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First-Time & Emerging Managers
VC and impact fund managers building their governance and operational infrastructure for the first time, preparing for the scrutiny of institutional due diligence.
Advisory · LP Readiness · Investment Governance
Strong strategy gets a meeting.Strong foundations gets the allocation.
Allocator Lens Advisory partners with emerging and scaling fund managers and LPs shaping their private markets allocation to strengthen investment governance, due diligence frameworks, and operating models — translating more than twenty years of allocator perspective into practical readiness.
Introduction
About Anna
I am an Investment COO, Board Member and IC Member with more than 20 years on the allocator side. My experience spans helping institutions assess and oversee investment strategies and supporting emerging and scaling fund managers as they prepare for institutional capital.
Working across both sides of the allocation relationship gives me a practical understanding of what makes a private-markets proposition credible, governable and investable.
Mission
I translate what LPs actually look for into practical, implementable improvements that increase credibility and readiness.
Anna Colombatti, CAIA — Investment COO · Board & IC Member
For asset owners and LPs
From allocation ambition to an investable private-markets programme
Alongside my work with emerging and scaling fund managers, I draw on more than 20 years of allocator-side experience to support asset owners considering or developing allocations to private markets.
My experience spans institutional asset managers, pension funds, family offices and investment committees, giving me a practical understanding of what it takes to move from strategic interest to an allocation that can withstand investment, governance and stakeholder scrutiny.
Areas of focus include:
Strategic rationale and allocation design
Clarifying the role of private markets within the wider portfolio, the investment case, appropriate allocation range and routes to exposure.
Portfolio construction and governance
Considering pacing, diversification, liquidity, benchmarking, decision rights and the governance required to oversee a long-term programme.
Manager selection and due diligence
Developing proportionate frameworks for assessing established and emerging managers across investment capability, track record, team, governance and operational resilience.
Implementation readiness
Helping translate policy ambition into a practical pathway—from internal stakeholder and board engagement through to manager selection, monitoring and ongoing oversight.
Capital for Scale
This allocator perspective also informs Capital for Scale, a practitioner-led initiative designed to help European asset owners move from policy ambition to an informed, defensible decision on whether, why and how to allocate to venture and growth.
“My work is grounded in independent challenge rather than allocation advocacy: the objective is not to promote private markets at all costs, but to help institutions reach a robust decision and understand what responsible implementation would require.”
Who I work with
Ideal clients
I partner with fund managers at pivotal stages of their growth — where governance and operational credibility make the difference between a meeting and an allocation.
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Scaling Funds
Funds preparing to onboard institutional LPs — pension funds, family offices, endowments — who need to demonstrate that their operations match the quality of their investment strategy.
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Pre-Fundraise Managers
Managers ahead of a new fundraise or investor onboarding who need to close gaps between their narrative and operational reality before entering formal LP due diligence.
The challenge
Why fund managers miss allocations
Risk
Governance Gaps
Investment Committee structures and governance frameworks are not clearly articulated or sufficiently formalised, raising red flags for institutional allocators during due diligence.
- IC roles and decision rights undefined
- Conflict of interest policies absent or weak
- Oversight mechanisms not documented
Risk
Due Diligence Deficiencies
Due diligence processes that are not sufficiently robust or scalable fail to meet the standards institutional LPs apply when evaluating a manager's operational integrity and risk controls.
- Inconsistent DD methodology
- Inadequate documentation trails
- Processes not scalable with AUM growth
Risk
Operating Model Misalignment
Operating models not aligned with LP expectations create a credibility gap — even when the investment strategy is compelling. Narrative and operational reality must match.
- Unclear team roles and accountability
- Technology and data infrastructure gaps
- Reporting and transparency shortfalls
How I can help
A focused diagnostic. A prioritised roadmap.
Engagements typically begin with a focused diagnostic — a structured, time-bound review that surfaces the most critical gaps and delivers a clear, prioritised roadmap for action.
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Review
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02
Benchmark
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03
Identify
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04
Recommend
Output
Report
The diagnostic engagement runs over 4–6 weeks (but it can be customised according to different needs) and produces a clear, prioritised recommendations report. Where needed, I provide optional follow-on implementation support — translating recommendations into tangible operational improvements.
“Strong strategy gets you a meeting. Strong foundations and infrastructure gets you allocated.”
Areas of focus
Practical, targeted support across four core areas
My advisory work is scoped to the areas that matter most to institutional LPs. Each engagement is practical and implementable — designed to close real gaps, not produce reports that sit on a shelf.
01
Investment Governance & IC Framework
Review and strengthen Investment Committee structures, governance documentation, decision-making processes, and oversight frameworks to meet the standards institutional allocators expect.
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Due Diligence Process Design & Enhancement
Design or enhance due diligence frameworks to ensure they are robust, consistently applied, well-documented, and scalable — matching the rigour that institutional LPs apply in their own ODD processes.
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Operating Model Alignment & Scalability
Review the broader operating model — team structure, roles, technology infrastructure, and reporting — to ensure it is credibly aligned with LP expectations and built to scale with AUM growth.
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LP Readiness & DD Preparation
Prepare fund managers for institutional LP due diligence — aligning narrative with operational reality, anticipating LP questions, and ensuring all documentation and process evidence is in order.
Track record
Selected experience
Twenty-plus years of hands-on allocator experience brought to every engagement — the same perspective institutional LPs bring when assessing fund managers.
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Global Oversight at Scale
Hundreds of funds
Designed and led investment governance and oversight frameworks across hundreds of funds and managers globally on behalf of Family Offices, Pension Funds, Institutional Asset Managers, Advisory Platforms, and Government-backed programs.
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AI-Enabled DD Transformation
~5× capacity
Scaled due diligence capacity approximately 5× through AI-enabled transformation, improving both efficiency and risk detection — demonstrating that rigorous DD and operational scalability are not mutually exclusive.
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Institutional Asset Management
$500bn+ AUM
Established centralised oversight frameworks across $500bn+ of institutional assets. Chair, Board & Investment Committee roles across impact and venture platforms. Co-founder of Diversity X Ventures, applying institutional-grade discipline to early-stage investing.
Qualifications & credentials
Newton Venture Capital Fellowship
Chartered Alternative Investment Analyst (CAIA)
FT Board Diploma
Free resource
Emerging Manager UK Operations Checklist
A practical checklist covering the operational, governance and LP-readiness items UK emerging managers are commonly asked about in institutional due diligence. Enter your details to receive the PDF.
What’s inside
- ◆Governance, compliance and regulatory hosting essentials
- ◆Operating model, service providers and control environment
- ◆Investment process documentation LPs will ask to see
- ◆Reporting, valuation policy and ESG readiness
Engagement model & availability
Get in touch
Currently working with a small number of fund managers and taking on a limited number of additional advisory mandates. Engagements are short and scoped — typically 4–6 week diagnostics (but customisable) with optional follow-on implementation support.
Book an introductionThe process
01
Initial Conversation
Discuss your current situation, upcoming fundraise, or LP onboarding plans.
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Scoped Diagnostic
4–6 week engagement covering governance, DD processes, and operating model.
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Recommendations Report
Clear, prioritised action plan benchmarked against institutional LP expectations.
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Implementation Support
Optional follow-on support to translate recommendations into operational improvements.