Guides · Investor mandates

How to Match Your Deal to Investor Mandates

Most raises stall because the deal goes to the wrong people. An investor can like your deal and still pass because it sits outside what they said they would fund. At Family Office Club we record investor mandates every day so you can see this before you send anything.

A mandate tells you what an investor wants to invest in, where, and in what form. Your job is to line your deal up against it. This guide shows how I do that, using what we have learned from interviewing investors who can actually write a check.

How it works, in order

Step 1. Write your deal on one page

Before you read a single mandate, get clear on your own deal. Write down the asset type, the region, the amount you are raising, the structure and the fees. Decide what role you are offering. That might be an LP position, a co-GP seat, a passive stake in your company or a convertible note. You cannot match a deal you have not defined. When an investor asks what you are raising, you should answer in two sentences. If you cannot, the mandate research will not help yet. Keep this page next to you for every step below.

Step 2. Learn the fields in a mandate

A good mandate answers a short list of questions. What does the investor want to invest in? What is the scope of their deal flow? Which regions do they like and where are they based? In our panels we also record preferred structures, preferred fees and geographical preferences. In our daily interviews we keep it to about seven minutes, and we end by asking for their number one piece of advice. Read mandates with your one page in hand and mark each field as a match, a maybe or a miss.

Step 3. Sort investors by type and region

Start with the broad groups. On the homepage of familyoffices.com you can see mandate types such as real estate, Northeast, Southeast, angel investor, billion-dollar plus family offices, emerging managers and alternative investments. Pick the groups closest to your deal first. A Southeast real estate deal should not go to a list built around a different region or asset class. Listen to investors who can write a check, not to famous speakers who have never funded a deal like yours. A smaller, well-matched list will serve you better than a long, loose one.

Step 4. Check direct versus fund preference

Structure is part of the mandate. In my experience many family offices like to go direct on investments they source themselves, though some prefer a fund for areas like senior living or real estate. Institutional investors often lean the other way, and in my experience many of them prefer a fund. If you cannot tell which your investor wants, some sponsors present both options when they have the scale. Some also discuss co-investment options with investors, who may value the fee and transparency differences. Match the structure you present to what the mandate says.

Step 5. Consider a co-GP match

Some mandates are about partnership, not a check alone. Co-GP investing is one example, and we have recorded mandates on it. A strong co-GP partner can share due diligence costs, which can run into the hundreds of thousands on one deal. A partner may also bring debt and equity while you stay on the ground as the operator. You have to decide whether you want to own all of one deal or a smaller share of several. That is a real tradeoff, so look at it before you pitch.

Step 6. Get full details for a short list

Once you have a short list, you need names and contact details to act. Public versions of our mandate interviews do not show the investor's last name, firm name or contact details. The version inside the membership does. Whatever source you use, record the fit for each investor in a simple sheet. Note the mandate fields that match and the ones that do not. Then write each message around the match. Say which part of their mandate your deal fits, and keep it short.

Step 7. Keep checking as mandates shift

Mandates change with the market, so one pass is not enough. When we asked for deal flow teasers, we got about 250 responses and only about 17 looked like a potential match for some of our clients. Expect most of what you send to miss, and keep the rest in mind for later. Check new mandates a couple of times a week. When a new interview fits your deal, add that investor to your list and send your one page.

From my talks

What I have said on this at our events

One thing I tell founders is that a mandate match is only the first filter. The more sophisticated the investor, the more deal flow they see. If they look at 500 or 1000 deals a year, their idea of a great deal may not match yours. So I show them the role they could play. They might come in as a seed investor, an anchor investor or a joint venture partner, even as co-GP. A larger investor in a different class may also want to discuss a different fee arrangement. Offering that early shows you understand how they invest.

Where people go wrong

• Pitching a deal before you have written down your own asset type, region, amount, structure and fees.
• Sending the same message to every investor instead of pointing to the part of their mandate that fits.
• Ignoring the direct versus fund question and pitching one structure to everyone.
• Listening to famous speakers instead of investors who can write a check on a deal like yours.
• Treating a mandate as fixed and never checking for new ones.

On the record

• Our daily investor mandate interviews run about seven minutes and end with the investor's number one piece of advice.
• When we asked for deal flow teasers, we received about 250 responses and about 17 looked like a potential match for some of our clients.
• The public versions of our mandate interviews leave out the investor's last name, firm name and contact details, while the member version includes them.

General education only. Not legal, tax or investment advice.

Talk to a securities attorney to explore options around direct versus fund structures, co-GP arrangements and fee and co-investment terms. Do not use AI to write your own legal agreements.

Questions about this guide

Related questions

• How do I close a funding round?I close a funding round by focusing on investors who fit the opportunity and moving each interested prospect through clear, consistent follow-up.
• What documents do investors request during due diligence?Prepare a clear, organized package covering your operations, investments, compensation, team, and track record.
• How do I raise capital for my business?I raise capital by building a repeatable system for attracting the right investors, establishing credibility, and developing relationships before asking for money.
• How do I raise money with no track record?I would raise money without a track record by focusing on credibility, relationships, and evidence of my ability to execute.

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