Fund of Funds & Emerging Manager Programs: Complete List
Every major program backing first-time and emerging fund managers in 2026
Quick Answer
Complete list of emerging manager programs: CalPERS, NYCERS, Hamilton Lane & more. How to find and apply for EMPs backing first-time fund managers.
Emerging manager programs (EMPs) are among the best capital sources for fund managers raising their first or second fund. Large pensions, fund of funds, and institutional allocators run dedicated programs to find the next generation of top-performing managers. But most GPs don't know these programs exist, let alone how to apply. This is the most comprehensive list available.
Finding capital for Fund I is brutally hard
Most institutional LPs have minimum fund size requirements that eliminate Fund I managers
Without a prior fund track record, GPs can't get past initial screening criteria
Emerging manager programs exist but aren't well-publicized—you have to know where to look
Application processes are opaque and vary widely between programs
Competition is fierce: hundreds of emerging managers apply for a handful of allocations per year
What are emerging manager programs
Emerging manager programs are institutional initiatives that allocate capital specifically to newer, smaller fund managers. They exist because the data shows emerging managers frequently outperform established ones, and institutions want access to that return premium.
How "emerging manager" is defined
Definitions vary by program. Most define it as firms managing <$2B in total AUM or raising funds I-III. Some programs add demographic criteria (diverse-owned, women-led). The definition matters because it determines your eligibility—always check the specific program criteria.
Why emerging managers outperform
Academic research shows emerging managers generate higher returns on average. Smaller funds can access deals that are too small for mega-funds, managers are hungrier and more aligned, and there's less return compression from capital chasing the same deals.
Types of programs
Programs range from direct allocations (pension invests directly into your fund), to fund of funds vehicles (capital pooled across multiple emerging managers), to seeding arrangements (capital plus operational support in exchange for economics).
Major pension emerging manager programs
Public pension funds run some of the largest and most established emerging manager programs. These programs typically have formal application processes and defined evaluation criteria.
CalPERS
California Public Employees' Retirement System. Historically allocated up to $1B+ to emerging managers across PE, real estate, and credit. Managed through external consultants and fund of funds intermediaries. One of the largest and most well-known EMPs.
NYCERS
New York City Employees' Retirement System. Active emerging manager program with a focus on diverse-owned firms. Allocates directly and through fund of funds. Has historically been one of the more accessible large pension EMPs for Fund I managers.
State of Michigan (SMRS)
Michigan's retirement system has a dedicated emerging manager allocation of approximately $300M. Known for being willing to back first-time funds with strong GP backgrounds. Relatively streamlined evaluation process compared to larger pensions.
Texas Teachers (TRS)
Teacher Retirement System of Texas runs a $500M+ emerging manager program. Focuses on diverse managers and has a formal application process. One of the more transparent programs with clear criteria published on their website.
Illinois (ISBI)
Illinois State Board of Investment has an emerging manager mandate with specific allocations for minority, women, and disabled-owned firms. Smaller program but less competitive than CalPERS or NYC pensions.
Fund of funds backing emerging managers
Fund of funds that specialize in emerging managers are among the most active and accessible sources of anchor capital for new firms.
Hamilton Lane
One of the largest PE fund of funds globally with dedicated emerging manager vehicles. Strong analytical approach with proprietary data on manager performance. Invests across PE, VC, credit, and real assets.
StepStone Group (formerly Greenspring)
Active in emerging manager VC and PE. Greenspring's legacy VC emerging manager practice merged into StepStone's broader platform. Known for backing Fund I and Fund II managers with strong pedigrees.
Grosvenor Capital Management
Runs dedicated emerging and diverse manager programs. Strong relationships with pension fund clients who mandate emerging manager exposure. Active across PE, hedge funds, and real assets.
Muller & Monroe Asset Management
Diverse-owned fund of funds specializing in emerging and diverse managers. Manages capital from major pensions and endowments. One of the more accessible FoFs for diverse emerging managers.
Fairview Capital Partners
Focuses on emerging and diverse managers in PE and VC. Has raised multiple funds dedicated to underrepresented managers. Strong track record and deep institutional LP base.
How to apply and get on radar
Breaking into emerging manager programs requires a proactive, organized approach. Here's what the most successful applicants do.
Research each program's criteria thoroughly
Every program has specific eligibility requirements: AUM caps, fund number limits, diversity criteria, strategy focus. Don't waste time applying to programs you don't qualify for. Most criteria are available in RFPs, board documents, or consultant websites.
Build relationships before you need capital
Start meeting with EMP decision makers 12-18 months before your fundraise. Attend emerging manager conferences (NASP, NAIC, AAAIM) where these allocators speak. Introduce yourself, share your background, and ask about their process.
Prepare institutional-quality materials
EMPs evaluate you against other institutional managers. Your pitch deck, DDQ, track record presentation, and operational infrastructure need to meet institutional standards even if you're a two-person team.
Engage with consultants who advise these programs
Many pension EMPs use consultants to source and evaluate managers. Identify which consultants advise the programs you're targeting and proactively introduce yourself to their emerging manager teams.
Find emerging manager program contacts
LPbacked includes fund of funds, pension plans with emerging manager programs, and institutional allocators who back first-time managers. Filter by LP type and find the right contacts for your Fund I outreach.
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Frequently asked questions
What qualifies as an emerging manager?
Definitions vary by program, but the most common criteria are: firm AUM under $2B, raising fund I through III, and/or firm age under 10 years. Some programs add demographic criteria (minority, women, or disabled-owned). Always check the specific program definition before applying.
How much do emerging manager programs typically commit?
Commitment sizes vary widely. Large pension EMPs (CalPERS, NYC pensions) may commit $25M-$75M to a single fund. Fund of funds emerging manager vehicles typically commit $10M-$30M. Smaller programs may commit $5M-$15M. The commitment usually needs to be under 20-25% of your fund target.
Do I need to be a diverse-owned firm to access emerging manager programs?
No. While many programs have specific diverse manager allocations, most also have general emerging manager pools open to all qualifying firms regardless of ownership demographics. That said, diverse-owned firms have access to additional programs and allocations that others don't.
What conferences should emerging managers attend?
NASP (National Association of Securities Professionals), NAIC (National Association of Investment Companies), AAAIM (All American Alliance of Investment Managers), and ILPA emerging manager summits. Also consider Emerging Manager Connect, TOIGO Foundation events, and regional pension conferences.
How competitive are emerging manager programs?
Very competitive. A large pension EMP might review 200-500 managers annually and invest in 5-15 new funds. Fund of funds are slightly less competitive because there are more of them. The best way to improve your odds is to target programs that specifically match your strategy, size, and profile.