Sales Enablement Primer

Capital Markets Deep Dive
The Context Behind the Questions

Asking questions in sales calls is a great way of establishing credibilty. We want to build peer-level conversations by knowing the why behind every question, the market dynamics shaping answers, and exactly where Osmosis fits.

Introduction

The Goal

You're not selling software to IR heads, Capital Formation leads, or COOs—you are proving you understand their world, pressures, and language.

Genuine Curiosity

These questions are not a script; they show you care how their business actually works.

Context = Credibility

Knowing the market dynamics behind an answer is what makes you sound like a peer.

Osmosis Angle

We capture the spoken signals that reveal allocator priorities—turning conversations into actionable intelligence.

Start Here

The Questions Up Front

These questions (h/t Lindsay Lee) are a great way to establish our credibilty: system-level thinking, liquidity flows, asset-class pressures, buyer intent, LP segmentation, and competitive threats.

How to Use

Lead with these to sound like a peer, not a vendor. They show macro fluency, respect for their constraints, and curiosity about how they actually operate.

A. Asset-Class & Liquidity Flow

Signals You Get the Macro

  • “Where do you see liquidity actually flowing right now across your LP base? Which asset classes feel capital-starved vs. capital-flush?” — Macro fluency; liquidity is the north star.
  • “How much of your recent LP demand is tied to the AI infrastructure buildout — data centers, power, connectivity, digital infra?” — Shows you’re current on infra enthusiasm.
  • “In private credit, where do you see spreads and structures trending for the types of borrowers your team targets?” — Signals you see private credit as an equity substitute.
  • “What are the biggest risks you think LPs are underestimating in private credit right now?” — Invites candor; aligns with the ‘flawed’ private credit take.
B. Fundraising Pressure & Competition

Crowded Market Reality

  • “Where do you feel competitive pressure rising most — other GPs, consultants, or newer platforms entering your lane?”
  • “How predictable is your LP pacing today? Is timing the bottleneck, or access, or internal bandwidth on your team?” — Direct tee-up for Osmosis as the allocator radar.
  • “Do you feel like your team learns about LP mandates early enough — or do you sometimes feel late to the table?” — The wedge question.
C. Team Workflow & Efficiency

Where Osmosis Lives

  • “If your associates had 5–10 hours a week back, where would you want that time redeployed?” — Concrete ROI.
  • “Which parts of pre-meeting prep still feel the most manual or fragmented?” — Sets up briefing automation.
  • “How are you currently prioritizing meetings for partners on the road? What’s working — and what’s noisy?” — Signal vs. noise.
D. LP Segmentation & Expansion

Know Their Customer Shapes

  • “Which LP types have been the hardest to grow with — sovereigns, insurers, European pensions, U.S. publics?”
  • “Is most of your growth coming from deepening existing LPs, or are you feeling pressure to find net-new relationships?” — Founders should ask this.
Bonus

Questions That Make You an Insider

Use when the conversation is warm; these show deep context.

  • Consultant dynamics: “How much of your LP pipeline is consultant-driven vs. direct relationships right now? And is that shifting?”
  • SMA / bespoke: “As you expand into bespoke solutions and SMAs, how do you identify which LPs are good fits vs. those who prefer commingled structures?”
  • Global vs. domestic: “Are you seeing non-U.S. LPs move faster or slower than U.S. publics in the current rate environment?”
  • Internal bandwidth: “Which internal teams feel the most bandwidth pressure during busy fundraising cycles — partners, VP/Associate layer, or product/strategy?”
🧩 Pocket List

Tight 5 (Plus One) to Memorize

  • Liquidity: “Where is liquidity actually flowing across your LP base right now?”
  • Pressure: “What parts of fundraising feel most competitive or unpredictable for you today?”
  • Time Sink: “Where do your associates lose the most time?”
  • LP Mix: “Which LP types are growing fastest for you — and which are hardest to penetrate?”
  • Automation: “When you think about future-proofing your team, what workflows would you automate first?”
  • Bonus: “How much of your LP pipeline is consultant-driven vs. direct relationships right now? And is that shifting?”
Why It Works

These five (plus one) alone make you sound like a peer, not a vendor.

Part One

Asset-Class & Liquidity Flow

Why this matters: Liquidity is the north star. Capital flows dictate who is thriving vs. struggling—and how intense the competition feels.

Mental Model

Capital is a river. Sources (LPs) → channels (GPs, consultants, platforms) → destinations (companies, assets, deals). Know where it's rushing vs. drying up.

Late 2024 / Early 2025

The Current Liquidity Landscape

Flowing To

Private Credit, Infrastructure (digital/AI), Secondaries. Yield, stability, and liquidity solutions are winning.

Flowing Slowly

Venture (except AI), Traditional Buyout (slower), Real Estate (select pockets). Distributions and pacing are bottlenecks.

