The Key Venture Capital and Private Equity Emerging Manager Programs for 2025

For ambitious fund managers, venture capital emerging manager programs offer a unique opportunity to scale their operations and thrive in a competitive industry. These programs go beyond traditional funding—they’re designed to provide essential resources, build influential industry connections, and deliver the strategic support needed to make a lasting impact.

Whether you’re considering an extensive list of emerging manager programs or weighing how specific initiatives fit into your vision, understanding their importance is non-negotiable. These initiatives—tailored for new and smaller fund managers—are reshaping the emerging manager venture capital funds landscape by encouraging innovation and opening doors to institutional capital (a critical milestone for any aspiring fund).

Looking ahead to 2025, these programs are poised to drive more than just individual success—they’re becoming key drivers of diversity, inclusion, and transformation within venture capital. For those ready to lead with vision and purpose, emerging manager programs represent more than a stepping stone; they’re a foundation for sustained growth and meaningful influence in the industry.

What Are Emerging Manager Programs?

Emerging Manager Programs (EMPs) are specialized initiatives established by institutional investors—such as pension funds, endowments, family offices, or sovereign wealth funds—to channel capital toward new or smaller investment managers. These managers, often referred to as "emerging managers," typically operate within specific parameters. They might be in their initial fund cycles, have limited track records, or manage a relatively smaller Assets Under Management (AUM) compared to established firms. Despite their size or age, these managers are often characterized by their innovative strategies, niche expertise, or unique access to untapped market opportunities.

Institutional investors leverage EMPs as a means of diversifying their portfolios, gaining exposure to high-potential managers, and fostering innovation in the private capital markets. By allocating resources to emerging managers, investors aim to identify early-stage talent capable of delivering outsized returns over time. These programs also align with the goals of impact investing or diversity and inclusion initiatives, as they frequently prioritize managers from underrepresented backgrounds or those focusing on underserved sectors.

From a strategic perspective, EMPs require a robust framework for due diligence, capital allocation, and performance monitoring. Emerging managers often lack the infrastructure of more seasoned firms, making efficient relationship management and transparent reporting crucial for success. 

Tools like Fundingstack's VC CRM Software offer an intuitive solution for managing these complexities. Purpose-built for the private markets, Fundingstack centralizes your investor lists, streamlines deal marketing, and provides secure data-sharing tools—empowering both institutional investors and emerging managers to build productive, long-term partnerships.

In summary, Emerging Manager Programs are not merely about allocating capital—they represent a deliberate strategy to cultivate innovation, diversify exposure, and identify the next generation of industry-leading investment managers

The Importance of Emerging Manager Programs in Venture Capital 

In a rapidly evolving industry, emerging manager programs in venture capital funds have become indispensable. Their role goes beyond capital allocation, actively reshaping the market landscape.

Here are some benefits: 

Bridging the Funding Gap

For new managers, breaking into the venture capital space can be a steep climb. Institutional investors often prioritize relationships with well-established funds, leaving many promising managers struggling to raise capital.

This is where emerging manager venture capital fund programs step in, providing:

• Access to Institutional Capital: EMPs create pathways for new managers to secure funding from pension funds, endowments, and other large investors.
• Validation of Strategy: Being accepted into these programs signals credibility, attracting additional investors and creating a snowball effect.

By bridging this funding gap, EMPs empower emerging managers to thrive in a space that would otherwise be dominated by incumbents.

Fostering Innovation and Diversity

One of the most compelling aspects of emerging manager venture capital funds structures is their ability to champion diversity—both in thought and representation.

• Encouraging New Perspectives: Emerging managers often bring unique investment theses, targeting underserved industries or niches overlooked by larger firms.
• Promoting Inclusion: Many programs prioritize diversity, intentionally supporting managers from underrepresented groups to ensure a more equitable venture capital ecosystem.

This dual focus on innovation and diversity isn’t just socially impactful—it’s a strategic advantage, as diverse teams are proven to outperform in terms of returns.

Key Features of Successful Emerging Manager Programs

Not all emerging manager programs are created equal. The most successful ones share a set of well-defined features that make them stand out—features that not only attract top-tier emerging managers but also deliver meaningful results for institutional investors. 

