Private market firms thrive because of relationships. Investor trust, portfolio company engagement, deal sourcing, and intermediary networks form the backbone of the business. Yet, despite this, many firms still rely on outdated spreadsheets or underutilised systems to manage their most valuable asset: relationships.
A modern CRM approach is no longer a “nice to have.” It’s the difference between a scalable, investor-ready firm and one that struggles with visibility, reporting, and missed opportunities.
We explore how private market firms can evaluate their current CRM landscape, make informed decisions when selecting a platform, and avoid the common pitfalls that derail adoption.
Evaluating your current state
Before jumping into technology, firms should take a step back and honestly assess their current relationship management practices. Questions to ask include:
- How are relationships tracked today? CRM, spreadsheets, shared drives, inboxes?
- Where are you seeing the gaps? Are you noticing a loss of deal flow? Missed LP touchpoints? Poor reporting for fundraising?
- Is your current set up fit for the firm’s stage of growth?
- Are users adopting it, or working around it?
For a structured approach, we recommend that firms begin with CRM Health Check to understand their current set up and benchmark their current practices against their peers.
What to think about when selecting a new CRM
The private markets CRM landscape is crowded, and not every system is designed for the unique workflows of GPs, LPs, or fund administrators. Key considerations should include:
- Ensure the CRM is built for the private market: Does the CRM support fundraising pipelines, investor relations, and deal origination, not just sales tracking?
- Integration with your existing tech stack: Will it connect seamlessly with email, calendars, data rooms, and reporting tools?
- Scalability for future growth: Can the system support the firm through multiple fundraises and future headcount growth?
- User experience: Is it intuitive enough to drive adoption across partners, associates, and IR teams? Will your teams actually use the chosen platform?
- Data strategy: How will you migrate existing contacts, notes, and deal data into the new platform? How will it fit into your data architecture?
What to consider before deploying a new CRM
Selecting the right CRM system is only half the battle; successful deployment requires multiple parts working in sync. Clear ownership is essential, with a dedicated champion to drive adoption internally. Processes should be defined in advance, outlining how the CRM will support fundraising workflows, LP reporting, and deal tracking.
Change management is equally critical, ensuring that partners and associates recognise value from day one. Training and support must go beyond go-live, embedding CRM use into daily activity.
Finally, firms should address data hygiene by cleansing and structuring existing information before migration to avoid carrying over inefficiencies into the new system.
The common pitfalls
Even well-intentioned CRM projects often fail because firms fall into common pitfalls. One frequent mistake is treating CRM as merely a technology project rather than a firm-wide strategy, which limits impact and adoption. Others neglect to define clear success metrics, such as faster fundraising cycles or improved LP reporting, making it difficult to measure value. Over-customisation can also create unnecessary complexity that hinders user adoption. At the same time, migrating “dirty” or incomplete data undermines trust in the system from the outset. Ultimately, many firms overlook the importance of ongoing governance and continuous improvement, resulting in the CRM’s loss of relevance and effectiveness over time.
How it|venture helps you avoid the pitfalls
At it|venture, we’ve supported leading private markets firms through the full CRM journey, from evaluation to deployment. Our approach ensures that firms avoid the traps above and achieve lasting success:
Independent Health Check: We help you evaluate whether you even need a new CRM, and if so, what type.
Vendor-agnostic selection: We advise on the right platform for your firm’s strategy, not just the latest trend.
Deployment expertise: Our consultants design processes, oversee data migration, and provide training tailored to private markets.
Change management: We work with your team to drive adoption and ensure CRM becomes part of daily workflows.
Long-term partnership: Following deployment, we provide governance frameworks and ongoing support to ensure your CRM continues to deliver value.
For private markets firms, a CRM is more than a database, it’s the infrastructure for growth, investor confidence, and operational excellence. The question is not whether you need one, but whether you have the right approach to making it successful.
With the right evaluation, careful selection, and structured deployment, firms can unlock the full potential of their relationships. With it|venture as a partner, you can avoid the common pitfalls and ensure your CRM works for you, not against you.
