Emerging manager programs are dedicated allocations that institutional investors set aside for newer and smaller fund managers. They are run by public pension plans, large asset owners, funds of funds, seeders, banks and wealth platforms, and, less formally, by family offices. Each defines “emerging” differently, usually by firm size, fund number, and track record length, and each has its own entry criteria. To get considered in 2027, a manager needs to know which type of program fits, meet its criteria before the first call, be operationally ready, and be easy to find. This guide maps the program types and what each one looks for.
What is an emerging manager program?
An emerging manager program is a pool of capital, with its own team or partner, that an allocator uses to invest with managers early in their life cycle.
Allocators run them for two reasons: return potential and better terms. Art Vinokur, who leads manager selection at Franklin Templeton Investment Solutions, explained the second reason on stage at Global Alts New York 2026: “engaging with firms early on in their life cycles gives us advantages from a negotiating perspective better fees, better relationships.” On returns, he pointed to research he worked on early in his career showing a small positive correlation between younger, smaller managers and long-term performance.
Most programs are designed to be temporary for each manager. George Lai of Valence8, a boutique investment office backed by global family offices, described when a manager leaves the emerging bucket: “If that emerging manager happens to graduate or go through an inflection point where that thesis might not continue to give you that alpha, that value add, then we will look to exit.”
How do allocators define an emerging manager?
There is no single definition, and the differences decide who qualifies.
Most programs use some mix of three markers. Firm or fund size: some programs cap eligibility at a few hundred million dollars, others go well into the billions. Fund number: many count Fund I to Fund III as emerging. Track record: some require a minimum number of years of audited returns, which is often the hardest bar for a first-time manager. Global Alts event pages use a $200M firm as an example of an emerging manager. At the other end, Canepa Global Managers, on an emerging manager panel at Global Alts Miami 2026, defined emerging by a firm’s potential to reach $3 to $5 billion, not just whether it is a new spinout.
Rigid thresholds are also where flexible capital has an edge. Michel Del Buono, CIO of a16z Perennial, described the institutional rule family offices are free to ignore: “many institutional investors will say, hey, I can’t consider a manager unless they have a three year track record and the three year track record clock starts when they have, I don’t know, 500 million under management.”
Which allocators run emerging manager programs?
Six types of allocators back emerging managers, and their entry criteria differ.
Public pension plans:
Many run formal emerging manager programs, sometimes paired with diverse manager goals, either directly or through a manager-of-managers or consultant. Expect clear size and fund-number limits, institutional operational due diligence, and a long, documented process. Pensions were 5% of allocators at Global Alts New York 2026, so these relationships take targeting.
Large asset owners and managers:
Some of the largest institutions run long-standing programs; CPP Investments discussed its 10-year emerging manager program on the Global Alts Miami 2026 masterclass panel. These programs can write meaningful tickets but expect an institutional-grade firm.
Funds of funds and manager-of-managers:
Some exist only for this segment. Jamie Rhode of Screendoor described her firm as “a VC fund of funds that only invest in emerging managers.” Funds of funds were 12% of allocators at Global Alts New York 2026.
Seeders and acceleration capital:
Seed investors provide day-one or early capital, usually in exchange for a share of the manager’s economics. Panelists at Global Alts Miami 2026 noted that seeders now write hiring requirements, such as a dedicated salesperson, into the documents, and warned about “SMA purgatory,” where too much separately managed account capital scares off commingled fund investors.
Banks and wealth platforms:
Todd Breeden of Jefferies described his firm’s approach at Global Alts New York 2026: “I run an early stage venture program that is hybrid across both emerging manager funds, as well as directly into seed and series companies.”
Family offices:
They rarely call it a program, but they are the largest and most flexible source of early capital. Single family offices were 33% of allocators at Global Alts New York 2026 and multi-family offices another 14%.
What do emerging manager programs look for?
Fit first, then track record, then a business that can survive.
When allocators at Global Alts New York 2026 named their single biggest barrier to allocating to a new fund, strategy fit came first at 31%, performance track record second at 25%, and liquidity terms third at 20%. Fees ranked last of six options. For an emerging manager, that means the first question is where the fund belongs in a portfolio, not how it has performed.
Operational readiness comes next. Breeden put the question allocators ask about new firms plainly: “But are they a good company manager or can they run payroll?” Vinokur’s advice to new managers was to make the first hire someone to run operations.
Differentiation matters most in early-stage strategies. Rhode described what she looks for in first-time venture funds: “at the earliest stages, emerging managers have some version of a unique insight, a temporary opportunity.” And transparency is non-negotiable. References get checked, on and off the list you provide.
How do you get considered by an emerging manager program in 2027?
Treat it as targeting, not volume.
Match the program to the fund. A Fund I venture manager and a $1B credit manager on Fund III qualify for different programs. List the program types that fit your size, fund number, and strategy before you contact anyone.
Check the criteria before the first meeting. Size caps, track record minimums, and maximum ownership of your fund are usually stated or easy to ask about. Missing one wastes time on both sides.
Build the operational case. Independent administrator, auditor, compliance, and a named operations lead answer the first diligence questions. Through the iConnections Get Verified program, your fund administrator submits returns directly, which gives a new fund a third-party trust signal it cannot get from brand recognition.
Be findable where program teams search. On Violet, the iConnections platform, allocators run tens of thousands of manager searches every quarter and initiate roughly half of all meetings. Violet shows managers which allocators viewed their profile and which opened their documents, so you can see which program teams are already looking.
Use the first event of the year. At Global Alts Miami, February 22 to 25, 2027 at the Miami Beach Convention Center, qualified allocators commit to 15 pre-scheduled meetings, and every firm gets access to the same allocators whether it runs $50 billion or $200 million.
Frequently asked questions
What is an emerging manager program?
A dedicated allocation that an institutional investor sets aside for newer or smaller fund managers, usually defined by firm size, fund number (often Fund I to III), and track record length.
Which investors have emerging manager programs?
Public pension plans, large asset owners and managers, funds of funds and manager-of-managers, seeders, and banks and wealth platforms. Family offices back emerging managers too, usually without a formal program.
What AUM counts as an emerging manager?
There is no standard. Some programs cap eligibility at a few hundred million dollars, others go into the low billions. Global Alts uses a $200M firm as an example of an emerging manager.
What do emerging manager programs look for?
Strategy fit first, then track record and liquidity terms. Allocators at Global Alts New York 2026 named strategy fit as the top barrier to a new allocation (31%), ahead of track record (25%). Operational readiness and transparency are close behind.
How can an emerging manager get in front of emerging manager programs?
Target the program types that match your size and strategy, verify performance through your administrator, keep a complete profile on a capital introduction platform such as Violet, and book pre-scheduled meetings at events like Global Alts Miami.
