AI tools such as Microsoft Copilot and ChatGPT are now widely deployed across organisations. On paper, this should be transformative. In practice, most companies are capturing only a fraction of the value they’ve paid for. I’ve seen this first-hand.

Capital raising is often presented as a numbers exercise being valuation, growth metrics, and market opportunity. In practice, outcomes are shaped just as much by how a process is prepared, run, and executed. Drawing on over 20 years of experience across capital raising and M&A, this article sets out why the fundamentals of deal craft still matter, even as tools and technology evolve.

AI is beginning to automate large parts of the VC and private equity investment process. But after 20 years in capital markets, one thing remains clear: preparation, process, and execution will continue to determine outcomes.