Virtual Annual Meetings: Private Equity Best Practices

For many years, the standard regarding private equity annual meetings has been to conduct in-person gatherings or, at least, hybrid meetings. The COVID-19 pandemic has, of course, caused firms to rethink that practice. Now, the industry has shifted to virtual annual meetings, and with that shift has come the inevitable trial-and-error phase as organizers try to determine the best way to conduct these events.

Fortunately, enough remote annual meetings (and remote meetings in general) have been held now that best practices are beginning to emerge. Four tactics that we are hearing about from our clients and other sources that seem to be particularly important are:

Annual meeting checklist

  • Poll stakeholders on what topics they want to see covered.
    At this point, we all know that it’s more difficult to stay engaged and attentive in virtual meetings. Consequently, it’s important to focus on what the majority of attendees want and need to know and address any other issues with follow-up conversations. There are many polling tools you can use to conduct your survey, including SurveyMonkey, Typeform, and Google Forms. And, an added benefit of the time and energy you invest in your outreach is that you can store your poll results and notes for each respondent in your AIM CRM. Then, not only can you contact them if you were not able to answer their questions during the meeting, you now have greater insight on what’s important to them that you can leverage in the future.
  • Rethink the meeting duration.
    Private equity firms would historically hold annual meetings as an all-day affair, or at least an 8-hour event. For virtual annual meetings, the average person will not be able to sit at a computer screen beyond 4-hours. Aligning best practice #1, surveying your investors will help you measure what will be able to be addressed during the meeting for maximum efficiency. However, another best practice that has been shared within the industry is a two-day virtual event at 3-hours so your investors can stay engaged without feeling screen-fatigued.
  • Establish and share “rules of conduct” for attendees.
    While virtual meetings are very common today, not everyone has experience with them. So, it’s a good idea to document rules that can guide behavior and help make the meeting more productive. For example, you should request that attendees mute their microphones when not speaking. You should also develop guidelines for when attendees should and should not ask questions, and explain when and where any questions received through a “chat” function will be answered.
  • Record the meeting and follow-up with attendees.
    One best practice that has been well-received is live virtual annual meetings. Without having to jump on a plane to attend the meeting, investors are experiencing the meeting in real-time. However, it is still it’s important that you record your remote annual meeting and make that recording available to attendees. Some may have had to miss important content or will want to watch certain segments again. You may also want to share the recording with any non-attendees who could benefit from the content. A great way to do that is through a virtual data room and engagement portal like ShareSecure. It’s the ideal tool for providing secure access to your recording since it has enterprise-grade security features.

And, of course, you want to be very familiar with the video conferencing service you choose to use, including how to get prompt technical assistance if needed.

Annual Meetings and the Right Tools for the Job

As noted above, products like AIM and ShareSecure—which have tremendous value under any conditions—are especially valuable at a time when remote work and remote annual meetings have become the norm. And with leading-edge tools like these, getting up and running is easy and the intuitive interface helps users get comfortable and productive quickly.

Beyond virtual annual meetings, the Altvia technology suite can help your team navigate deal flow management, investor relations, fundraising, and firm operations more efficiently and effectively. See how private equity firms use Altvia by viewing our clients and case studies.

A traditional crm was built for general ‘customer’ scenarios

Software platforms have made the world a better place by making work a better place. Indeed the world is better off when people enjoy their jobs even marginally more, and workplace applications on big CRM platforms like have done that and much more.

But the potential that platforms like these offer presents diminishing returns: once the platform provider has engineered too many industry specific components into its platform, its usefulness for other industries begins to be threatened, and with that so do the usefulness of the component tools built into the platform.

So it is with the CRM category that has defined: it is generic enough to work for many industries, and yet still offers the potential for others to round off the edges and nail more vertically-oriented and extremely tailored software solutions.

Private capital markets are actually a great demonstration of this dynamic. Where generic CRM platforms simplify — appropriately so — to assume there’s a business, a customer, a sale, and service of that customer, there are a few industry-specific pieces that are missing.

