Stop Pitching. Start Qualifying.
- Corey Singleton
- Oct 8, 2025
- 2 min read
For sponsors ready for institutional capital: what “ready” means—and what kills deals in minutes.
Raising Institutional CRE Capital in 2025: Data, Not Hype
TL;DR
Capital is back—but picky. Portfolios swung from over- to under-allocated (~60 bps) to real estate in 2024; pacing is disciplined. production+1
Dry powder is real (~$394B, Aug-2024), but it’s chasing higher-yield strategies. JLL
2023 was the reset: U.S. CRE sales $374B (-50% YoY); distress hit $85.8B. Colliers+1
What LPs Are Actually Doing
Strategy tilt: Value-add/opportunistic dominated ~76% of 2023 commitments; core/core-plus share fell. Ferguson Partners
Fewer manager slots: Consulting data show institutions under target and still consolidating relationships; re-ups favored. production
Co-invest > blind pool (margin): 2025 LP survey—co-invest participation ~56%; reliance on fund managers down to 70% (from 86% in 2023). Alternatives Watch+1
Secondaries = release valve: GP-leds ~$84B in 2024; continuation vehicles a large share. Secondaries Investor+1
Market Facts Sponsors Should Internalize
Transaction base reset: 2023 volume $374B; recovery is uneven across sectors/markets. Colliers
ODCE queues peaked: Core fund redemption queues hit ~19% of NAV (Q1-2024); easing since, but still a constraint. Meketa Investment Group+1
Distress is quantifiable: U.S. CRE distress $85.8B (YE-2023) with office/retail leading. MSCI
What Clears Investment Committee (IC)
Documentation standard: Use ILPA templates (updated Reporting Template v2.0 / QRSI 2025) + DDQ; align fee/expense and performance reporting. ILPA+2ILPA+2
NAV-facility transparency: Follow ILPA 2024 guidance (LPAC engagement, performance-metric impacts). ILPA+2ILPA+2
Access protocol: Deck/teaser → NDA → indexed VDR (tiered)—not “open VDR.” (Law-firm and VDR best-practice refs.) FirmRoom+3Noerr+3OutsideGC+3
Translation: Realized track tied to the current team, downside math that survives stress, clean governance & economics, reporting the back-office can stand behind.
If You’re a Mid-Market Sponsor, Optimize for This Reality
Lead with readiness: ILPA-aligned pack, verified track (realized/DPI), downside scenarios, fee/waterfall clarity. (See above standards.) ILPA+1
Offer the structures LPs want: Co-invest/programmatic JV options; be open to continuation/NAV solutions where appropriate. Alternatives Watch+1
Be sector-specific and mandate-true: Capital is rotating to higher-yield and specialty themes; generic pitches underperform. Ferguson Partners
How We (SummerWind) Engage
Send your deck (no uploads here—reply and we’ll email you). We screen to allocator standards: Fit / Fix / No-Go.
If greenlit: NDA → redacted index or partial access → staged VDR → 1:1 mapped outreach to matched mandates (BD protocols only). Noerr+1
If not ready: you get a Gap Report (exact fixes). You choose the remediation path—in-house, your advisors, or an entirely separate fractional desk.
Why no retainers / non-exclusive: our relationships were earned by only taking allocator-ready deals to IC. That’s how we protect the network—and your reputation.
Fast Metrics (so you can calibrate)
U.S. pensions to private real estate $32.7B in 2023 (10-yr low). Ferguson Partners+1
Global CRE dry powder ~$394B (Aug-2024). JLL
GP-led secondaries $84B (2024). Secondaries Investor
This piece shifts the focus from selling to listening slowing down to understand needs first, not rushing straight to answers. That thoughtful pacing matters in how we work and learn, much like easy associate level course help suggests gentle structure behind steady progress. The blog makes a strong case for patience and depth over speed in building real connection.
The argument presented in this post for slowing down to truly listen before pitching up is compelling. The advice to better question and truly understand fit feels very practical rather than preachy. It’s also a reminder that clarity up-front saves hasty conversations later, much in the same way, Last Minute Assignments are avoided through structuring your work from as early as possible, much like the various metaphors presented for online assignment help UK highlight. Qualifying well is respectful of everyone’s time.
This is a powerful reminder that effective growth comes from understanding prospects, not just selling to them. Shifting from pitching to qualifying builds stronger relationships and saves time for both sides. I appreciate how the article emphasizes asking the right questions early in the process. The same mindset applies beyond sales too—whether refining a strategy or learning how to start writing a book, clarity at the beginning helps ensure you’re focusing on the right audience and goals. Great perspective and very actionable insights.
Reading this piece on shifting from pitching to qualifying really resonated with me as a PhD student juggling deep research with a part-time role at Affordable Assignments, where I support peers through the ups and downs of academic work; back in my college days I suffered a lot from the hustle of deadlines and trying to figure out the right way to approach complex tasks, including when it made sense to turn to an Assignment Writing Service that genuinely helped me learn rather than just finish work, which sparked my deep interest in assisting students in their academic work I’m really conscious about my studies and others’, and the idea of focusing first on understanding needs before offering solutions feels just as…
Reading Stop Pitching. Start Qualifying. really struck a chord with me because it reminded me of my own experiences navigating challenges in both academia and work. As a PhD student currently balancing research with a part-time role at Academic Editors, where I assist students in their academic work, I often help them Edit my capstone project online, and I’ve realized that rushing to offer solutions without first understanding the real problem creates more stress than clarity. Back in my college days, I suffered a lot from these types of hustles people pitching ideas or services without listening and it made me painfully aware of how important it is to pause, ask questions, and qualify before acting. I’m really conscious about my…