Let’s break it down:

Investment Focus & Strategy

Every successful emerging manager begins with a clear and compelling investment focus. Whether targeting niche sectors, innovative technologies, or diverse founders, these programs are driven by a thesis that aligns with current market trends and future opportunities.

Key questions to consider:

• Does the program prioritize specific industries or geographies?
• Is there an emphasis on sustainability or ESG (Environmental, Social, and Governance) investing?

Programs that articulate a sharp focus tend to attract managers whose strategies resonate with their goals, creating alignment from day one.

Track Record & Performance History

While emerging managers are often newer to the game, the importance of a solid performance history—even at a smaller scale—cannot be overstated. Successful programs assess a manager’s ability to:

• Deliver consistent returns relative to benchmarks.
• Demonstrate how their past successes translate into scalable strategies.

For instance, even a manager running a $50M fund (modest by venture capital standards) can showcase deal-specific results and lessons learned.

Team Expertise & Experience

Behind every great fund is a great team. The most effective emerging manager programs in venture capital (VC) focus on more than just the numbers—they assess the people.

Key attributes include:

• A balance of technical skills and market insight.
• A track record of identifying and seizing opportunities in challenging markets.
• Complementary strengths across the team (investment, operations, and client relations).

Institutional investors want to see that a team has not only the expertise but also the grit to navigate the unpredictable waters of venture capital.

Program Structure & Terms

Successful programs understand the delicate balance between attracting emerging managers and protecting investor interests. This often boils down to structure and terms:

• Fee Structure: Reasonable management fees and performance incentives to ensure alignment.
• Capital Commitments: Clear minimums that ensure buy-in without discouraging promising managers.
• Support Systems: Some programs even offer operational resources, like legal or compliance assistance.

Why does this matter? Because structure defines how effectively a program scales while remaining accessible.

Due Diligence Process & Resources

Let’s face it—due diligence can make or break an emerging manager program. Institutional investors aren’t just writing checks; they’re building long-term partnerships.

Key elements of a robust due diligence process include:

• Thorough Vetting: Beyond performance numbers, assessing ethics, governance, and culture fit.
• Resources Provided: The best programs equip managers with insights, mentorship, and tools to address gaps identified during diligence.

A well-executed due diligence phase ensures that both parties (investors and managers) enter the relationship with confidence—and the foundation for success.

Top Venture Capital Emerging Manager Programs for 2025

Emerging manager programs have become a cornerstone of innovation and growth in the vent world. For 2025, several standout programs are setting the stage, each tailored to support promising managers while delivering value to institutional investors. Below, we spotlight three leading programs—breaking down their focus areas, asset classes, and target fund sizes.

Michigan Small Business Venture Capital Program (SBVCP)

Michigan's SBVCP is a key initiative designed to strengthen the state's entrepreneurial ecosystem by fueling small businesses with venture capital support.

Asset Classes: The program focuses on venture capital investments in early-stage Michigan-based companies. Key sectors include technology, advanced manufacturing, and healthcare, aligning with Michigan's strengths and growth opportunities.

Target Fund Size: The Michigan Small Business Venture Capital Program (SBVCP) operates with a total investment pool ranging from $300 million to $500 million—not the size of the individual funds it backs, but the total capital it plans to deploy across Michigan-based startups and venture capital funds. This ensures significant financial backing for early-stage businesses in key sectors like technology, advanced manufacturing, and healthcare.

To clarify, the target fund size here refers to SBVCP’s overall investment capacity, not the size of the venture capital funds it supports. Instead, SBVCP strategically channels this capital into multiple funds and initiatives, each with its own specific target size and investment focus.

For instance, the Future Heritage Fund—one of the funds backed by SBVCP—has a target size of $25 million, specifically aimed at supporting underrepresented founders and socially disadvantaged businesses. Similarly, the Venture Investors Healthcare Fund concentrates on early-stage healthcare companies, investing in medical devices, diagnostics, and biopharma.

By maintaining a strong total investment pool, SBVCP ensures that Michigan-based startups and emerging businesses have the funding they need to grow, attract private investment, and drive long-term innovation in the state’s entrepreneurial ecosystem.

MITIMCo Emerging Managers

MITIMCo’s Emerging Managers program is a dynamic initiative that partners with new and diverse fund managers, driving innovation through strategic venture capital investments.

