LPs That Invest in Emerging Managers (2026): Fund I–III List

The LPs that reliably invest in emerging managers in 2026 fall into four groups: specialist fund-of-funds such as Cendana Capital, Screendoor and Industry Ventures (now part of Goldman Sachs) that write Fund I and Fund II checks; private equity seeders such as GCM Grosvenor Elevate and Wafra's Capital Constellation; public pension programs in New York, Texas, California, Maryland, Connecticut and Illinois that commit to Fund I–III managers, mostly through manager-of-managers partners; and platforms and family offices that fill out first closes. Which group fits depends on your fund number, so the list below is organized by when each LP enters, not by size.

Key takeaways

• The market is the hardest in a decade for new managers. Only 211 emerging firms closed a US venture fund through Q3 2026, down from 927 in 2022, and firms on Fund IV or later took a record 88.2% of capital, according to the Q3 2026 PitchBook-NVCA Venture Monitor.
• Fund I money comes from specialists. Cendana, Screendoor, Industry Ventures and Recast are built for Fund I and II; most pensions arrive later or through an intermediary.
• Pensions say Fund I–III on paper. CalPERS, CalSTRS and Maryland define emerging managers by fund number one to three, and New York City even runs a first-time-funds sleeve, but the money usually flows through a manager-of-managers.
• Fund II is underwritten on marks, attribution and reporting, not DPI. Median DPI for 2019-vintage venture funds is 0.04x, per Carta's Q2 2026 report.
• The ILPA Reporting Template now has a date. The updated version applies to funds still investing in Q1 2026 and to funds launched on or after January 1, 2026.
• Use the Emerging Manager LP Ladder (below) to decide who to pitch next and what your data room must prove before they will commit.

Why did I build this list, and how was it checked?

I'm Deqian Jia, co-founder of Peony, and fund managers use Peony rooms to send decks and track records to LPs. The step before the room is always the same question: who should get the link? Most LP lists online are databases behind an email gate that show assets under management but no check sizes, no dates and no sources.

This list is smaller and checked. Nearly every LP below has a dated fact from October 2025 or later, taken from the LP's own release, a pension board report, a statute or a primary data report; the few older facts are labelled with their date. Where an LP publishes how to approach it, I say so; where it doesn't, I say that too. I also list the LPs I checked and left out, with the reason, further down.

A note on definitions. PitchBook treats firms on their first three funds as emerging and Fund IV and above as established. Pension programs use their own tests, usually a fund-number cap plus a size cap, and I quote each one, because the definition decides whether you qualify.

How hard is it to raise an emerging manager fund in 2026?

It is the hardest market for new managers in a decade by fund count. The Q3 2026 PitchBook-NVCA Venture Monitor reports that just $4.9 billion was raised across 81 first-time US venture funds through September 30, 2026, with the annualized count on pace for the fewest in the past decade, even as total venture fundraising reached $108.5 billion across 699 funds.

The concentration numbers explain why an emerging manager's raise takes longer:

PitchBook's explanation in its Q2 2026 PE Breakdown is distributions: "With LPs receiving fewer distributions, they have less capital to commit and a stronger incentive to concentrate what they do commit with managers whose track records are proven." That is why the LPs below matter so much. They are the allocators whose mandate is to back managers before the track record is proven.

Which LPs invest in emerging managers? The 2026 list at a glance

These 18 LPs each have a verified record of backing emerging managers, through a stated mandate, a program or dated commitments, and a dated fact from October 2025 or later, except where the table says historical or names an older date. "Door" means how the LP says managers should reach it.

Which fund-of-funds back Fund I and Fund II venture managers?

Six fund-of-funds and programs below write or route checks into Fund I and Fund II venture managers, and most of them publish no application portal. The way in is a warm introduction from a GP they already back, which is why your Fund I portfolio founders and co-investors are part of your LP pipeline.

