A PM that refuses to show marketing deck w/o NDA
Hello,
Long time reader and posting out of a little frustration. I work with an HF as a capital raiser and our PM has a unique strategy completely uncorrelated from credit/equity which is still an emerging opportunity with a lot of potential. My issue is when I reach out to allocators he refuses to send the deck or sometimes even the tearsheet because of concern about stealing his data or information. In the past, this happened to him so now he requires all individuals and institutions to sign an NDA before even sending the deck which for me sometimes is a conversation stopper as they refuse so early in the conversation.
I want to know as this is my first capital raising job (came from running my own RIA) if its standard for HF to not divulge any marketing without an NDA in place. And if not, any other suggestions on how to get around this when talking to allocators in the beginning without sending data? Thanks in advance.
I think that every manager can appreciate your PM's concern. However, having potential investors sign an NDA is non-standard and makes an already challenging process even more difficult. I would suggest creating a "stripped down" version of the presentation that does not include sensitive data. That could be enough to get an initial call going. If the allocator is interested in engaging further following that, I imagine your PM would be ok sending out the full presentation and other data at that point.
Does your PM want to raise money? If so, surely he's willing to come up with something that isn't too confidential that he can send to investors. It's hard for me to imagine that all the information about his strategy is so incredibly valuable that it requires an NDA. Ultimately, it's up to him, but you need to inform him that he's being unreasonable, which will likely cause your collective fundraising efforts to fail.
No that's not standard. Marketing material isn't supposed to contain proprietary information
Ask him to create non-confidential versions of the marketing material
not standard at all
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