Asset Classes: This program prioritizes venture capital, private equity, and hedge funds, with a strong emphasis on tech startups, life sciences, and sustainability-focused ventures.

Target Fund Size: MITIMCo’s Emerging Managers program partners with fund managers raising between $50 million and $150 million in total committed capital. Simply put, they focus on supporting funds within this range—not how much they have to invest, but the size of the funds they’re looking to back. This range is intentional—it’s designed for managers with innovative strategies in fast-moving sectors like tech startups, life sciences, and sustainability. 

By focusing on funds at this stage, MITIMCo ensures that emerging managers get more than just capital; they receive the strategic backing, industry connections, and resources needed to scale and succeed in venture capital, private equity, and hedge funds.

Ashton Global Emerging Manager Program

Ashton Global has carved a niche for itself with its bespoke emerging manager program private equity, offering a tailored approach to discovering and nurturing rising stars.

• Asset Classes: Private equity and venture capital, with a specific focus on technology and healthcare sectors.
• Target Fund Size: Ashton Global’s Emerging Manager Program supports fund managers raising between $100 million and $250 million in total committed capital. This means they focus on backing funds within this range—not the amount they have to invest, but the size of the funds they’re looking to support. 

Designed for mid-sized funds with high growth potential, this program offers the right balance of capital and strategic backing to help emerging managers scale effectively. With a strong emphasis on private equity and venture capital—particularly in the technology and healthcare sectors—Ashton Global provides a structured pathway for fund managers to refine their strategies, expand their networks, and maximize long-term success.

What sets Ashton Global apart is its robust support infrastructure—managers gain access to operational expertise, industry connections, and even co-investment opportunities alongside Ashton’s flagship funds.

These programs not only exemplify the best practices of private equity emerging manager programs, but they also serve as critical catalysts for innovation, diversity, and performance in the broader market.

Unigestion Emerging Manager Program

Unigestion’s Emerging Manager Program is designed to identify high-potential managers who can deliver consistent returns in specialized niches.

• Asset Classes: Venture capital, private equity and alternative investments, with a focus on small- to mid-market opportunities.
• Target Fund Size: Unigestion’s Emerging Manager Program backs fund managers raising between $75 million and $200 million in total committed capital. In simple terms, they focus on supporting managers within this range—not the amount they have to invest, but the size of the funds they’re looking to back. This makes it an ideal program for managers who have moved beyond the initial launch phase and are now looking to scale. 

By targeting this fund size, Unigestion provides hands-on support, strategic guidance, and the right level of resources to help managers sharpen their investment strategies and optimize portfolio performance. Their focus on small- to mid-market opportunities ensures that emerging managers can compete effectively in specialized venture capital, private equity, and alternative investment spaces.

New Jersey Emerging Manager Program

The New Jersey Division of Investment has established a robust Emerging Manager Program, aimed at fostering diversity and innovation within the private equity space.

• Asset Classes: Venture capital, private equity, funds, and real assets.
• Target Fund Size: The New Jersey Emerging Manager Program supports fund managers raising between $50 million and $250 million in total committed capital. This means they specifically back managers within this range—not the amount New Jersey has to invest, but the size of the funds they are looking to support. The flexibility of this range allows them to work with a variety of emerging managers, from smaller, first-time funds to more established managers with specialized investment strategies. By focusing on this fund size, the program ensures that managers with unique theses and a strong potential to generate alpha in underserved markets receive the right level of capital, resources, and strategic backing to succeed in venture capital, private equity, funds, and real assets.

This program places a strong emphasis on aligning with managers who have a unique thesis and the potential to generate alpha in underserved markets.

LAFPP Specialized Manager Program

The Los Angeles Fire and Police Pensions (LAFPP) Specialized Manager Program is tailored to support new and diverse investment managers.

• Asset Classes: Private equity, public markets, and real estate.
• Target Fund Size: LAFPP’s Specialized Manager Program supports fund managers raising under $150 million in total committed capital. This means they focus on backing smaller, emerging funds—not the amount LAFPP has available to invest, but the size of the funds they’re looking to support. The program is particularly attractive for managers launching their first or second funds, providing them with the early-stage capital, resources, and strategic guidance needed to establish a strong foundation. By concentrating on this fund size range, LAFPP ensures that new and diverse investment managers in private equity, public markets, and real estate have the support they need to grow and succeed.

