Investor conferences and capital raising
Most of the work happens before the deal
Conferences rarely raise money on the day. They do their work before the deal: investors who have met management, followed the company for several quarters and watched it deliver are the first calls when a dealer markets a financing, and they shorten the process.
Credibility takes time. Many institutions meet management repeatedly before they buy. First they want the story, told clearly and knowledgeably. Then the plan: where management is taking the business. Then the record, quarter by quarter: did the company do what it said it would, and is it now doing what it said comes next? Some of the larger, more sophisticated funds want to see that for several quarters before taking a position.
In a financing window, weight the schedule to funds that can invest now. Outside it, keep room for larger funds: their portfolio managers and analysts carry your story to peers, and a fund that has followed you for two years is ready to buy once you are big enough.
When a financing is in contemplation, the rules change. A one-on-one becomes a selective disclosure question, and any pre-marketing runs through the dealer and counsel. Decide before the conference whether management should attend, and if so, what it will and will not discuss.
After the deal, the circuit is where new shareholders get to know management. Meetings in the two quarters after a raise help keep them in the stock.
