Investor Relations interview prep.

Behavioural questions to expect

1. Walk me through your CV.
2. Walk me through your most impactful LP engagement or fundraising workstream.
3. Tell me about a weakness, a failure, or feedback you've received and worked on.
4. Why investor relations specifically — and why not stay deal-side, or go to a fund-of-funds / placement agent?
5. Why the firm?
6. Which LP segment do you find most interesting to cover — and why?
7. What's your read on the firm's recent track record — and how would you talk to an LP about it?
8. How would you describe the firm's IR / capital-formation model in your own words?

Technical concepts to master

• The PE fundraise lifecycle — from pre-marketing to final close

  Pre-marketing + soft sounding (months -6 to 0) · Launch + PPM / LPA + DDQ build (months 0-3) · First close + anchor LP negotiation (months 3-9) · Final close + hard cap (months 9-18+) · Post-close lifecycle: capital calls, distributions, NAV, J-curve

• ILPA standards + regulatory frame for PE IR

  ILPA Principles 3.0 — alignment, governance, transparency · ILPA Reporting Template + Fee Reporting Template · SEC Marketing Rule (Rule 206(4)-1) — US · AIFMD pre-marketing + national private placement regimes (EU) · GP-led secondaries + continuation vehicles

• LBO fundamentals — capital structure and returns

  LBO structure · Returns drivers — the three sources · Capital structure — debt tranches · Paper LBO — the simplified math · Cash flow available for debt repayment

Practical drills

• I'm a pension allocator at a $30B US public pension. You have 10 minutes. Walk me through the firm's recent fund track record and tell me why I should re-up at the same ticket in Fund VI.
• You're 10 weeks from launching the next fundraise. Walk me through how you'd build the DDQ + data room and run the LP-specific overlay process across 30-40 active LPs.
• An anchor LP from your last fund says: 'Your DPI on Fund V is below median, you've launched a continuation vehicle on your best deal, and now you're asking me for a $200M re-up in Fund VI at the same fee. Why should I commit?' Walk me through how you handle.

Smart-question anchors

• Fundraise stage + next-vintage timing — where in the cycle the team sits, target size + hard cap, first / final close expectations
• LP base evolution — which segments the firm is growing into (sovereigns, family offices, retail / semi-liquid) and which are at re-up risk
• IR team structure + reporting line — centralised vs split, in-house vs placement-agent-led, how LP coverage is divided
• Product expansion — continuation vehicles, GP stakes, co-invest, semi-liquid wrappers; how IR scales across products
• Track record narrative + DPI accretion outlook — what realisations are landing in the next 12-24 months

Sourced from

Institutional Limited Partners Association (ILPA) Principles + Reporting Templates · Preqin + PitchBook annual LP / GP surveys · Bain Global Private Equity Report — fundraising chapters (2022-2024) · Wall Street Oasis + Mergers & Inquisitions — PE IR / capital formation threads · SEC Marketing Rule (206(4)-1) + AIFMD pre-marketing notes (national private placement regimes)