What do Blackstone, CPP Investments, and the top seeders actually look for in emerging managers?

This all-star panel breaks down the psychology of successful founders, the dangers of “SMA Purgatory,” and why finance attracts more dark triad personalities than any other industry.

If you’re launching a fund, or thinking about it, this is required viewing.

HIGHLIGHTS:
0:00 – Intro + Panel Introductions
2:16 – Eric introduces the other panelists
3:40 – “Have you seen the fees we charge? I’m not sure I would pay them”
4:15 – Why emerging managers outperform: “They’re still not rich”
5:14 – Canepa’s definition of “emerging”: $3-5B potential, not just spinouts
5:54 – Blackstone’s $60B platform and flexible partnership structures
6:16 – Linda’s “Triple A” framework: Agility, Alpha, Access
7:47 – CPP’s 10-year emerging manager program
9:29 – What makes someone “investment ready”?
10:39 – “If you just want to trade, go to Millennium or Citadel”
11:20 – The scarcity of good CEO-types in fund management
13:22 – “Founders don’t want to spend money on salespeople so we put it in the docs”
14:26 – “Finance has the highest percentage of dark triad psychologies”
15:04 – Why self-awareness is the #1 predictor of success
17:57 – Platform deals: “The rocket fuel of the industry”
18:40 – “Rocket fuel is highly flammable” the SMA warning
19:39 – “SMA Purgatory” explained
20:17 – The 3-tier SMA hierarchy: Asset owners, Asset managers, Platforms
21:06 – “Pod multi-managerization is coming to privates”
24:36 – Global hotspots: Asia and Europe seeing the most activity

KEY TAKEAWAYS:

  • Triple A framework: Agility, Alpha, Access
  • Dark triad traits (Machiavellianism, psychopathy, narcissism) are good for making money but self-awareness is what makes great partners
  • “SMA Purgatory”: Too much SMA capital scares off commingled fund investors
  • Founders must hire salespeople — seeders now put it in the docs
  • Best SMAs: Asset owners, Asset managers, Platforms
  • Pod-ification is coming to private markets (Apollo, Millennium already active)
  • Europe and Asia seeing surge in emerging manager launches

PANELISTS:

  • Erik Serrano Berntsen — CEO, Stable
  • Marc Gilly — Partner, Canepa Global Managers
  • Linda Luu — Managing Director, The Blackstone Group
  • Yan Kvitko, CFA — MD, External Portfolio Management, CPP Investments
  • Max Karpel — Partner, Akin (Moderator)

Recorded live at Global Alts Miami 2026