LAFPP distinguishes itself with its focus on mentoring emerging managers, offering guidance on operational best practices and industry networking.

MassPRIM FUTURE Emerging Manager Program

Massachusetts Pension Reserves Investment Management (MassPRIM) has taken a forward-looking approach with its FUTURE Emerging Manager Program, emphasizing innovation and inclusivity.

• Asset Classes: Private equity, venture capital, and infrastructure investments.
• Target Fund Size: MassPRIM’s FUTURE Emerging Manager Program backs fund managers raising between $100 million and $300 million in total committed capital. In other words, they focus on supporting funds within this range—not the amount they have to invest, but the size of the funds they’re looking to back. This approach allows them to work with both smaller, high-potential funds and more established managers who are ready to scale. By staying within this range, MassPRIM ensures that emerging managers get the right mix of capital, resources, and strategic support to grow and make an impact in private equity, venture capital, and infrastructure investments.

MassPRIM’s program is particularly noted for its focus on ESG investing, making it a perfect fit for managers who align with socially responsible investment goals.

GCM Grosvenor Small, Emerging, and Diverse Manager Program

GCM Grosvenor’s Small, Emerging, and Diverse Manager Program has become a benchmark in the industry, renowned for its comprehensive support and strategic alignment with new managers.

• Asset Classes: Venture capital, private equity, hedge funds, real estate, and infrastructure.
• Target Fund Size: GCM Grosvenor’s Small, Emerging, and Diverse Manager Program invests in emerging managers who are raising funds ranging from $50 million to $400 million in total committed capital. This means they specifically back fund managers within this size range—not the amount GCM Grosvenor has available to invest, but rather the size of the funds they support. Their broad range allows them to work with both boutique funds at the earlier stages of growth and larger emerging managers who are ready to scale. By focusing on this fund size range, GCM Grosvenor ensures that managers receive the right mix of capital, strategic support, and industry expertise to help them succeed in venture capital, private equity, hedge funds, real estate, and infrastructure.

What sets this program apart is its emphasis on diversity—not just in terms of manager demographics but also in investment approach, geographic focus, and target markets.

These programs are at the forefront of supporting the next generation of venture capital leaders, demonstrating that emerging manager programs are not only critical for growth but also for shaping a more innovative and inclusive investment landscape.

Recast Capital Emerging Manager Program

Recast Capital’s Emerging Manager Program is purpose-built to support early-stage managers, particularly those focusing on underrepresented perspectives in private equity and venture capital.

• Asset Classes: Venture capital and private equity, with an emphasis on first-time fund managers and those targeting diverse portfolios.
• Target Fund Size: Recast Capital backs emerging managers raising funds between $50 million and $150 million in total committed capital. In other words, they look for fund managers in this range—not the amount they have to invest, but the size of the funds they support. This focus ensures they’re helping smaller, high-potential funds, especially those led by first-time managers or prioritizing diversity in their portfolios. By staying within this range, Recast Capital can provide the right level of mentorship, education, and operational support to help these managers succeed.

HarbourVest Partners Emerging Manager Program

HarbourVest Partners has solidified its reputation as a global leader in supporting emerging managers through its emerging manager program.

• Asset Classes: Private equity and venture capital, with opportunities spanning buyout, growth equity, and co-investment strategies.
• Target Fund Size: HarbourVest Partners seeks to invest in emerging manager funds with a target size ranging from $100 million to $400 million.  This means HarbourVest's emerging manager program focuses on providing capital to funds that are aiming to raise between $100 million and $400 million in total capital from all limited partners (LPs), including HarbourVest.  This target fund size range allows HarbourVest to support both newer, smaller managers as they launch their first funds, as well as more established emerging managers raising larger funds.  It does not refer to the total amount of capital HarbourVest has allocated to invest in emerging managers overall.

What sets HarbourVest apart is its global reach and ability to provide emerging managers with access to a vast network of institutional investors, as well as co-investment opportunities.

TRS of Illinois Emerging Manager Program

The TRS of Illinois Emerging Manager Program is a pioneering effort to foster inclusivity and diversity in the venture capital and broader investment landscape.

Asset Classes: The program invests in venture capital, private equity, real estate, and public markets, with a particular focus on engaging minority-owned and underrepresented fund managers.

