Ron Biscardi and Katie O'Reilly - Maximizing Value at Conferences (EP.425)

Episode Summary

Executive Summary: This panel on the conference circuit argues that events are most valuable when treated as long-term relationship-building platforms, not short-term fundraising machines. Katie O’Reilly and Ron Biscardi emphasize planning, clear objectives, and event selection based on LP access, deal flow, branding, and media. They also highlight shifting investor interest toward the Middle East, retail, and liquid strategies, while cautioning that brand power and patience matter more than aggressive pitching.

Main Topics: How to evaluate conferences strategically (Priority: 5/5): Katie outlines a four-part framework for assessing events: LP access, deal-flow/partner access, branding/thought leadership, and media access. She stresses that most conferences serve only some of these goals and should be selected accordingly. Conference success depends on preparation and long-term relationship building (Priority: 5/5): Ron and Katie argue that attendees should not expect immediate fundraising results. Success comes from advance scheduling, consistent presence, and building friendships rather than pitching aggressively. Large firms vs. smaller firms at events (Priority: 4/5): The speakers discuss how larger firms have more resources and experience to work conferences effectively, but smaller firms can outperform if they are disciplined, strategic, and relationship-driven. What gets LP attention (Priority: 5/5): Both speakers say LP attention is earned through authenticity, curiosity, and repeated interactions, not high-pressure selling. The long sales cycle means managers should focus on being remembered when timing improves. Data and fundraising cycle signals (Priority: 4/5): Ron explains iConnections' data tools, including a 'punching score,' to show which strategies over- or under-index at events. He suggests private equity may improve in 2025 while macro and liquid strategies have recently outperformed at conferences. Emerging geographic and channel priorities (Priority: 4/5): Katie says many clients are prioritizing the Middle East and retail channels, though she questions whether firms without strong brands will see meaningful success versus sticking to institutional fundraising. The value of event partners and side events (Priority: 3/5): Katie recommends partnering with non-competing peers to expand reach and information flow, citing the large number of unofficial side events around major conferences like Miami.

Key Arguments: Conferences should be chosen based on a clear objective; without it, firms often spend heavily and fail to measure results. Relationship-building is the primary conference payoff because fundraising is a very long sales cycle and decisions may happen years later. The best conference performers combine good performance with strong networks, not just polished pitches or aggressive selling. Smaller firms can succeed if they commit to a long-term conference strategy rather than expecting immediate tickets. Brand matters: people buy from people they like and want to do business with, so thought leadership and social capital matter alongside performance. Event data can reveal where specific strategies are 'punching above' or 'below' their weight, helping firms allocate time more efficiently. Current market conditions may make private equity fundraising easier in 2025 than in the prior two to three years. The Middle East and retail are major focus areas, but the biggest-brand firms appear best positioned to benefit. Co-hosting dinners/cocktails and joining side events can materially expand access to information and relationships.

Data Points: Conference database size: ~1,500 conferences - Katie says ProSec tracks roughly 1,500 conferences globally for asset managers. iConnections meetings already scheduled: 1,500 meetings - Ron says the scheduler had already booked 1,500 meetings shortly after opening. Additional meetings expected: 15,000–16,000 meetings - Ron expects participants to schedule this many more meetings over the next six weeks. ProSec client AUM example: $2–3 billion - Katie cites a client in this range that was highly effective at using conferences. Daniel Dart fund size: $5 million - Ron uses him as an example of a very small fund that networks exceptionally well. Asia event preference: More liquid strategies - Ron says the iConnections Asia event leaned toward liquid strategies. Global Alts 2024 macro over-indexing: About 2x expected meetings - At Miami 2024, global macro funds received roughly double their proportional meeting share. Middle East office locations: Abu Dhabi and Singapore - Katie says ProSec opened offices in these locations to support client demand. Unofficial events facilitated in Miami: 35 events - Ron says iConnections helped facilitate 35 non-iConnections events at Fountainbleau and Eden Rock. Conference concierge time allocation: 50% - Katie says ProSec founder Jen spends about half her time on convening and salon dinners.

Pivotal Quotes: "You are not selling something that flies off the shelves. This is a super long sales cycle, possibly the longest sales cycle of anything in the economy." — Ron Biscardi: Ron explains the mindset managers should have when attending conferences and meeting LPs. "Don't overthink it. You're trying to make a relationship. You're trying to make friends." — Katie O'Reilly: Katie summarizes the most effective approach to networking at conferences. "People buy from people they like. They buy from people they want to do business with." — Ron Biscardi: Ron explains why relationship quality often determines fundraising success over time.

Implications: For investors and managers, conferences should be planned like strategic campaigns: set goals, target the right events, track outcomes, and invest in relationships. The industry remains relationship-driven, and brand plus patience will likely matter more than aggressive pitching in 2025.