The current fundraising environment presents many challenges, especially for emerging managers looking for a first foothold and to build traction. To address some of the issues new managers must navigate, K&L Gates recently hosted a panel at its Emerging Manager Forum that discussed marketing and fundraising; managing investment opportunities and closing investments before a first close; common pitfalls; and lessons in building a business. The program featured Michelle Jacobi, managing director, head of fundraising and marketing at Gatewood Capital Partners; Stephen Cammock, managing director of PE investments at GCM Grosvenor; Benjamin S. Carson, Jr., co-founder and partner at FVLCRUM; and K&L partners Adam J. Tejeda and Ed Dartley. K&L Gates partner Jacqueline Duval introduced the program. This article covers the panel’s discussion on the challenges and strategies facing emerging managers in the private equity fundraising landscape. It explores the importance of understanding and effectively communicating fund terms; the value of specific and authentic pitches to LPs; the need for long‑term planning during fundraising; LPs’ allocation trends favoring diversity and strong returns; and the role of innovation and authenticity in standing out as an emerging manager. For coverage of a previous K&L Gates panel, see our two-part series on the SEC’s FAQ on the new marketing rule: “How to Present Individual Positions and Deal With Attribution Issues” (Apr. 6, 2023); and “Practical Implications and Special Q&A With CCOs” (Apr. 20, 2023).