When the markets were frothy and liquidity was high, many managers’ fundraising campaigns were oversubscribed, and they held a marked advantage when negotiating with LPs. That dynamic has shifted for most fund managers, however, as Bain & Company recently found that 64 percent of capital raised in the first half of 2024 was concentrated in the ten largest PE funds. That means all other fund managers are mired in an extremely competitive fundraising environment, which, in turn, has enhanced LPs' negotiating leverage. The current market climate is forcing fund managers to take measures to retain and attract investors. Some are finding success with continuation funds, single investor funds and co‑investment opportunities, but those are short-term fixes. The reality is that the private funds industry is – and always has been – a relationship business. Hence, now more than ever, it behooves fund managers to invest the time, care and energy necessary to fortify and deepen their relationship with investors, including by proactively addressing LP concerns and communicating clearly at every turn. To support fund managers’ relations with both existing and prospective investors, the Private Equity Law Report is highlighting five articles from its archives that suggest ways fund managers can optimize how they interact with investors. Those include strategies for effectively approaching fundraising in a challenging context; ways to respond to intrusive investor requests during the operational due diligence process; tips for conducting successful annual investor calls and general update calls; suggestions for how to optimize the relationship between managers’ respective investor relations and compliance departments; and insights into current negotiation dynamics and trends in private fund terms. The week starting August 19, 2024, the Private Equity Law Report will resume its normal publication schedule.