London, UK — 27 September 2023 — A survey of private markets professionals released by Prosek Partners, a global integrated marketing and communications firm for financial services, highlights the growing use of sophisticated marketing and communications strategies to support their commercial objectives.
Results of the Prosek Private Markets Survey, which reveals responses from over 100 private markets professionals including general partners (GPs), limited partners (LPs) and service providers, found that an overwhelming majority of respondents (93 percent) currently use social media platforms like LinkedIn to support their commercial objectives – an increase of 10 percent since 2022. Further, a majority of respondents (64 percent) indicate they plan to increase their use of LinkedIn in Q4 and into 2024.
A strong majority of both LPs (80 percent) and GPs (88 percent) find branding increasingly important in the current environment. Their top reason for using social media platforms like LinkedIn is to boost brand visibility - a shift from last year, when LPs instead cited due diligence (52 percent) and manager selection/identification (45 percent) as the top reasons for using social media platforms like LinkedIn. A majority of LPs (80 percent) confirmed that they are actively using social media to support their fund allocation efforts.
Jennifer Prosek, Managing Partner of Prosek Partners said, “The findings continue to show that brand matters when it comes to attracting talent, sourcing deals and raising capital. Every year we see increased usage and impact of sophisticated marketing and communications strategies.”
“We’ve continued to see a growing appetite for digital media services from private markets firms. This survey confirms that both GPs and LPs are increasingly recognising the value of a strong digital presence in meeting their commercial objectives. It also shows that firms are now far more open than historically to exploring and investing in a wider range of tools and strategies to ensure that their core messages resonate with their priority audiences,” Prosek added.
Additional findings from the survey revealed:
- Preferred Content Medium: Videos are increasingly seen by LPs as the most engaging type of content on platforms like LinkedIn, with 53 percent in 2023 citing it as their preferred content, versus 31 percent in 2022. This is now followed by infographics, which have gained in popularity compared to whitepapers, blog posts and news articles versus last year, with 33 percent now citing it as their second choice of medium, versus only 17 percent in 2022.
- Paid Media: GPs are using paid media on LinkedIn, with 30 percent consistently including it as part of their regular social media strategy to directly target their content at LPs.
- More Sophisticated Branding Strategies: Across the board, private markets firms are leveraging a wider range of branding strategies to boost brand competitiveness. Half of respondents noted that, in the last year, they have undergone a full rebranding process for their firm or have refreshed aspects of their branding. 43 percent of those surveyed also added that they had also undergone a full website redesign in 2023.
The Prosek Private Markets Survey was conducted in September 2023 during IPEM Paris, a premier global LP/GP networking conference, and comprised responses from 105 private markets professionals, including general partners, limited partners and service providers.
About Prosek Partners
Prosek Partners builds – and protects – the top brands in business. We are a certified Woman-Owned Business and among the largest independent, integrated communications and marketing firms globally. Specialising in providing a full range of communications solutions to financial and professional services companies, Prosek delivers business impact through an unexpected level of passion, creativity and marketing savvy. Services include media relations, thought leadership, social and digital media, public affairs, investor relations, financial communications, transaction services, crisis communications and issues management, content creation, conference support, publishing, media training and more. Prosek's strategic branding and integrated marketing arm – Prophecy by Prosek – offers brand strategy, award-winning design, digital and advertising capabilities. Prosek has been named PRovoke’s “Global and North American Corporate/Financial Agency of the Year” and a top-five global M&A and shareholder activism agency. For more information, please visit www.prosek.com or follow the firm on LinkedIn.