What is an emerging manager?

Short answer

An emerging manager is generally a venture GP raising one of their first institutional funds — most often Fund I, II, or III. Definitions vary by LP, but the shared characteristic is a shorter institutional track record.

The longer version

Emerging managers often differentiate on origination, networks, or thesis specificity rather than scale. LPs commonly weigh the GP's prior investing record (angel, operator, or platform), the durability of access, and how portfolio construction matches the strategy. Some institutions explicitly allocate to emerging managers; others avoid the category entirely.

What to avoid

• Conflating angel returns with fund returns.
• Assuming a Fund I track record predicts a Fund III outcome.