Glossary
Emerging manager
A general partner raising one of their first institutional funds — commonly Fund I, II, or III. Definitions vary by LP.
Why it matters
Emerging manager allocations carry different risk and access dynamics than allocations to established firms. Some LPs target the category deliberately; others avoid it.
Example
An investor evaluating a Fund II emerging manager weighs the GP's prior investing record, sourcing network, and how portfolio construction matches the strategy.