Investor Target List
An investor target list is a prioritized list of allocators selected based on fit, capacity, and probability to allocate.
Definition
Definition An investor target list is the operational expression of strategy-to-market fit. It’s not “everyone with money.” It’s the specific set of allocators whose constraints, preferences, and processes align with the product you’re selling—fund strategy, vehicle structure, liquidity terms, and expected commitment size. Allocator Context The most effective target lists incorporate real-world constraints: minimum and maximum check size, liquidity tolerance, existing manager concentration, and governance cadence. A list that ignores these variables creates false pipeline and wastes time. Decision Authority Target list creation is usually owned by IR/fundraising leadership with CIO input. The list should be updated as conversations reveal new information: actual appetite, process steps, veto points. Why It Matters for Fundraising The target list determines outreach quality and conversion. A tight list improves response rates, meeting quality, and closes. A broad list produces noise and reputation risk. Key Takeaways A target list is strategy fit made operational Incorporates constraints: ticket size, liquidity, governance Needs continuous refinement from real conversations Tight targeting outperforms volume