Fund managers are raising capital in one of the toughest fundraising environments in years, with investors scrutinising every stage of the process more closely than ever, write Lavanya Raghavan and Emily Brown of White & Case.

Longer hold periods and lower distribution rates mean LPs can expect managers to offer alpha-delivering strategies via increasingly differentiated ways.

Dealmakers are a part of their firms’ LP relationships. They should be cautious about cold-shouldering LPs at the AGM.