When an emerging manager is preparing to raise capital, the first call it makes is to the fund formation lawyers, according to research from sister title Buyouts Insider and fund administrator Gen II Fund Services.

On average the manager will engage with the law firm eight months before a first close. Two months later they will pick up the phone to the fund admin and placement agents.

When choosing a service provider, the most decisive factor for the managers is whether the prospective partner has experience with funds like theirs. References and recommendations also rank highly.