Hot Capital

Private Credit — The Darling

Banks pulled back post-2022; direct lenders filled the gap. AUM has exploded (~$1.5T+), with LPs chasing floating-rate yield and quarterly cash flows.

  • Perceived equity-like returns with debt-like risk
  • Spreads compressing; competition rising
  • Credit quality questions and liquidity mismatch worries
Conversation Signals

Ask: where spreads and structures are trending. Shows you know the squeeze.

Implication: Managers need differentiation; Osmosis surfaces LP preferences and risk concerns.

Hot Capital

Infrastructure — Institutional Favorite

AI and energy transition are driving demand for data centers, power, and connectivity. Long-duration, inflation-linked cash flows keep LPs leaning in.

Why LPs Love It

Stable cash flows, inflation protection, tangible assets, ESG/impact angle.

Where the Heat Is

Digital infra (data centers, fiber, towers) outpacing traditional projects.

Conversation Angle

Ask how much demand is tied to AI infra. Shows currency and opens LP allocation talk.

Hot Capital

Secondaries — The Liquidity Release Valve

LPs over-allocated and short on distributions need cash. Secondaries funds buy stakes (often at discounts) and GP-led continuation vehicles extend winners.

Why It's Hot

Liquidity in an illiquid asset class, seasoned portfolios past the J-curve, discounts to NAV create margin of safety.

Conversation Signals

Ask who is looking to sell and which GPs are exploring GP-leds. Osmosis helps surface both.

Capital Headwinds

Venture — The Hangover

Post-2021 bubble, portfolios marked down, exits scarce, LPs over-allocated. Only top-tier and AI-focused funds are raising smoothly.

Conversation Signals

Outside the top tier, managers are scrambling for receptive LPs. Position Osmosis as the map of scarce VC appetite.

Capital Headwinds

Traditional Buyout PE — Mixed

Mega-funds still raise, but timelines stretch. Distributions are down; LP pacing slows; denominator effect bites. First-time funds face headwinds.

Pressure Points

Longer fundraises, more selectivity, fewer automatic re-ups.

Conversation Angle

Timing matters. Knowing who is allocating now is edge—prime Osmosis use case.

Capital Headwinds

Real Estate — In Purgatory

Rate shock, office pain, BREIT/SREIT redemption issues. Volumes down; LPs cautious and waiting for price discovery.

Bright Spots

Industrial/logistics, data centers, multifamily, distressed/opportunistic plays.

Conversation Signals

LPs here are contrarian. Sector-specific positioning matters. Osmosis surfaces who is leaning in vs. out.

Summary

Liquidity Flow Takeaways

Flowing To

Private Credit, Infrastructure (digital/AI), Secondaries.

Competition rising—differentiation required.

Flowing Away

Venture (except AI), Buyout (slower), Real Estate (selective).

Scarcity of receptive LPs—targeting is everything.

Osmosis Fit

Differentiate where flows are hot; find rare pockets of appetite where flows are cold. Real-time allocator signals power both.

Part Two

Fundraising Pressure & Competition

The market flipped: from seller's market to buyer's market. LPs have leverage, take longer, ask harder questions.

Why It Matters

Empathy + positioning. Understand their stress to avoid tone-deaf pitches and highlight Osmosis as relief.

Competition

More GPs, Same LP Dollars

GP Explosion

~15,000 PE firms globally (5k in 2010). More GPs chasing limited allocation growth.

Longer Fundraises

12-24 months is normal; re-ups not automatic; first-time funds face brutal odds.

LP Scrutiny

Deeper diligence, harder questions, fee pressure, co-invest rights—bar is higher.

Pacing Pain

The Distribution Problem

Denominator Effect

Private valuations held while publics fell—LPs look over-allocated on paper.

Distribution Drought

No IPOs, muted M&A → LPs lack cash to re-commit. Pacing models break; commitments pause.

Implication

Timing is everything. LP readiness is volatile—knowing when they can move is critical.

Competitive Set

Competition Vectors

Other GPs

Strategy convergence: “everyone is a credit manager now.” Crowded lanes require sharper positioning.

Consultants / OCIO

Gatekeepers control access. Approved lists and recommendations can make or break a raise.

Platforms

Multi-strat giants cross-sell LPs and bring brand leverage. Mid-market feels squeezed.

Wealth Channel

New pool but product/marketing heavy. First-mover advantages (BREIT/BCRED) loom large.

LP Behavior Shift

Decision-Making: Old vs. New

Old Model

Strong track record = easy re-raise. Re-ups automatic. Consultants quick to approve. 6-12 month cycles.

New Reality

Every commitment scrutinized. Longer IC cycles. More asks: co-invest, fee breaks, transparency. 12-24+ months is normal.

