choose investors who align with your goals and overall, look for strategic investors who offer resources beyond just capital. For example, if expanding internationally, could you find firms with expertise in your target country that would make you be able to enter the market quicker? 🔗 Leverage Common Connections - Use mutual contacts to get warm introductions. Ensure you have a solid relationship with the person making the intro, as credibility is key also for them. Trust is vital in this process. 📬 Personalized Outreach - If you lack a warm intro, send personalized LinkedIn messages explaining why you're reaching out (again, due diligence first). If a VC firm, associates are a good target as they are often the ones who scout deals. 📈 Be Prepared for Meetings - Whether it’s a 5-minute pitch or a 60-minute meeting, preparation is crucial. Make a great first impression by doing thorough pre-work. You only get one chance to make a first impression. 🌟 Maintain Good Relationships - for some, this is all natural and for others, it seems very hard. I would say always play fair and keep investors updated. Don’t misuse favors and always give back. If an investor isn't the right fit now, they might be in the future and your reputation in the business community matters immensely. What strategies have you found effective in securing investment? Maybe even explore who you have in your own backyard (office, if you are sharing). Picture from lovely SHACK15 in San Fransisco. #Startups #InvestorRelations #VentureCapital #Entrepreneurship #Funding