For emerging managers
A first or second fund runs on a small team. LPs expect reporting on schedule from the first close, prospective investors want evidence of how Fund I operated, deals and portfolio companies need attention at the same time, and the management company needs its own finance function. Alehar supplies that capacity, while investment decisions and investor relationships stay with the partners.
Alehar has published 10 guides for emerging managers: on outsourced investor relations from Fund I to Fund II, quarterly LP reporting, who owns what between the administrator and investor relations, and communicating markdowns to investors. Updated September 2026.
Get in TouchEach one has a guide below, written for the partner or the person running the fund's operations.
The first close creates a reporting obligation before anyone has been hired to meet it. Quarterly reports, capital activity notices, investor questions and the annual meeting all need an owner, a calendar and one approved set of numbers. An outsourced investor relations team runs that process from the first quarter, and the partners approve every release.
By the second fund, the DDQ has to describe the firm that exists now, not the plan from the first raise. Track record, team changes, controls and reporting history need reconciled evidence behind every answer. The work is a bounded rebuild of the DDQ and data room, done while Fund I reporting continues.
Two or three partners cannot source, screen, diligence and monitor at the same time as they raise. A fractional investment team adds sourcing, screening, diligence coordination and portfolio monitoring, with the same people each month. For managers looking at India or Southeast Asia, Alehar's team covers those markets directly.
The management company has its own accounts, budget, cash position, audit and tax deadlines, alongside the fund's. A fractional finance function keeps management-company reporting current, plans cash against fee income, and coordinates with the administrator and auditor, so the partners are not doing month-end themselves.
Every engagement maps to one of three services. Which one applies depends on whether the work is the investors, the deals, or the management company.
Tell us which of these decisions is on the table.
We reply within 24 hours with how we would approach it.
Client stories
Three investor relations engagements on the company side of the table: the same reporting discipline a fund owes its LPs, applied to a lending business, a clinic chain and a digital health provider.
Each guide covers one decision in enough detail to act on, from the first close through Fund II. The two company-side investor relations guides are left out on purpose.
Some services described on this page may be regulated activities in certain jurisdictions. Alehar provides services only where legally permitted. See our Disclaimer.
Tell us what you're working on. We'll tell you how we'd approach it. We respond within 24 hours.
Perspectives on corporate finance, fundraising, and M&A, from the Alehar team.
