Subscribe Search

Dear MCG… Which foot is my best?

by The Drawdown 16 June 2017

Dear MCG,

I’ve just started in the IR department of a fairly well-known lower mid-market private equity house. We’ve now invested in 26 SMEs across two and a bit funds and I’ve been asked to prepare some case studies for an investor roadshow for Fund III. Where do I start? Do I just pick the strongest returns?

Sticking case studies in a presentation is easy. Sticking the RIGHT ones in is not so simple. The temptation is to pick those impressive deals with the strongest returns, or those fresh ones that were exited most recently. Whilst these are not terrible strategies, there are more factors to consider.

  • Is the case study illustrative? Does it bring to life one or more of the key differentiators that sets your fund apart? Does it tell a story that highlights what makes you unique? Presented correctly, these are the stories that will get your fund raised.
  • Is the case study representative? In other words, there should be examples that describe a typical deal for the fund, with typical outcomes. This doesn’t mean that your case studies should just be a showcase of mediocrity – but it’s misleading (and, ultimately, futile) to only share the outliers with investors.
  • Is the case study persuasive? Are your firm’s achievements endorsed by the management team? Does it include testimonials that are both enthusiastic and specific? Is there data included to back up the statements you make.
  • Is your selection comprehensive? Don’t forget the portfolio effect. Focus too much attention on one strength and you risk looking one dimensional. Make sure your case studies, as a portfolio, illustrate all of the qualities you want to impress upon an investor.

So if you can make sure that the portfolio of case studies you pick is impressive, fresh, illustrative, representative and comprehensive, you’ll have LPs eating out of your hand. Simple, really.

MCG (Matthew Craig-Greene) is Managing Director | IR& Marketing for MJ Hudson, the asset management consultancy. He can be reached at

9 December 2019

Comment: PE increasingly aware of its blind spot?

Reed Smith partner Laura Brunnen details a recent panel discussion held by 1973 club, which found private equity is making positive changes, yet there is more to do

4 December 2019

Comment: Fund finance and the model LPA

ILPA's recently published model LPA is a step in the right direction but overly-restrictive on fund financing, says Reed Smith's Leon Stephenson

29 November 2019

Column: Time to shout

Diversity and inclusion initiatives need to reach far beyond just gender, says Dr Desné Masie

20 September 2018

Industry Voice: Private equity’s cyber dichotomy

Agio CEO McDonough explores four major cyber threats facing PE, and how to handle them

6 August 2018

Dear MCG… Reputational risks

MCG talks strategies for GPs and LPs to prevent fast-hitting brand crises

6 August 2018

GP-led secondaries: dealing with conflicts of interest

Goodwin's Halford and O'Neill explore complexities of GP-led secondary transactions, and how to handle them