What is an emerging manager in venture?

An emerging manager is a fund manager early in their firm's life — conventionally funds I through III. They are venture's own startups: small first funds, concentrated bets, and track records still forming.

Data across cycles suggests small, early funds are disproportionately represented among top performers — motivating LP programs dedicated to them. For founders, emerging managers often move faster and work harder per deal; their constraint is reserves for follow-on.