1. Cendana Capital: the pre-seed and seed specialist

Cendana Capital is a fund-of-funds that backs very early-stage venture managers, the pre-seed and seed funds where many Fund I GPs sit. Its newest dated activity is on the liquidity side: on April 28, 2026, Kline Hill reported that Kline Hill Cendana Partners Fund II, a venture secondaries vehicle, "exceeded its $300 million target to close on its hard-cap" at $400 million. That is a secondaries fund, not a primary emerging-manager commitment, but it matters to a Fund I GP: a secondaries buyer that knows the seed ecosystem is one route to the DPI that Fund II LPs ask about. Cendana does not publish check sizes or an application process, so go through a GP it already backs.

2. Screendoor: the LP for debut funds

Screendoor is an LP built to back emerging venture managers early, launched in 2021 by Homebrew's Hunter Walk and Satya Patel with eight other GPs as advisors. Fortune reported on November 11, 2025 that Screendoor backed debut funds including Rex Woodbury's Daybreak and Ashley Smith's Vermilion Cliffs Ventures, and that "100% of its VC managers who have pursued a subsequent fund have succeeded in raising it." At its 2021 launch, Forerunner described a $50M-plus vehicle that would write checks of $500K to $5M across roughly 15 firms, through a rolling application. Treat those 2021 terms as historical; no current portal was verifiable.

3. Industry Ventures, now part of Goldman Sachs

Industry Ventures is a hybrid fund-of-funds, secondaries buyer and seeder of small venture funds. On October 13, 2025, Goldman Sachs announced it would acquire the firm for $665 million at closing plus up to $300 million in contingent consideration, describing Industry Ventures' "$7 billion of assets under supervision" and its pioneering work in "seeding emerging venture capital funds." Industry Ventures' site says the acquisition took effect on January 2, 2026. In July 2024, TechCrunch reported that its $900 million hybrid fund backs venture funds of "$250 million or less" focused on seed and Series A, and that its "new relationships are usually firms on funds I through III"; treat that as the historical mandate and confirm it under Goldman ownership.

4. Recast Capital: Accelerate for Fund I and II

Recast Capital runs a fund-of-funds and the Accelerate program, which is the most explicit Fund I–II program on this list. Its Accelerate page limits eligibility to "US-based emerging venture funds (I-II)" led by at least one GP who identifies as a woman or non-binary, with "less than $25M in AUM at the time of applying." The 2026 cohort closed applications on April 24, 2026 and kicks off in person on October 26–29, 2026. Know what you are applying for: Recast says it is "moving from a model of discretionary grant capital to a fully realized shared services platform," so Accelerate gives legal, tax, audit, fund admin and investor relations support and office hours with Recast's co-founders, not a commitment.

5. Sapphire Partners, now at LGT Capital Partners

Sapphire Partners built one of the best-known LP programs for early-stage venture managers, and its core team moved in 2026. LGT Capital Partners announced on April 7, 2026 that "the core team of Sapphire Partners" joins it effective April 15, 2026, and that Sapphire Partners has committed "over USD 1.2 billion across more than 200 funds." Sapphire Ventures, the release adds, "will continue to manage and deploy more than USD 2 billion in fund investments." CalSTRS's FY2024–25 report also notes that its New and Next Generation emerging-manager vehicle moved to Sapphire Partners in 2023. If you were in Sapphire's pipeline, confirm which entity now holds the relationship.

6. Top Tier Capital Partners: Connecticut's venture door

Top Tier Capital Partners is a venture fund-of-funds and the named venture capital partner for Connecticut's Ci3 emerging manager program. Connecticut's Ci3 page lists Top Tier Capital for "Venture Capital Funds and Co-Investments" and tells managers to contact the listed partner and "reference your interest in the Ci3 program." Top Tier does not publish a separate emerging-manager mandate, so this is the clearest door: a Ci3 inquiry for a venture fund that meets Connecticut's size tests.

Which multi-strategy platforms take Fund I–III submissions?

Two platforms sit between fund-of-funds and distribution channels: Hamilton Lane, which publishes both a Fund I–III definition and an open submission portal, and Allocate, which pools wealth-advisor capital into one LP position.