Take for example, that investors become customers by investing through legal entities the GP raises. It’s a subtle but important nuance that just doesn’t make sense at a platform-as-a-service level (because it’s overly complicated for a simple one-time sale that many industries require), but which can easily be added without 10 years or software engineering. Once provided, the rest of the platform’s components become tremendously powerful again and you’re set to take over the world.

As a traditional CRM in our pillars methodology, these nuances must be present to properly account for investors in these legal entities, potential target companies and which are owned by these entities, the context of all interactions with these parties (as well as the appropriate overlap, ie co-investments), and how you’re arriving at finding these opportunities on both sides of the equation, such that you’re able to piece together what’s effective and what’s not. Not just because we say so, but because these are the very relationships and data that are key to the motivation behind a CRM in any industry.

It’s critical, too, that the valuable publicly-available information that helps to enrich CRM systems and save users painful steps of entering it themselves is fully-integrated at the platform level.

Again, look no further than the 3,000+ pre-built integrations that — the creator of the CRM platform concept — has at a platform level to do so, and which only exists by way of holding just short of overly-specifying certain industry workflows that would present challenges to properly integrate.

Stakeholder reporting and communication (investor relations) draws on a range of datasets

The traditional “customer service” model of CRM systems once again makes overly-simplified assumptions about the customer relationship when applied to private capital markets.

In fifteen years I personally have yet to hear the terms “warranty” or “service call” in this market because it’s just not the same. But make no mistake, as uncomfortable as it may be to say aloud, customer service is more important now than ever and it’s constantly happening; the industry is, after all, considered to be a financial “service”.

As it turns out, that service is primarily information-based — it’s driven by data and takes the form of reports and analysis that drive decisions, and then end up again in investor-facing reports and analysis.

The foundational elements of a private capital markets CRM must be built such that they accommodate this data (like we discussed above), but so too that it can accommodate additional supporting data that investors (customers!) need in the context of service.

Oftentimes this supporting data — financial metrics and time-based values, for example — is believed not to meet the traditional definition of CRM and the natural thought is “well, better do this in Excel!”.

While I happen to believe Excel is still the greatest software application ever built, its introduction to this value chain we’ve discussed herein actually creates the problem many firms suffer from: key data needed to provide customer service (again: effectively the entirety of a firm’s reports and analysis) is now in disparate systems and detached.

Both of those dynamics are important and distinct: not only is this supplemental data disparate, but when brought together there is no logical association that can be made between the two data sets.

Allow me, then, to make the point very simply: not only can this financial and time-based value data (you may be thinking about is as “portfolio monitoring” or “accounting”) be a part of a CRM, it is arguably the most important part of a CRM because it’s at the core of what providing service to the customer entails — information that comes out of data!

Firms need a digital method to engage stakeholders (ie investor portals)

Investor portals are not new; in fact, for many of us — including myself — they conjure up horrifying nightmares in which we’re aimlessly guessing at folders to find the newest document we need.

So in lies the opportunity: not only have the portals we’ve come to hate not simplified the process of acquiring information, they’ve failed to create an entirely new experience that is “customer service” driven.

To be fair, this is not a B2C market where you’d be long out of business for not having focused on customer service and thus the customer’s technology-driven experience. But don’t expect to be around too much longer if you aren’t thinking about this shift.

Today’s institutional investors increasingly expect this same consumer-like experience, and a massive opportunity is being missed by not providing it. It’s not about providing them the experience they desire; it’s more about the ability to measure engagement that is had in return.

Put simply: what’s keeping the market from providing this experience is the availability of the information that’s required to create the service that provides the experience.

If you’ve hung in this long, you know that by focusing on your CRM, you have the data that’s required to manage the customer relationship and the technology-driven experience through which that information is shared to create a differentiated and opportunistic customer experience.

virtual annual meetings