For one placement agent, the secret weapon is a Snickers bar. When a North American fund manager’s roster of LP meetings stretches deep into the Beijing afternoon, and low blood sugar threatens to impede his pitching performance, chocolate serves as a restorative and a reminder of home. It is one of many small acts that can keep the placement agent-GP relationship on an even keel during protracted fundraising processes.

“The smaller the issue, the bigger the irritation for many GPs. Is the car waiting for you in the right spot when you’ve finished the meeting or is it parked around the corner? Was there a better flight that could have been booked? Is the hotel satisfactory? Is the breakfast good?” the agent explains. “It’s never just one problem, more a bunch of smaller things – that aren’t directly related to fundraising – nagging away.”

Facilitating a private equity fundraise can be a thankless task. If it goes badly, the placement agent is a natural scapegoat; if it goes well, the manager tends to claim all the credit. Whatever the outcome, there might be some residual bitterness on the part of the GP as to how much the agent gets paid.