Raising the Brand with Maude Delice

Welcome to Private Equity Marketeer’s Raising the Brand, where we delve into the stories and strategies behind the leading brand builders & capital raisers in private markets. In this series, we highlight the creative minds and strategic thinkers who are redefining how private market firms connect with their audiences, build trust, and tell their stories.

Today, we’re joined by Maude Delice. Maude most recently served as Managing Director at Arkview Capital, where she played a pivotal role in investor relations and capital formation. Prior to that, she spent over seven years at Auldbrass Partners, rising from Investor Relations Associate to VP of Investor Relations, where she led fundraising initiatives, built relationships with LPs, and drove strategic marketing efforts.

Beyond her IR leadership, Maude has experience in brand management, PR, and communications, having founded The Delice Group and advised companies on positioning and storytelling. She is also an NAIC Women in Alternatives Fellow, demonstrating her commitment to elevating diversity in private markets.

The Evolution of Investor Relations

Over the years, you’ve worked across different market cycles and fund types. How has the role of investor relations evolved, and what new demands are LPs placing on IR professionals today?

Maude: I remember the first Communications Plan I wrote as an IR professional. It was early in the pandemic, and I could feel the tides shift immediately. LPs were asking more questions, demanding greater transparency, and engaging more deeply in the process. Without the usual circuit of conferences and in-person meetings, IR professionals had to find new, creative ways to build trust (while also avoiding the dreaded Zoom fatigue). It marked the start of a new era, where being a thought partner to LPs and a thought leader in your space became a real positioning tool.

Fast forward to today, and liquidity constraints are once again reshaping institutional LP behavior. Many are gravitating toward a collaborative model that blends direct and co-investments, custom vehicles, secondaries, and strategic partnerships. The goal is greater control, lower fees, and better alignment.

Firms with IR teams that operate more like B2B sales organizations are pulling ahead. These modernized teams focus on structured engagement, leverage data-driven insights to refine outreach, and craft strategic storytelling that highlights differentiation and alignment.

What’s one misconception about investor relations that you think more fund managers need to understand?

Maude: The biggest misconception is that IR is only necessary during fundraising. It sounds obvious, but many GPs still treat it as a reactive, nice-to-have function rather than a core firm function. I think that’s partly because some overestimate an IR professional’s rolodex plus underestimate the complexity of their product. IR can absolutely open doors and improve engagement, but it can’t make up for a weak thesis, mediocre performance, or poor timing.

In reality, the fundraising equation looks more like this: (Differentiation + Track Record) ÷ Complexity = Assets Raised. Shoutout to Meghan Reynolds at Altimeter for this formula that lives rent-free in my head.

Track record is table stakes, and differentiation is key—but both can be diminished by product complexity. So, what counts as complexity? Being a first-time fund, limited DPI, team turnover, performance concentration, strategy shifts, or simply not fitting neatly into an LP’s “bucket.” Success starts with identifying these bottlenecks and addressing them head-on in your pitch.

Above all, “Always Be Fundraising” is the motto. According to Bain & Company’s 2025 Global PE Report, fundraising timelines have nearly doubled to 20 months. The sales cycle is long, and consistent LP engagement, not episodic outreach, is a must to succeed. At the same time, the top 10 funds now capture 36% of all capital, and 98% of dollars are going to experienced managers. In today’s market, newer or smaller funds must compete not just on returns but also on brand and trust.

Doing all of this well requires having a dedicated person in the seat whose full-time job is reading market shifts, creating content, and managing relationships. IR isn’t just about raising capital; it’s about building a long-term capital foundation.

Strategic Storytelling & Brand Building

You have a strong background in PR and brand strategy. What’s one lesson from your communications experience that you apply to investor relations? ?

Maude: A go-to for marketing strategists, and one of my mom’s favorite principles, is Keep It Simple.

Clarity is everything. If your audience (whether LPs, portfolio companies, or employees) can’t repeat or summarize your message, it’s not landing. The more effort you put into educating stakeholders, simplifying complex ideas, and arming them with a clear, repeatable narrative, the better your odds of success.

What separates a forgettable pitch from a truly compelling fund story?

Maude: Shannon O’Leary, CIO at Saint Paul & Minnesota Foundation, has a newsletter called Say It Out Loud that includes a two-part series on manager meetings: How to Get That 2nd Meeting and How to Not Get a 2nd Meeting. It’s a must-read, not just because it’s a hilarious, no-nonsense take, but you really can’t get better insight than straight from the source.

Biggest takeaway? Managers often lose LPs by overcomplicating their pitch, dodging tough questions, or failing to clearly articulate their edge.

A great pitch follows linear storytelling. It’s clear. It’s self-aware. It reads the room. And it focuses on what matters most to LPs. Research shows that consultants place more emphasis on thought leadership, transparency, and investment process than many firms realize. In fact, institutional investors often rank the investment process as more important than even team stability or historical performance. Your pitch should be tailored to your audience and aligned with how they make decisions.

And it should feel conversational because it’s also one of the few chances a GP gets to humanize the diligence process. If an LP can’t connect with or recall your story, it didn’t land.

Navigating Tough Fundraising Cycles:

Market conditions are constantly shifting, and some fundraising cycles are more challenging than others. What strategies have you found most effective in maintaining momentum when capital raising gets tough?

Maude: Diversifying your LP base and building a peer network are key.

Private wealth and sovereign wealth funds, for example, are projected to drive 60% of AUM growth over the next decade. Expanding your pipeline beyond the usual suspects gives you more flexibility and helps reduce over-reliance on any single capital source. You have to place yourself in front of the big waves and shape a strategy that’s already thinking ahead to next year’s capital flows.