Target Fund Size: TRS of Illinois has allocated $200 million to $300 million in total capital for investing in emerging managers. This capital is deployed across multiple fund commitments, supporting managers who are raising funds within the $50 million to $250 million range. 

The program specifically seeks to invest in high-potential fund managers within these asset classes, providing them with institutional backing to scale their investment strategies. Additionally, TRS of Illinois emphasizes long-term partnerships, often reinvesting in managers who demonstrate strong performance and alignment with their diversity and inclusion objectives.

NY State Common Retirement Fund

The New York State Common Retirement Fund (NYSCRF) is one of the largest public pension funds in the U.S., managing over $267.7 billion in assets. With a strong focus on long-term growth and financial security, the fund invests across a wide range of asset classes to ensure stability and sustainable returns. Its investment strategy balances risk and opportunity, supporting both traditional markets and innovative investment approaches, including venture capital.

Asset Classes: To maintain a balanced and resilient portfolio, NYSCRF allocates capital across multiple asset classes:

• Publicly Traded Equities: 42.32%
• Cash, Bonds, and Mortgages: 22.07%
• Private Equity (including Venture Capital): 14.71%
• Real Estate and Real Assets: 13.14%
• Credit, Absolute Return Strategies, and Opportunistic Alternatives: 7.76%

This diverse allocation allows the fund to mitigate risks while capitalizing on market opportunities across different sectors. Within its private equity strategy, NYSCRF actively invests in venture capital funds that support high-growth startups and emerging industries.

Target Fund Size: Unlike investment programs with a fixed target fund size, NYSCRF operates with a broad investment mandate, managing capital across various asset classes. With $267.7 billion in total assets, it deploys funds based on strategic allocations rather than adhering to a singular fund size.

However, when investing in emerging managers or new funds, including venture capital funds, NYSCRF typically looks at funds raising between $100 million and $500 million. This range reflects its commitment to backing diverse investment strategies, from smaller, high-potential funds to larger, more established opportunities.

By maintaining a flexible investment approach, NYSCRF ensures that it can adapt to market shifts, support new and innovative fund managers, and continue delivering strong, risk-adjusted returns for its beneficiaries.

LACERS Emerging Manager Program

The Los Angeles County Employees Retirement System (LACERS) Emerging Manager Program is designed to give promising investment managers a strong foundation to grow and thrive. By focusing on real estate and real assets, the program provides opportunities for smaller, high-potential firms to access institutional capital while contributing to a more diverse and well-balanced investment portfolio. With a structured yet flexible approach, LACERS ensures that emerging managers receive the support and capital they need to scale effectively while aligning with the system’s long-term financial objectives.

Asset Classes: LACERS focuses its Emerging Manager Program on real estate and real assets, prioritizing private investments that help build a more sustainable and diversified portfolio. The program primarily supports emerging managers who typically manage less than $1 billion in total assets, with an emphasis on:

• Infrastructure
• Natural resources
• Various real estate sectors

By targeting these asset classes, LACERS fosters diversity in its investments while offering smaller firms the opportunity to participate in institutional capital markets.

Target Fund Size: LACERS has allocated approximately $400 million to its Emerging Manager Program, with a goal of investing in real estate and real assets through emerging managers. The program aims for a 10% allocation of its overall portfolio to emerging managers, though it remains flexible within a range of 0% to 15%, depending on market conditions and performance.

For individual investments, LACERS maintains the following structure:

• Minimum investment per emerging manager: $10 million
• Maximum investment per emerging manager: $100 million
• Average investment size: Around $50 million

This structured, yet flexible approach allows LACERS to strategically back promising firms while maintaining a diversified portfolio. By clearly defining both its investment scope and financial parameters, the program provides transparency for emerging managers looking to align with its objectives.

DUMAC Emerging Manager Program

The DUMAC Emerging Manager Program is Duke University’s initiative to support promising new fund managers while driving innovation in the investment world. With a strong commitment to diversity, inclusion, and long-term growth, the program backs managers who bring fresh perspectives and unique strategies to the table. Rather than following a rigid investment structure, DUMAC takes a flexible, opportunity-driven approach, ensuring that emerging managers—particularly those from underrepresented backgrounds—get the resources and capital they need to scale.

