Emerging managers think outside the box in parched fundraising era
When dealmakers branch out on their own, they often invest deal-by-deal before raising a blind-pool fund. But other ideas are in play as the fund-less sponsor market searches for capital.
Most interesting first-time funds
2026 Buyouts Emerging Manager Report
New managers are up against one of the most inhospitable fundraising environments any GP has encountered, and their to-do list – from pinpointing a differentiated strategy and cementing new LP relationships to positioning a resilient business primed for future growth, while finding the right talent to do it with – seems to grow ever longer.
The Buyouts Emerging Manager Survey 2026, conducted in partnership with Gen II Fund Services, highlights the key issues facing first-, second- and third-time fund managers, and their approaches to tackling them
KEY INSIGHTS
Buyouts Emerging Manager Survey 2026: Seven takeaways
Here are the key findings that every emerging manager should know from the Buyouts Emerging Manager Survey conducted in partnership with Gen II Fund Services, LLC.
Gen II: Amid growing complexity and competition, fund administration experience is a key differentiator
Jeff Gendel, principal at Gen II Fund Services, digs into the challenges facing the fundraising market.
Six trends shaping the emerging manager landscape
We pinpoint the key themes steering the direction of fundraising and dealmaking for new GPs.
ANALYSIS
METHODOLOGY
Field work for the ninth annual Buyouts Emerging Manager Survey, conducted in partnership with Gen II Fund Services, was carried out between October 29 and December 15, 2025. A total of 101 managers were surveyed.
The initial list was narrowed down to managers that have fundraised or are in the process of fundraising their third fund or fewer.
A total of 103 institutional investors were surveyed as part of PEI Group’s LP Perspectives 2026 Study between August 27 and October 6, 2025. Incomplete fund manager and investor surveys were reviewed for inclusion in the sample on a respondent-by-respondent basis.
EMERGING MANAGERS IN VENTURE CAPITAL
PREVIOUS REPORTS
In a fundraising environment that is tougher than ever, here are the key findings that every emerging manager should know from the Buyouts Emerging Manager Survey conducted in partnership with Gen II Fund Services, LLC.
Buyouts Emerging Manager Survey 2022: Seven takeaways
In a fundraising environment that is tougher than ever, here are the key findings that every emerging manager should know from the Buyouts Emerging Manager Survey conducted in partnership with Gen II Fund Services, LLC.
How emerging managers can be counter cyclical for LPs
Macroeconomic uncertainty means many investors are flocking to the familiar, but savvy LPs recognize that emerging managers outperform in a downturn.
How emerging managers are defying the downturn
Raising a debut fund is tougher than ever, but market dislocation could cause more managers to set up on their own.
What emerging managers look for in a service provider
Emerging managers prioritize proven experience in their selection of service providers.
ESG and emerging managers
Despite a lack of infrastructure, emerging managers are stepping up on ESG and diversity.
What LPs prioritize in an emerging manager
Team composition, differentiated strategy and deal-sourcing prowess top investors’ emerging manager wish-list.
Fund terms put emerging managers under pressure
Emerging managers may be prepared to cede some ground on terms to get their first fund away, but regaining control can be challenging
The co-investing conundrum for emerging managers
Offering co-invest can be a powerful way of enticing investors into a fund, but this must be balanced against the reduced economics
How we conducted the Buyouts Emerging Manager Survey 2022
More than 120 fund managers and 50 institutional investors contributed to the 2022 Buyouts Emerging Manager Report, produced in partnership with Gen II Fund Services LLC
OceanSound’s Benavides on raising a first-time fund in a pandemic
OceanSound closed its first fund on $780m, the largest Latino-led first-time fund ever raised. Buyouts spoke to Joe Benavides, the firm’s managing partner and co-founder, about its debut
GHK’s Klemann on establishing a new firm in a challenging market
GHK took a deal-by-deal approach to prove its thesis to investors before raising its first fund, says Gil Klemann, the firm’s managing partner
Gen II: Shifting dynamics are impacting fundraising for emerging managers
A combination of macro headwinds and competition from established firms is making capital raising an uphill battle for new managers, says Jeff Gendel, principal at Gen II Fund Services.
Launching a new private equity firm is no easy task in any environment, and even more so in a pandemic. Here are seven findings every emerging manager should know from the Buyouts Emerging Manager Survey conducted in partnership with Gen II Fund Services, LLC.
Covid-19 is changing the private equity landscape beyond recognition. Here are the key findings every emerging manager should know, according to the Buyouts Emerging Manager Survey conducted in partnership with Gen II Fund Services, LLC.