Investor relations (IR) and compliance teams must work together to produce investor communications, but their missions can seem to run contrary to each other. To attract investors in a competitive market, IR professionals usually want to present the most favorable picture of the firm’s performance. At the same time, compliance strives to ensure materials present a complete – but often less flattering – portrait that complies with relevant laws and regulations. PE sponsors need to adopt extra measures and care to ensure the inherent tension between those roles does not lead to internal strife, inefficiencies or, in the worst case, legal and regulatory issues. The Private Equity Law Report interviewed former and current in-house legal, compliance, marketing and IR professionals on how to overcome those dynamics to create a healthy relationship. The first article in a two-part series discusses pressure points and factors contributing to tension between the two teams, as well as the potential consequences from such tension. The second article provides practical tips and insights for IR and compliance teams to achieve a solutions-oriented, mutually respectful partnership. For more on managing internal relationships, see “How Compliance and HR Can Work Together” (Jun. 2, 2020); and “How Constrained Decision Making, Along With Legal and Compliance Leadership, Can Help Reduce Fund Manager Bias (Part Four of Four)” (Nov. 1, 2018).