Have any of you (non student!!!) monkeys dealt with some of these emerging managers programs? For example calpers
https://www.calpers.ca.gov/page/investments/inves….
I would love to hear your thoughts.
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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.
For the EM do they look for a JV structure? or are they open to investing in a fund and even being an anchor investor?
It's a shorter term commitment, so they look for a JV structure on bigger deals. At least that has been my experience. I don't want to overstate my expertise on this topic...
Am I in the wrong place? Emerging Manager Marketing? (Originally Posted: 03/24/2017)
Looking through many of the message boards it appears this is the place for PMs, analysts and investment banking people to hang-out but here is what I'm looking for and hopefully someone can point me in the right direction. I'm in the Boston area and I have experience growing small institutional investment management firms and hedge funds and I'd like to find one that is interested in growing - how hard can that be? Most of my previous work has been with firms in other states so maybe my local contacts are limiting my search but what message board or place can I turn to in order to find investment firms I'm targeting? Is this the best place?
Really? No one in the Boston area is interested in growing their A.U.M.? Where else should I post?
Drumming up institutional business on internet message boards generally doesn't work. I'm sure somebody with experience like you understands that.
Emerging Manager Programs. (Originally Posted: 01/29/2016)
I recently joined a startup ($5M AUM) fund organized as a CTA with an equity index options & futures strategy. The PM is a former trader at a good sized fund (>$6B AUM) and has 13+ years experience trading derivatives with a good track record. We incepted in late 2014 so we've now got over a year of performance, during which we outperformed significantly. Given these, I think our fund should be pretty competitive for emerging manager programs such as the one at CalPers.
Does anyone have experience targeting these kinds of programs? Will a fund as small as ours be considered by such an organization? Are there any other strategies (other than the standard calling all our HF buddies, hitting the phones, email campaigns, etc) a firm with our background should be considering to raise AUM? I've looked around the forums here but most of these types of questions come from people who don't quite have the experience our PM has. Any info would be much appreciated.
I don't have any hot tips, although you may want to look at some of the Top Emerging Hedge Funds to get an idea of how they did it. Good luck! http://www.hedgetracker.com/article/Emerging-Hedge-Fund-Managers-stumbl…
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