Remaining modern by embracing change
Prosek Partners: Best PR & Communications Agency – The world is moving fast and the biggest challenge general partners (GPs) face is to remain “modern.” This means ensuring a myriad of elements are taken into account when looking to grow their organisation. These include integrated communication channels, diversity and technology. Further, industry demand for sustainability and the shift to remote working caused by the Covid-19 crisis has led to an expansion of duties and services for firms in the marketing and communication arena.
“There has been increased collaboration with portfolio companies, especially in the early days of the pandemic where GPs needed assistance in communication across their investments quickly, frequently and transparently,” notes Jen Prosek, managing partner and founder of Prosek Partners.
Discussing the primary pressures GPs having to tackle in the current environment, Prosek comments: “GPs need to develop global and integrated communication channels for all stakeholders. They must focus on building a diverse organisation to attract investors and the next generation of leadership.
“Another dimension involves leveraging best-of-breed technology, from machine learning to artificial intelligence, for more efficient back-office operations, portfolio management, deal sourcing.
“From a communications standpoint, with so much dry powder in the market competing for a smaller subset of opportunities, we believe it is important for GPs to convey a sense of strategic partnership with target companies and emphasise their commitment to help them thoughtfully scale and grow their businesses over the long term.”
In this context, Prosek Partners aims to be a holistic partner with its clients and is now working more closely with GPs on issues outside of the firm’s core work of brand building for fundraising, deal sourcing and exits. Prosek explains: “This year has allowed Prosek to offer its full suite of services to PE firms to include internal communications and editorial and design services as well as crisis communications and issues management.”
One of these developments is in the sustainable and ESG space. As the focus increases for firms and portfolio companies to be run sustainably, Prosek has seen its ESG and impact-investing practice no matter the size of the firm, as well education and programmes on diversity recruitment and D&I integration.
The other and more obvious change is a result of the Covid-19 pandemic as the working world moved online. Prosek remarks: “A remote-work world has forced GPs and their investors alike to rely on video as one of the main forms of communication.
“At Prosek, we have been working closely with our clients to ensure that they moved seamlessly to a Zoom or Zoom-like format. We guided them every step of the way in moving their fundraising efforts, AGMs and due-diligence meetings to more advanced video platforms, whether live or pre-recorded and produced. For our firm, this has led to growth in its video and digital offerings to become a studio which now produces compelling streaming storytelling.”
Managing Partner, Prosek Partners
Jennifer Prosek is the founder and CEO of Prosek Partners, a leading international public relations and financial communications consultancy with offices in New York, London, Los Angeles and Connecticut. The firm ranks among the top 10 independent public relations firms in the US, and among the top financial communications consultancies in the US and UK. Prosek is a published author and frequent speaker. She is on the board of directors of the Arthur Page Society and BritishAmerican Business. Prosek received her MBA from Columbia University and a BA in English literature from Miami University.