I just looked at investing with one of these emerging managers. Obviously, having a big institutional name behind you does a lot for your capital raising efforts. They also provide a significant capital allocation ( ~ $50 MM) that allows you to really build your own track record. From the few of these I've seen, it seems like they like to back sponsors with top institutional experience who are now trying to start their own firm.

 

That is typically the case. And from what I hear they low ball the shit out of you on management fees. I've heard a management fee of 50 bps and no catch up is the norm. People are willing to take these guys on as an investor because 1) it's usually a big check size and 2) it gives you a stamp of legitimacy. There are a lot of uneducated LPs (read as county and small city pension funds) that don't really have the resources or the competence to do real due diligence on funds. The ones who are smart enough to know they are dumb money usually follow the big boys who have the resources to do real due diligence.

 

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