One of the things that has been interesting to me as I’ve started exploring the search fund space is that PPMs seem to be the primary tool through which search fund entrepreneurs tell their story to potential investors. Coming from the VC and early stage technology world, I’m very used to both startup founders and people raising their own VC funds (example here from Notation Capital) using pitch decks of some sort as the basis for discussion with potential investors.

Obviously, a PPM plays a role in the fundraising story for VC funds…but even as you move up the stack further from small early stage VC funds to large, established PE firms, the pitch deck seems to be the primary interface for potential investors. I was speaking this past week with someone who runs investor relations at a large PE firm that has raised half a dozen funds and he confirmed this to be true at his level.

Curious to hear the thoughts of people here on using approaches other than the PPM on the fundraising trail. Have you build pitch decks for your funds? Have they been successful? Why has the search fund space been more reliant on the PPM as a storytelling tool than other areas? Or has it not been?