How Investors Actually Find You.

Where allocator capital actually comes from for a small systematic manager, in what order, and the rules for when conversations start.

Track record first, everything else second

A question I get more than any other: "How do I actually find investors?"

Here's the honest answer from someone whose strategy has attracted almost $4M in external capital over the last 18 months.

The uncomfortable part first: most successful allocations don't start with outreach. Investors typically discover managers through track records, referrals and reputation. Before any conversation about networks or platforms matters, you need a live, third-party-verifiable track record long enough to mean something. In my experience twelve months is where conversations start getting serious; below six months you're still a baby.

Where capital actually comes from

Where does capital actually come from for a small systematic manager? Three surfaces, roughly in the order they tend to show up:

Allocation programs. A venue that independently audits your trading and puts allocation mechanics behind it converts a track record into capital without you having to even meet an investor. For most small managers this is the first external money, because the verification does the trust-building a no-name manager can't do alone.

Practitioner networks. Boutique allocations, signal-provider agreements, intros that become real conversations. They come through people who've watched a manager operate over time. That kind of trust takes years to build, which is exactly why it's worth more than anything sold as a shortcut.

Inbound from publishing your work. Real numbers with real context, monthly, in public. Allocators are like scouts; they read and sift through a lot of publications.

Mine has come in exactly that order: performance-based allocations through Darwinex Zero first, then the network, then inbound once the receipts were public. (Disclaimer: I work for Darwinex, so weigh my read on platforms accordingly.)

Three rules once the conversations start

Not every deal is a good deal.

Never accept a bad deal just to have accepted a deal.

Don't sell your capacity for less than it's worth. Capacity is the scarce thing you own; price it like it.

Capacity is the scarce thing you own; price it like it.

And remember what the allocator on the other side is actually doing: defending you to a committee. Your job in any pitch is to hand them material they can quote internally without second-guessing themselves. Exact numbers, period stated, drawdown alongside return, methodology they can explain in two sentences.

It's slower than anyone wants it to be. The work compounds though, the same way the equity curve does: flat for ages, then the curve bends.