The Emerging Manager Program has compiled guidance including a Universal Definition and Life Cycle Stages to assist in consistent screening, monitoring and progression of potential candidates for inclusion in the program, independent of asset class considerations.
The Fund’s Emerging Manager Universal Definition includes characteristics such as:
- Majority owner-managed
- Verifiable successful track record in the proposed strategy
- Manager orientation towards investing to build an institutional investor-ready firm
- Sound compliance and operating standards
- Institutionally-trained professionals
- Firm’s principals have years of experience working in the strategy and with each other
- Fiduciary practices
Life Cycle Considerations
Within a portfolio approach, the Fund and program partners seek to diversify exposure by stage of emerging manager life cycle. Informed by the 2018 survey, the Fund considers the following guidelines when evaluating business life cycle stages.
|Traditional Attributes for the Stage
Seed & Early
The firm typically has managed money for institutional investors less than five years
Mid & Late