Mandate Signals
Mandate signals are observable indicators that suggest what an allocator is likely to invest in (asset class, stage, sector, geography, structure).
Allocator relevance: Mandate signals are how you target intelligently when allocators don’t publish formal mandates.
Expanded Definition
Many allocators—especially family offices—do not publish an IPS or formal mandate. Mandate signals fill the gap using evidence: portfolio behavior, stated interests, leadership background, and participation patterns (funds vs directs vs co-invest). Signals must be labeled as confirmed vs inferred.
Mandate signals underpin mandate fit scoring and outreach relevance.
Decision Authority & Governance
Governance defines which signals qualify as “confirmed,” what evidence is acceptable, and how long signals remain valid before refresh is required.
Common Misconceptions
- One deal proves a mandate.
- Mandates are stable across time and leadership.
- Signals can be treated as facts without labeling.
Key Takeaways
- Separate confirmed preferences from inferred signals.
- Refresh signals regularly; leadership shifts change mandates.
- Signals drive targeting, not certainty.