2026 Emerging Manager Programs for Hedge Fund Managers

The Funds Group is dedicated to supporting fund managers beyond the initial formation and launch of their fund. Fundraising is an essential element for any fund's success, and sometimes seed capital is an attractive springboard to help achieve scale.

We're put together a reference guide for hedge fund managers and emerging investment firms seeking institutional capital through dedicated emerging manager and seeding programs. These programs are offered by pensions, funds-of-funds, asset managers, and specialist platforms that actively allocate capital to newer managers with differentiated strategies.

While each program has its own criteria, process, and focus areas, the common theme is clear: there is broad institutional interest in supporting emerging managers across a wide range of hedge fund and alternative strategies.

Below you’ll find both a high-level overview and a comparison table of notable emerging manager programs that may be relevant for hedge fund managers preparing to raise capital or scale their platform.

About Emerging Manager Programs

Emerging manager programs are designed to allocate capital to newer or smaller investment managers that demonstrate early traction, strong potential, differentiated strategies, and institutional operating standards. These programs may provide:

• Seed or anchor capital

• Operational support

• Capital introductions

• Ongoing capital commitments

Many of these programs serve as a pathway for hedge fund managers to gain institutional credibility while accelerating AUM growth and visibility.

Featured Emerging Manager Programs

Ashton Global – Emerging Manager Platform

Overview: Dedicated platform pairing institutional investors with niche and emerging strategies. Focuses on providing seed and structured capital solutions along with a formal vetting process.

Preferred Strategies: Niche equity and credit strategies, special situations, differentiated alternative strategies

Typical Investment Size: $5M – $10M range

Website / Contact: https://www.ashtonglobal.com

Investcorp-Tages – Hedge Fund Seeding Platform

Overview: One of the most established hedge fund seeding platforms, providing growth and acceleration capital to emerging hedge fund managers alongside operational and marketing support.

Preferred Strategies: Hedge fund and absolute-return strategies across equity, credit, and multi-strategy

Typical Investment Size: $50M – $100M for seed or acceleration capital

Website / Contact: https://www.investcorptages.com

GCM Grosvenor – Small & Emerging Manager Investing

Overview: Global alternatives firm with a long-standing platform dedicated to backing small and emerging managers through anchor investments and strategic partnerships.

Preferred Strategies: Hedge funds, private equity, real assets, and absolute return strategies

Typical Investment Size: $75M+ (varies by mandate and strategy)

Website / Contact: https://www.gcmgrosvenor.com

Teacher Retirement System of Texas (TRS) – Emerging Manager Program

Overview: Large public pension seeking to support early-stage and smaller managers across asset classes through its formal emerging manager initiative.

Preferred Strategies: Hedge funds, long-only equity, private equity, real estate, infrastructure, natural resources

Typical Investment Size: $10M+ initial allocations

Website / Contact: https://www.trs.texas.gov
Email: EmergingManagers@trs.texas.gov

CalPERS – Emerging & Diverse Manager Program

Overview: One of the longest-running emerging manager programs, supporting smaller and diverse managers across global asset classes.

Preferred Strategies: Hedge funds, public equity, private equity, real estate, credit strategies

Typical Investment Size: Varies significantly by asset class

Website / Contact: https://www.calpers.ca.gov

New York State Common Retirement Fund – Emerging Manager Program

Overview: Public pension system providing capital to emerging managers through structured mandates and long-term relationships.

Preferred Strategies: Public equity, fixed income, hedge funds, real assets and alternatives

Typical Investment Size: Multi-million dollar institutional allocations

Website / Contact: https://www.osc.state.ny.us

New York City Retirement Systems – Emerging Manager Program

Overview: Collective program across NYC public retirement systems focused on diverse and emerging investment managers.

Preferred Strategies: Hedge funds, fixed income, private equity, real estate

Typical Investment Size: Mandate-dependent

Website / Contact: https://comptroller.nyc.gov

Fairview Capital – Diverse & Emerging Manager Investing

Overview: Specialist advisor and investor focused on backing diverse and emerging investment managers, primarily in private markets.

Preferred Strategies: Venture capital, private equity, emerging alternative managers

Typical Investment Size: Multi-million institutional commitments

Website / Contact: https://www.fairviewcapital.com

Michigan Small Emerging Manager Program

Overview: State initiative designed to increase access to capital for smaller and emerging managers, co-managed with institutional partners.

Preferred Strategies: Private equity, credit, real assets, growth strategies

Typical Investment Size: Program-level allocations vary

Website / Contact: https://www.msemprogram.com

PAAMCO Launchpad – Emerging Hedge Fund Platform

Overview: Dedicated platform created to seed and support early-stage hedge funds with institutional capital and operational scale support.

Preferred Strategies: Strategy-agnostic hedge funds and absolute-return managers

Typical Investment Size: Structured to support early-stage institutional scale

Website / Contact: https://www.paamco.com

Comparison Table: Emerging Manager Programs

Tips for Securing Capital from Emerging Manager Programs

All programs featured in this post receive a high volume of inquiries, so it’s important for managers to approach any conversation with a long-term relationship mindset. While every fund manager believes they are worthy of receiving capital from these programs, the reality is that not every program will be the right fit for your fund.

Begin by identifying which programs align with your strategy through research and initial conversations, then refine your list and focus your efforts on those that represent the best fit.

Managers should focus on:

• Articulating a clear investment strategy and competitive edge

• Demonstrating institutional operational readiness

• Aligning fund structure and terms with investor expectations

• Presenting an early track record that demonstrates how the fund generates alpha

If you’re preparing to launch a hedge fund or scale an existing strategy, our team can help assess which emerging manager programs may align with your investment approach and capital objectives. This resource will continue to evolve as new programs and platforms emerge within the institutional allocator ecosystem.