EM
Institutional EM Mandates
Dedicated emerging-manager allocations inside big institutions.
Emerging Manager ProgramsInvestor typeUnited States
Target market
First- through third-time funds seeking institutional anchors
Geography
United States
Overview
Many large public pensions and institutions carve out dedicated emerging-manager mandates — pools that can only be deployed into newer, smaller funds — including well-known programs at the Teacher Retirement System of Texas, CalSTRS and the New York State Common Retirement Fund. These programs are often run through advisors or fund-of-funds intermediaries, and strong performers can graduate into the institution's main fund program with much larger re-up checks.
Key facts
- Texas TRS runs one of the largest EM programs, with billions committed
- CalSTRS and NY State Common both run dedicated EM allocations
- Often administered via advisors and fund-of-funds intermediaries
- Graduation to the main portfolio is the real prize for managers