Equally important is staying connected to the IR community. Talking to peers, comparing notes, and sharing what’s working (and what’s not) becomes invaluable during challenging cycles. I’m proud to serve on the committee for Raising Diversity in Alternative Capital (RDAC), which is focused on creating space for exactly these kinds of conversations. When IR professionals have access to shared insights and collective knowledge it benefits the entire industry.

Building Long-Term LP Relationships

Beyond the initial fund commitment, how can firms deepen their relationships with LPs to ensure continued engagement and future allocations?

Maude: It starts with a multi-faceted approach.

First, there’s client servicing. That means the timely delivery of reporting and handling of the admin load: RFPs, DDQs, and everything in between. LPs allocate capital to firms they trust, and that trust is built through consistent engagement, not just performance.

Next is brand and positioning. Thought leadership, thematic research, speaking engagements, and curated events aren’t just content, they’re tools to build credibility and connection. Together, they lay the groundwork for future fundraising success.

Lastly, product management. Aligning portfolio decisions with LP expectations, especially around liquidity and pacing, is critical. While this falls under leadership and the investment team, IR plays a key role in keeping a pulse on LP sentiment and bringing that feedback in-house. How a firm manages exits, capital calls, and liquidity solutions today will directly impact its ability to raise future funds and maintain LP confidence.

Favorite tool to use

More and more tech is coming out for modern brand builders & capital raisers. Is there a tool you couldn’t live without nowadays?

Maude: A solid CRM. I’ve helped build one from scratch, and tracking conversations, measuring engagement, and defining KPIs is genuinely one of my favorite parts of the job. Tools like Dakota ensure nothing slips through the cracks and provide up-to-date LP intelligence, which makes it much easier to keep your outreach focused and insight-driven. And I love HubSpot for automation, segmentation, and smart marketing.

Project management platforms like Airtable and Notion are also clutch for parallel tracking workflows and keeping everything centralized. I’m also a big believer in GenAI. It’s incredibly helpful for brainstorming content, refining messaging, and streamlining comms.

At the end of the day, the firms that embrace technology to scale their outreach and optimize engagement are the ones winning in this environment.

Insights for Aspiring IR Professionals

For professionals looking to build a career in investor relations, what’s one lesson you’ve learned that you wish you had known earlier?

Maude: The entire book The Biggest Bluff by Maria Konnikova was the lesson I didn’t know I needed earlier in my career. But if I had to distill it down: “Less certainty, more inquiry.” — Poker Hall of Famer Erik Seidel.

Like poker, private equity fundraising is about playing well relative to others. Even with a sound strategy, timing and luck still matter. Consider the current barbell effect shaping LP allocations—capital is flowing toward either niche specialists or mega-firms. Those caught in the middle are left to play the cards they’re dealt. And sometimes, it’s just a bad hand.

Not all asset classes are feeling the pressure equally, either. According to Bain, direct lending has been the standout in terms of investor demand—growing 3% year-over-year to $123B, six percent above its five-year average. Infrastructure held steady at $89B, though still 31% below its five-year norm. Meanwhile, fundraising for buyout, growth equity, and venture capital has seen sharper declines.

At its core, IR is about delivering best-in-class service to both GPs and LPs. You’re helping them navigate a constantly shifting landscape, where yesterday’s playbook might not work today. That’s why IR is a marathon, not a sprint. Wins may not always be immediate or obvious, but over time, a well-executed IR strategy becomes the backbone of a firm’s long-term success.

And that kind of success depends on staying curious, never assuming you have all the answers, and never assuming anyone else does either.

If you thrive on taking the hill, crafting compelling narratives, and educating stakeholders while remaining a student of the process, IR can be one of the most rewarding seats in private markets.

Staying Inspired

Looking back at your career, is there a moment that stands out as particularly fulfilling or transformative?

Maude: Joining NAIC’s UP Fellowship was a pivotal moment that significantly shaped both my professional and personal growth. Through the program, I was connected to my mentor, Kathlika Fontes of Grain Management. She is a true maverick, and her guidance has been invaluable not just in navigating the industry but also in shaping how I lead and think about my own path.

Beyond mentorship, the fellowship expanded my network and introduced me to an incredible community of professionals dedicated to advancing women in alternatives. It reinforced the power of collaboration in a space where access and opportunity are often gatekept, and it deepened my commitment to creating meaningful pathways for others in this industry

Bonus Question

Thinking beyond the private markets, what is your all-time favorite brand and why?

Maude: Nike. For sure.

I was on the phone with my friend when her five-year-old daughter asked if she could wear her “Nike” sneakers. My friend laughed: “How funny is that? It’s the only sneaker she refers to by brand.” But I know that’s no coincidence. Entire teams at Nike are paid, and paid very well, to make sure that exact moment happens.

Emotion by Design by Greg Hoffman, Nike’s former CMO, is a masterclass in brand storytelling and community building. Two principles from the book really stuck with me and they apply directly to investor relations:

Listen Before You Lead – Too often, GPs treat investor conversations as transactional, overlooking valuable LP insights that can provide strategic guidance. Active listening (i.e. more inquiry and less certainty) is how you improve your pitch and better position your fund.

Create with the Community – Great firms aren’t built in isolation. Long-term success depends on fostering a loyal ecosystem that includes LPs, portfolio companies, employees, and management teams. These aren’t just participants, they’re co-architects of your growth story. The firms that thrive build relationships that are intentional, enduring, and deeply woven into the fabric of their identity—like Nike.