Summary

Fundraising Pressure Takeaways

  • Competition is multi-dimensional (GPs, consultants, platforms, wealth).
  • LP decisions are slower and tougher; timing is volatile.
  • Differentiation and intelligence edge matter more than ever.
Osmosis Fit

We give GPs the informational edge to time outreach, answer harder questions, and stand out in crowded processes.

Part Three

Team Workflow & Operational Efficiency

Where Osmosis lives day-to-day: reducing manual work so teams can sell better and faster.

How Teams Run

IR & Capital Formation Teams

Mid-Market Fund ($5-50B)

Head of IR/Cap Form, 2-4 Directors/VPs, 2-6 Associates/Analysts. Lean teams covering a lot of ground.

Large Platform ($100B+)

Segmented by geo/strategy/LP type, plus dedicated consultant relations, RFP, and wealth teams. More resources, more complexity.

Workload

What Fills the Day

Pre-Meeting Prep

LP research, past interactions, news checks, tailoring pitches. 2-4 hours per meeting.

DDQs / RFPs

100-300 questions, partial reuse, always bespoke. 10-40 hours each.

CRM & Tracking

Meeting notes, priorities, timelines—often incomplete or stuck in heads.

Events & Intel

Conferences they can't all attend; intel arrives late and anecdotal.

Wasted Time

Where Hours Disappear

Searching for Intel

Allocator quotes exist but are scattered across video/audio/transcripts.

Reactive vs. Proactive

Learning mandate shifts after competitors act.

Partner Prioritization

Gut-feel routing of the scarcest resource: partner time.

Tribal Knowledge

Insights live in people, not systems. Turnover = lost intelligence.

Osmosis Fit

We already captured what CalPERS said at ILPA. Alerts flip reactive to proactive. Prioritization becomes data-driven. Institutional memory becomes searchable.

Questions

Workflow Questions That Land

"If associates had 5-10 hours back, where would you deploy it?"

Quantifies ROI; reveals priority (outreach, prep, competitive analysis, consultant coverage).

"Which parts of prep feel most manual?"

Finding LP commentary? CRM updates? Tailoring? Points to specific Osmosis workflows.

"How do you prioritize partner meetings—and what's noisy?"

Exposes signal-to-noise pain; sets up allocator intent signals.

Summary

Operational Efficiency Takeaways

  • Prep and intel gathering are the biggest time sinks.
  • Teams are reactive because signals arrive late.
  • Partner time is precious; prioritization is messy.
Osmosis Fit

Turn scattered spoken intel into instant, structured briefs. Save hours; redeploy to higher-impact outreach.

Part Four

LP Segmentation & Market Expansion

LPs are not monolithic. Governance, speed, priorities, and geography change the motion—and the questions.

Segmentation

LP Types at a Glance

U.S. Public Pensions

Board-driven, consultant-dependent, long cycles. Public commentary is abundant.

Corporate Pensions

More CIO discretion, de-risking trend, faster decisions but shrinking checks.

Endowments & Foundations

Small, sophisticated teams; relationship-driven; heavy alts; mission alignment matters.

Sovereign Wealth Funds

Huge checks, geo variance, direct investing ability; relationship access is key.

Insurers

Regulated, yield/duration focused; private credit sweet spot; longer cycles.

Family Offices

Fragmented; speed varies; personal relationships drive outcomes.

Segmentation

Geographic Nuance

Where They Are

U.S. institutional, European pensions/insurers, Middle East SWFs, Asian LPs, Australian Supers.

Why It Matters

Currency, regulation, ESG tilt, geopolitical considerations, and speed all vary by region.

Osmosis captures allocator commentary globally—powerful for expansion conversations.

Summary

Segmentation Takeaways

  • LPs differ by governance, speed, priorities, and geography.
  • Public pensions produce abundant public signals; family offices less so.
  • Specificity wins: "We know what your LP type is saying" beats generic claims.
Osmosis Fit

Segment-specific intelligence makes positioning sharper and outreach smarter.

Part Six

Synthesis — How It Fits Together

The world is noisier, fundraising is harder, teams are stretched. Spoken allocator signals are the missing piece.

Osmosis Story

We capture the conversations that matter, synthesize into actionable intelligence, and deliver them in real time so teams act faster and smarter.

Framework

Why These Questions Work

Demonstrate Expertise

Show you know liquidity flows, competitive dynamics, and LP segmentation.

Uncover Pain

Identify timing, access, bandwidth, and positioning gaps Osmosis can solve.

Build Trust

Peer-level dialogue beats a pitch script. Questions are curiosity, not interrogation.

Wrap Up

Final Thought

These questions are a framework for real conversations. If you know the context—liquidity, competition, operations, LP dynamics—you can improvise, follow threads, and build trust.

Need More?

Ask for tailored talk tracks for specific personas (e.g., mid-market PE Head of IR vs. private credit COO).