By Melissa Tepperman – Director, Capital Formation & Investment Support
As a recruiter focused exclusively on capital formation and investor relations within alternative asset management, one of the questions I hear most often from clients is: “What should we be looking for when hiring a Head of Investor Relations?” It sounds simple, but the answer depends heavily on the firm, the strategy, and where you are in your growth journey. The first step is laying the groundwork for this hire by clarifying what investor relations actually is.
It’s important to understand: investor relations and fundraising are not the same function.
A Head of IR is primarily responsible for managing the firm’s existing LP relationships, keeping investors informed, satisfied, and engaged between and during fundraising. Their world is reporting, communication, transparency, and trust. They are the connective tissue between the investment team and the LP base.
A fundraiser, whether that’s a Head of Business Development, a Managing Director of Capital Formation, or an external wholesaler, is primarily responsible for bringing in new capital. Their world is prospecting, relationship building with new LPs, running diligence processes, and closing.
In practice, these functions often overlap at smaller or emerging asset managers, where senior professionals may support both investor relations and capital formation efforts. But at larger, more institutional firms, they are distinct roles with distinct skill sets, and conflating them when you’re hiring will slow down your hiring process.
When you’re hiring a Head of IR, be honest with yourself about where your firm is and which function you need. If your primary problem is retaining and deepening relationships with existing LPs, that’s an IR hire. If your primary problem is raising new capital, that’s a BD or capital formation hire. If it’s both, you need to think carefully about sequencing and structure.
What does a Head of Investor Relations actually do?
At its core, the Head of IR role is about managing the ongoing relationship between the firm and its existing investor base. While responsibilities vary by firm size and strategy, the core responsibilities typically include:
- Overseeing investor reporting, quarterly letters, performance updates, capital account statements
- Managing LP communications around portfolio developments, market commentary, and fund updates
- Coordinating and preparing for LP advisory board meetings and annual investor days
- Handling LP due diligence requests, DDQs, and ad hoc inquiries
- Serving as the primary point of contact for existing LPs and their consultants
- Working closely with the CFO, legal, and compliance teams on fund-level communications
- Supporting the fundraising team during an active fundraise by managing existing LP re-up processes
At a smaller firm, they may also be involved in sourcing new LP relationships, but even then, the emphasis is on deepening trust and managing the experience of investors who are already in the tent.
Does the role differ by strategy?
100%.
Private Equity IR typically involves longer fund cycles and more structured LP engagement: quarterly reports, annual meetings, and then a fundraise every three to five years. The Head of IR needs to be excellent at managing long-term relationships and keeping LPs engaged and informed between fundraises. The LP base tends to be institutional, pensions, endowments, foundations, and sovereign wealth funds, so the communication style is formal and rigorous. Experience with complex LP reporting, ILPA standards, and advisory board management is highly valued.
Private Credit IR has gotten more complex as the asset class has grown and the LP base has broadened. Traditional institutional investors now sit alongside wealth management platforms, family offices, and retail-adjacent channels. Evergreen and semi-liquid structures require ongoing communication surrounding NAV, liquidity, and portfolio composition in ways that differ from a traditional closed-end fund. A Head of IR in private credit needs to be fluent across a wider range of investor types and comfortable explaining more nuanced structural features.
Hedge Fund IR is more reactive and higher touch than most other strategies. LPs can redeem, they watch performance monthly, and they ask harder questions more frequently. The ideal candidate has strong investment literacy and is comfortable discussing performance attribution, risk positioning, and market dynamics in real time. Relationship management here requires both warmth and substance.
Venture Capital IR has historically been an afterthought, but that’s changing as funds grow and LP bases become more diverse. The Head of IR in a VC context needs to tell a compelling story about early-stage portfolio companies over long time horizons, often before there’s much to show, and manage expectations with patience and transparency. The LP base increasingly includes family offices and high-net-worth individuals alongside institutional investors, which requires range.
Key traits to look for in a Head of Investor Relations
Across all strategies, the best heads of IR share a few common traits:
Relationship depth with existing LP types. Have they managed relationships with the kinds of investors you have? A pension fund LP and a family office LP have very different needs, communication styles, and reporting expectations.
Investment literacy. They don’t need to be a portfolio manager, but they need to understand the strategy well enough to represent it credibly and answer hard questions without always escalating to the investment team.
Communication and clarity. IR is fundamentally about translating complex information into clear, honest, and timely communication. The best IR professionals are exceptional writers and communicators.
Operational rigor. Managing reporting calendars, DDQ processes, data rooms, and LP portals requires someone who is organized, detail-oriented, and process-driven. This is often underweighted in interviews but is critical to the job.
Judgment and discretion. This person will have access to sensitive fund and portfolio information and will be the voice of the firm to some of your most important relationships. Integrity is non-negotiable.
A few mistakes I see when hiring
Overweighting pedigree over fit. Someone who ran IR at a large brand-name firm isn’t automatically the right person for an emerging manager that needs a builder. Think carefully about the environment this person has thrived in before.
Undervaluing the operational piece. A great relationship person who can’t manage a process or build infrastructure will create headaches at scale. Make sure you understand how operationally capable your candidates are.
The bottom line
A Head of IR is one of the most important hires an alternative asset manager can make, and one of the most misunderstood. Getting it right starts with being clear about what the role is, whether it’s managing and deepening relationships with existing investors or sourcing new ones. Once you’re aligned on that, finding the right person becomes a much cleaner exercise.
If you’re evaluating a Head of IR hire and want insight into the market, candidate landscape, or what great looks like for your firm, I’m always happy to be a resource.
Frequently asked questions
What is the difference between investor relations and fundraising?
A Head of Investor Relations focuses on managing and strengthening relationships with existing LPs, while fundraising focuses on sourcing and securing new capital.
What background should a Head of IR have?
Strong candidates typically have experience managing LP relationships, investor communications, reporting processes, and a deep understanding of the firm’s investment strategy.
About Melissa Tepperman
Melissa Tepperman is a Director at Landing Point, where she focuses on senior-level searches across business development, fundraising, and investor relations within alternative asset management. She partners with private equity firms, credit platforms, BDCs, and hedge funds to build out capital formation and investment support teams, with a particular emphasis on revenue-generating and client-facing leadership roles across the Tri-State area, Boston, and California.
Melissa began her career in Investor Relations, working at GCM Grosvenor and Brookfield before transitioning into recruiting. She brings experience on both the agency side within financial services and in-house on the buy side at Citadel, giving her a well-rounded perspective on how investment firms structure and scale their fundraising and investor coverage functions.
Drawing on her background in leading asset managers, Melissa provides clients with informed insight into market dynamics, compensation trends, and the evolving demands of capital formation teams. A graduate of Indiana University’s Kelley School of Business with a degree in Finance, Melissa is passionate about travel, fitness, music, and exploring new restaurants with family and friends.