7. Hamilton Lane Emerging and Diverse platform

Hamilton Lane defines an emerging manager as "a GP raising its first, second or third institutional fund" in "the original fund series with a fund size of under $2B" on its emerging and diverse page, which covers primary funds and co-investments. The page reports $2.4B of assets under management and $4.8B under supervision in emerging managers, with "all data as of 12/31/2024," so read the size as historical. Its practical value is the door: Hamilton Lane links a public "Submit Investment Opportunity" form, which makes it one of the few large allocators you can approach without an introduction.

8. Allocate: pooled advisor capital

Allocate is a platform that pools capital from wealth advisors and their clients into venture, growth, buyout and credit funds. Its homepage shows "$5.7B+" in assets and "1,500+" fund manager relationships as of October 15, 2026, and pitches fund managers on "aggregating smaller tickets into a single LP position," which lets a GP accept sub-minimum commitments without adding dozens of small LPs to the cap table. Allocate is a distribution channel, not a Fund I specialist; it does not state an emerging-manager mandate. For a Fund I with many small checks, it can be the answer to the administrative cost of small LPs.

Which seeders back emerging private equity managers?

For an emerging private equity GP, the anchor is often a seeder that takes a minority stake in the management company in exchange for a catalytic commitment. Two seeders have fresh 2026 activity. GP-stakes funds are a different product aimed at much larger firms.

9. GCM Grosvenor Elevate

GCM Grosvenor Elevate makes "catalytic seed investments in small and emerging private equity firms," focused on lower and middle-market buyout, per GCM's January 2025 release announcing a final close of nearly $800 million (historical). On June 25, 2026, Alternatives Watch reported that "GCM Grosvenor has seeded its fifth emerging private equity firm through the Elevate strategy," anchoring a second fund for Banner Capital, a lower-middle-market manager in the Intermountain West. CalPERS's 2026 private equity review names GCM Elevate, alongside TPG Next, as one of its emerging-manager fund-of-funds programs, so Elevate is also a route to California pension capital.

10. Capital Constellation (Wafra)

Capital Constellation is Wafra's next-generation manager strategy, which "makes minority investments alongside catalytic commitments in alternative asset managers." On July 14, 2026, Alternatives Watch reported that "Wafra held the final close of Constellation Generation V (CG V) at $2 billion, exceeding its $1.5 billion target." The fit is an emerging alternatives firm, often in private equity or credit, raising a second or third fund that wants a long-term partner in the management company. No public submission process is published.

Why GP-stakes funds are not a Fund I option

GP-stakes funds buy minority stakes in established managers, and their size floors sit far above a Fund I. Investcorp's second GP-stakes fund, which closed in March 2026 with $1.1 billion of fund commitments, targets managers "managing between $1 to 10 billion in assets." Blue Owl's GP Stakes and Bonaccord also aim at managers that have already scaled. For a Fund I or II private equity GP, a seeder such as Elevate or Capital Constellation is the relevant product.

Which public pension programs invest in emerging managers?

At least eight US public pension programs commit to managers on their first three or four funds, and together they report tens of billions of dollars in emerging-manager exposure. The pattern that matters for a GP: the pension sets the definition, but the money for a Fund I usually flows through a manager-of-managers partner, so you pitch the partner that runs the sleeve for your asset class.

11. New York City Retirement Systems

New York City's five pension systems had "a total of $13.02 billion in investments with or committed to Emerging Manager firms as of June 30, 2025," according to the Comptroller's FY2025 Emerging Manager and MWBE report, posted in November 2025. The direct private equity program targets "Funds up to $3 billion in size, being raised by firms with up to $5 billion in AUM and with less than 10 years of an institutional track record," and a Neuberger Berman First Time Funds Program takes a "First institutional fundraise, raising up to $1 billion." Venture capital is still on the list of plans: the report says the Comptroller is "exploring opportunities to invest in Venture Capital" within the private equity program. The Comptroller's office "has an open-door investment meeting policy," and "Managers should contact BAM directly and not through any third party capital introduction or placement agent services." The program continued under Comptroller Mark Levine, who co-announced the second annual Emerging Managers Week in January 2026.