Asset Classes: DUMAC invests across both public and private markets, with a focus on asset classes that have the potential for high growth and long-term value creation:

• Venture Capital – Supporting early-stage funds driving innovation
• Private Equity – Investing in emerging managers with unique investment theses
• Real Estate – Allocating capital to growth-focused real estate strategies
• Natural Resources – Investing in sustainable and high-potential resource funds

By supporting managers in these asset classes, DUMAC not only diversifies its portfolio but also helps new firms thrive in competitive markets.

Target Fund Size: Unlike traditional programs with a fixed target fund size, DUMAC takes a flexible approach when it comes to investing in emerging managers. Instead of focusing on a specific fund size requirement, the program provides seed and anchor capital to fund managers based on their needs, strategy, and the overall market environment.

Typical investment sizes include:

• $5 million to $25 million per fund manager
• Tailored allocations based on opportunity and potential

DUMAC’s goal is to empower new fund managers, particularly in venture capital and private equity, ensuring that innovative firms—especially those facing barriers to capital—have the resources to scale. This approach aligns with Duke University’s broader mission of managing endowment assets responsibly while driving meaningful change in the investment space.

Certior Capital

Certior Capital is dedicated to backing emerging managers and high-potential investment opportunities across Europe. With a focus on private equity, private credit, and venture capital, the firm seeks out undercapitalized market segments that are often overlooked by larger investment firms. By providing seed capital and co-investment opportunities, Certior plays a crucial role in helping early-stage companies and small-cap funds gain traction and scale.

Asset Classes: Certior Capital’s investment approach is centered on three key asset classes:

• Private Equity – Focused on small-cap buyouts and growth equity, targeting businesses poised for expansion.
• Private Credit – Providing financing solutions to companies that need capital but may lack access to traditional funding sources.
• Venture Capital – Partnering with early-stage, high-growth companies and deal-by-deal teams to support innovation and entrepreneurship.

This strategic mix allows Certior to diversify its portfolio while backing emerging investment talent and promising business ventures.

Target Fund Size: Certior Capital’s current initiative, the Certior Private Equity Fund II (CPEF II), is targeting a final fund size of approximately €80 million. This fund is designed to build a well-balanced portfolio of 30-50 small-cap buyout and growth equity investments, with capital split equally between:

• Fund investments – Partnering with emerging managers.
• Co-investments – Providing direct capital to promising businesses.

This fund size reflects Certior’s commitment to fostering early-stage investment opportunities, particularly in private equity and venture capital, while maintaining a disciplined and diversified strategy. By channeling capital into undercapitalized sectors, Certior Capital ensures that innovative projects, emerging fund managers, and high-potential companies receive the financial support they need to grow and succeed.

California State Teachers' Retirement System (CalSTRS)

The California State Teachers' Retirement System (CalSTRS) is one of the largest pension funds in the U.S., managing over $341.4 billion in total assets as of June 30, 2023. With a mission to secure the financial future of California’s educators, CalSTRS takes a diversified investment approach, balancing risk and return while adapting to market opportunities. A growing focus on alternative investments, including venture capital and private equity, reflects the system’s commitment to innovation, long-term value creation, and responsible investing.

Asset Classes: CalSTRS invests across a wide range of asset classes to maintain a resilient and high-performing portfolio:

• Public Equity: 41.5%
• Private Equity: 15.5%
• Fixed Income: 11.2%
• Real Estate: 13.9%
• Inflation-Sensitive Assets: 6.3%
• Cash/Liquidity: 1.28%
• Collaborative Strategies: 1.63%

As of mid-2023, nearly 44% of CalSTRS’ assets were allocated to alternative investments, including venture capital and private equity. This strategic shift helps enhance long-term returns while backing innovative businesses and emerging industries.

Target Fund Size: CalSTRS doesn’t define a single target fund size for its overall portfolio, given its broad investment scope. However, within its venture capital and private equity strategy, it typically allocates capital to funds ranging from $50 million to $500 million. These investments are designed to:

• Drive long-term growth by supporting high-potential companies.
• Diversify risk across various sectors and investment stages.
• Promote diversity and inclusion, ensuring that capital reaches a broader range of fund managers and businesses.

By investing strategically across multiple asset classes and fund sizes, CalSTRS ensures it maximizes returns, supports economic growth, and most importantly, secures the retirement benefits of California’s educators for generations to come.

