Findings from our 2026 Investor Relations Benchmarking Survey.
In brief: IR teams at venture and private equity firms are small, and bandwidth is their top challenge. Yet they cover a broad remit: regular LP updates, in-person AGMs, outreach-heavy fundraises, and rising LP requests for co-investment and more detailed reporting. Beyond performance, IR leaders say what wins commitments is the team itself: a stable team, steady strategy, and straight talk. Meanwhile, AI has already moved into day-to-day IR work, largely through general-purpose assistants.
More than thirty IR leaders and partners responded:
Strategy: 53% venture, 25% buyout, 22% credit and multi-strategy
Size: 72% manage $1B or more
Role: 44% Heads of IR, 31% IR team members, 22% partners who also lead IR, 3% Managing Directors
1. IR teams are small, and bandwidth is the top challenge
72% have three or fewer people dedicated to IR.
Limited bandwidth is the most-cited LP communication challenge.
2. On winning the re-up, IR leaders point to people and consistency
Beyond performance, the top factors are team stability and succession, clarity and consistency of the strategy, and transparency about underperforming investments.
3. Between raises, engagement centers on portfolio and firm news
81% proactively engage LPs multiple times throughout the year beyond required reporting.
Portfolio company updates and firm news lead what they share.
4. LP demand for co-investment is rising
84% see growing LP demand for co-investment access, well ahead of any other request.
5. Annual General Meetings: in-person, often six figures, hard to measure
97% host an AGM, and most hold it in person.
The top challenges are creating content that engages LPs, followed by measuring value, and driving attendance.
6. During a raise, outreach and LP targeting take the most time
Scheduling and tracking LP outreach is where most teams spend their time.
Most begin planning 6 to 12 months before launch.
7. AI is already here, and LPs are asking about it
75% have been asked by LPs about their use of AI.
66% already have a formal written AI policy.
The bigger picture
One more finding frames the rest: many firms already look outside for support. More than half of respondents outsource or supplement at least one IR function, most often fundraising strategy and LP targeting, followed by data room management and fundraising materials.
Respondents also told us what they want to learn next: how peers build and resource their IR teams, how senior IR leaders spend their time, placement agent terms, and how to balance LP requests for time with the investment team. We'll take those up in future surveys.
Thank you to the participating IR leaders who shared their time and candor. Survey conducted September 29 – October 30, 2026; percentages reflect respondents to each question.