12. New York State Common Retirement Fund

New York State's Common Retirement Fund reported in its May 2026 MWBE strategy report that "our overall Emerging Manager program commitments increased by 10.9% to $12.9 billion." The fund invests through "seven manager-of-managers Emerging Manager Program partners," and the same report records an additional commitment of $150 million to Muller & Monroe in 2025. The report says firms can also send strategy materials to the Emerging Manager Program directly, but for a private equity Fund I the manager-of-managers partners are usually the practical first call.

13. Teacher Retirement System of Texas

Texas TRS runs one of the largest emerging manager programs in the US, established in 2005, with "$6.5 billion in committed capital to 274 Emerging Managers across 476 investments" on its program page. It defines emerging managers as firms that manage less than $3 billion, prefers funds under $1 billion, accepts "Fourth generation or earlier institutional funds," and says "First time investments typically range from $10 - $30 million," with "the goal of potential graduation to a Trust level commitment." TRS's investment policy, adopted effective May 1, 2026, says the program "will target 1.1% of the market value of the Total Fund," sets a $5 million minimum per investment, and caps TRS at 40% of any emerging manager's private equity or real estate fund. Venture capital is not among the listed asset classes.

14. CalPERS

CalPERS defines emerging managers as "Private market managers with a fund size less than or equal to $2 billion and on their first, second, or third institutional fund" in its AB 890 year-four report, dated March 1, 2026, which says "$2.2 billion was allocated to emerging managers" across 18 firms in FY2024–25, all made directly rather than through a dedicated program and including venture managers such as Acrew Capital, Basis Set Ventures and Haun Ventures. Its 2026 private equity annual program review adds that CalPERS "committed about $2 billion to emerging managers outside fund-of-funds in FY 2024-25," on top of its TPG Next and GCM Elevate fund-of-funds programs. Managers can submit a proposal to CalPERS at any time through its emerging and diverse manager page.

15. CalSTRS

CalSTRS requires a private equity emerging manager to "Be raising a first, second or third institutional fund" and stay under fund-size limits, per its FY2024–25 Diversity in the Management of Investments report, published in March 2026. The report says CalSTRS private equity "has made commitments to new and emerging fund-of-fund managers in excess of $2.7 billion," including $125 million in 2024–25 to the CalSTRS New and Next Generation Manager Fund. The doors are the separately managed accounts: $1.3 billion across five HarbourVest lower-middle-market accounts since 2003, $1.1 billion across seven New and Next Generation accounts since 2005, and $600 million across three Muller & Monroe accounts since 2014.

16. Maryland SRPS: Terra Maria

Maryland's Terra Maria program has "grown substantially to $5.8 billion representing 7.6% of the total plan assets as of March 2026," per the State Retirement Agency's program page. For private equity, a manager qualifies with "Institutional Funds I, II, or III and manager AUM under $2 billion at the time of investment," focused on small and middle-market growth and buyout. Contacts are listed by asset class on the same page.

17. Connecticut Ci3 (formerly the Horizon Fund)

Connecticut replaced the Horizon Fund brand with the Connecticut Inclusive Investment Initiative, or Ci3, and its November 4, 2025 policy update sets a target "between 5 and 10 percent of the CRPTF assets." For private equity and private credit, a manager qualifies with firm assets under $5 billion, a fund under $2 billion and at least one year of firm history, and the policy allows funds "beyond the 'third generation'" if the other criteria are met. GCM Grosvenor handles buyout and growth funds and Top Tier Capital handles venture capital.

18. Illinois State Board of Investment

Illinois sets its emerging manager rules in statute: 40 ILCS 5/1-109.1 defines an emerging investment manager as one that manages "at least $10,000,000 but less than $10,000,000,000" and is minority-owned, women-owned or owned by a person with a disability, and sets an aspirational goal of using emerging managers for "not less than 20% of the total funds under management." ISBI's December 2025 report says "During Fiscal Year 2025, ISBI made commitments to ten MWDBE managers, for a total value of $399 million," and puts its emerging-manager assets at about $1.38 billion, or 4.8% of the fund. Only firms that meet the ownership test qualify.