Connecticut Inclusive Investment Initiative (CRPTF)

The Connecticut Inclusive Investment Initiative, managed by the Connecticut Retirement Plans and Trust Funds (CRPTF), is designed to promote economic growth and inclusivity through strategic investments. The initiative prioritizes diverse fund managers, underrepresented entrepreneurs, and emerging businesses, ensuring that capital flows to those who have historically had limited access to institutional funding. By backing a broad mix of asset classes, including venture capital, CRPTF is helping to create a more equitable investment landscape while generating strong financial returns.

Asset Classes: CRPTF invests across a diverse range of asset classes, ensuring a balanced and resilient portfolio:

• Equities: 51.0%
• Fixed Income: 20.4%
• Private Equity: 10.5%
• Real Estate: 7.2%
• Cash: 0.9%
• Commodities: 2.3%
• Hedge Funds: 7.7%

As part of its commitment to inclusive investing, CRPTF actively seeks opportunities in venture capital, focusing on funds that support underrepresented managers and businesses. This approach aligns with its broader mission of fostering economic equity and innovation while ensuring strong, risk-adjusted returns.

Target Fund Size: While CRPTF does not set a fixed target fund size for its Inclusive Investment Initiative, it has allocated up to $450 million for investments in private investment funds, including venture capital. This capital is directed toward:

• Backing emerging fund managers who bring fresh perspectives to the market.
• Supporting early-stage companies with high growth potential.
• Investing in businesses led by underrepresented entrepreneurs, helping to bridge funding gaps and create economic opportunities.

By making deliberate, impact-driven investments, CRPTF is not only working toward financial growth but also ensuring that capital flows to innovative, diverse, and high-potential opportunities—creating a stronger and more inclusive investment ecosystem in Connecticut and beyond.

Benefits of Participating in Emerging Manager Programs

Emerging manager programs offer a wealth of advantages that can accelerate the growth trajectory of early-stage emerging manager venture capital funds. Here’s why these programs are a game-changer:

Access to Capital & Funding Opportunities

Securing capital is often the biggest hurdle for emerging managers (sound familiar?). These programs are specifically designed to bridge that gap by providing access to institutional investors, seed capital, and co-investment opportunities. This funding doesn’t just fuel investment—it validates your strategy in the eyes of the market.

Mentorship & Guidance from Experienced Investors

Who wouldn’t want a seasoned investor in their corner? Emerging manager programs pair you with industry veterans who provide tailored advice on everything from fund structuring to deal execution. These insights can be the difference between success and stagnation.

Network Building & Industry Connections

Ever heard the phrase, “It’s not what you know; it’s who you know”? Participating in these programs opens doors to exclusive industry networks, LPs, and potential co-investors. (Imagine being invited to the kind of events where deals are sealed over a handshake.)

Enhanced Credibility & Market Recognition

Joining an established emerging manager program sends a strong signal to the market. It’s like earning a stamp of approval that makes LPs more comfortable backing your fund. After all, confidence is contagious—and recognition from a trusted program amplifies your visibility.

Fostering Innovation and Diversity

Emerging manager programs don’t just fuel financial returns—they drive systemic change. By supporting diverse and underrepresented managers, these programs foster innovative thinking, broaden perspectives, and create a more inclusive investment ecosystem.

The takeaway? Emerging manager programs are more than just stepping stones—they’re accelerators for success. Whether it’s accessing capital, gaining mentorship, or building credibility, these initiatives are designed to help emerging managers thrive in an increasingly competitive venture capital landscape.

Alternatives to Emerging Manager Programs

While emerging manager programs provide a clear path to growth, they’re certainly not the only route to securing funding and support. What other options are out there for early-stage venture capital managers looking to expand their reach?

Let’s dive into a few viable alternatives:

Angel Investors

Angel investors are high-net-worth individuals who invest in startups and emerging funds. While they tend to offer smaller amounts of capital compared to institutional investors, the key advantage is flexibility. (And, who doesn’t appreciate the personalized attention and faster decision-making?) Angel investors also bring valuable expertise to the table, often with a hands-on approach to mentorship.

Venture Capital Networks

For emerging VC managers focused on early-stage investments or high-growth sectors, venture capital networks, investor syndicates, and LP platforms can provide crucial access to funding and industry connections. These networks often consist of institutional investors, family offices, and experienced fund managers looking to collaborate on promising investment opportunities.

However, there’s a catch—VC firms and LP networks tend to favor fund managers with strong track records and a clear differentiation strategy. Emerging managers who can articulate a unique investment thesis, demonstrate domain expertise, or leverage proprietary deal flow stand a much better chance of gaining traction within these networks.

Some examples of platforms that connect VCs with investors include:

• Foundersuite (Foundersuite) – A tool for startup fundraising and investor CRM.
• Blue Future Partners (BFP) – A VC firm backing emerging managers.
• Sutton Capital (Sutton Capital) – A platform for LPs and emerging VCs.

The real question is: Do you have a differentiated strategy that can win over these investor networks? If yes, you’re in a prime position to secure funding and build long-term investor relationships.

Accelerators

Programs like Coolwater Capital and VC Lab provide structured mentorship, fundraising guidance, and industry connections to help emerging fund managers build and scale their venture capital firms.

These accelerators offer a fast-track experience, equipping new VCs with the knowledge and networks needed to navigate fund structuring, LP engagement, and deal sourcing. By participating in these programs, emerging managers gain access to expert-led training, investor introductions, and proven strategies for launching and growing a successful venture fund.

For those looking to take their fundraising efforts to the next level, investor databases can be a valuable resource. These databases serve as treasure troves of LPs and institutional investors who align with specific investment theses. By leveraging them, fund managers can target the right investors, craft personalized pitches, and maximize fundraising efficiency—essential steps to securing capital in an increasingly competitive VC landscape.

The real question: Are you ready to fast-track your fund’s growth and stand out in an increasingly competitive venture capital landscape?

Want to explore investor databases to uncover the perfect opportunities for your fund? These databases are treasure troves of potential backers who align with your vision. By tapping into them, you can target the right investors, craft personalized pitches, and maximize your fundraising efficiency.

Don't just wait for opportunities to come knocking—take the first step toward building meaningful investor relationships.

Conclusion

As you can see, there are multiple avenues available to emerging managers looking to scale and thrive in the venture capital space. Whether you decide to apply to an emerging manager program or explore alternatives like angel investors, VC networks, or accelerators, it’s essential to have a clear strategy—and the right tools to support your fundraising efforts.

For those ready to take the next step, capital raising software can streamline your process, connecting you with the right investors and ensuring you’re on track for long-term success. 

Which path will you choose? The road ahead is full of opportunities!

FAQs

Are these programs only for venture capital managers?

Not at all! While many emerging manager programs lean heavily toward private equity, a lot of them have expanded their reach to include venture capital, real estate, infrastructure, and even hedge funds. So, whether you're managing a seed-stage VC fund or exploring early-stage opportunities, there's likely a program out there that fits your goals.

Why are institutions so interested in emerging VC managers?

secGreat question! Institutions are realizing the unique value emerging VC managers bring to the table. These managers often focus on startups, innovation, and untapped markets, giving institutions access to exciting opportunities they might otherwise miss. Plus, partnering with an emerging manager early on often means better long-term returns—it’s a win-win situation for both sides.

Are emerging manager programs a good fit for venture capital firms?

Absolutely! Many emerging manager programs are designed to support early-stage venture capital firms, not just private equity. These programs recognize the growing importance of VC in funding innovation and high-growth startups. Whether you're a first-time VC fund or an experienced investor launching a new fund, there are tailored programs that provide capital, strategic backing, and networking opportunities to help you scale.

How can these programs help me get institutional capital for my VC fund?

These programs can be game-changers for VC funds. They boost your credibility, connect you with potential investors, and even offer mentorship to help you navigate the institutional landscape. Many also come with funding commitments, which act as a seal of approval for other LPs. It’s like having a trusted ally vouch for you, making it easier to secure that all-important institutional capital.

Why are VC managers such a big deal to investors?

VC managers are incredibly appealing because they’re at the forefront of innovation. They’re the ones investing in cutting-edge startups and disruptive technologies, which are exactly the kind of opportunities institutions want in their portfolios. Emerging VC managers often have fresh perspectives, take bold approaches, and explore overlooked markets—all of which make them an exciting and valuable partner for institutions.