New Jersey's Division of Investment also runs an active emerging manager platform, and its money reaches managers only through partners: a $250 million Barings sleeve for private equity buyout (approved in 2022) and GCM Grosvenor sleeves of $250 million for real estate and $300 million for private credit (2023 and 2024). In April 2025 it approved a second $250 million Barings private equity program and a $250 million transition-manager sleeve, and both closed in January 2026, bringing total sleeve commitments to $1.3 billion, per the Division's 2026 annual meeting presentation. New Jersey's private equity test is a fund under $1 billion, a firm with under $3 billion in assets and no later than Fund III. Private equity inquiries go to Barings, per the Division of Investment.

The Emerging Manager LP Ladder: which LP enters at Fund I, II and III?

The Emerging Manager LP Ladder is my framework for sequencing an LP raise: each fund number unlocks a more institutional LP type, and each rung demands a heavier evidence file in your data room. Pitch the rung you are on, and build the evidence for the next one while you raise.

Three practical rules come out of the ladder:

1. Skipping a rung is possible, but the evidence is not optional. New York City's Neuberger Berman First Time Funds Program and CalPERS's Fund I–III definition mean a strong private equity Fund I can reach a pension. It will still be asked for rung-four evidence, such as a full ILPA DDQ.
2. Read the definition before you pitch. Texas TRS takes funds up to the fourth generation; Maryland stops at Fund III; Illinois's statute is about ownership, not fund number; Recast stops at Fund II and $25M of assets.
3. Graduation is the goal. Texas TRS describes its program as having "the goal of potential graduation to a Trust level commitment." The pension's main program, not the emerging sleeve, is where Fund IV checks come from.

How do LPs underwrite Fund II when Fund I has no DPI yet?

LPs underwrite Fund II on four things they can verify without cash: the quality of the Fund I marks, an attribution record that names who sourced and led each deal, proof that Fund I was invested the way the Fund I deck promised, and reporting that already looks institutional. DPI is a tiebreaker, not the entry ticket, because almost no Fund I has it when a Fund II raise opens.

The data backs that up. Carta's Q2 2026 fund performance report, published September 23, 2026, puts median DPI at 0.37x for 2017-vintage venture funds, 0.15x for 2018 and 0.04x for 2019, which means the typical fund has returned little after six or more years. Fund II raises usually open while Fund I is still in its investment period, so a GP who says "we have no DPI yet" is describing the median, and experienced LPs know it.

What has changed is the weight on liquidity planning. In the sponsored chapter of the Q3 2026 PitchBook-NVCA Venture Monitor, EisnerAmper writes that "DPI has eclipsed IRR as the metric of choice" and that a GP "must have a clear liquidity strategy," including secondary transactions and continuation funds. In a Fund II room, that means a short liquidity plan for each of your top five positions, not a promise.

What Fund I numbers do LPs want to see?

Use Carta's dispersion data to frame your marks honestly. In its Q1 2026 report, Carta found that for every vintage from 2017 to 2024 except 2021, the 90th percentile net IRR is above 20%, and that "in none of these vintages is the 75th percentile for IRR above 15.5%." If your Fund I sits in that top band on marks set by outside investors, say so and show the round-by-round evidence.

The same Venture Monitor chapter lists two tools LPs now expect earlier in the process: pre-fund deals and warehousing, where "LPs get confirmation of one or two investments that will anchor the portfolio," and drift control, because "drift in check size, stage, and sector" signals "a gap between pitch and execution." A Fund II deck that shows Fund I's actual check sizes and stages against the Fund I plan answers the drift question before it is asked.

How do LPs check attribution?

Attribution is the per-deal record of who sourced each deal, who led it, who held the board seat and who made the call, confirmed by people who were there. LPs want it because a fund's returns are not automatically the GP's returns. The Q3 2026 Venture Monitor chapter is blunt: "GPs should expect questions about who sourced, who led, and who held a board seat, and to have these verified," and spinout GPs "face potential constraints on using prior firm performance."

If you are an SEC-registered adviser, the SEC Marketing Rule sets the floor for using a prior firm's numbers in an advertisement. Predecessor performance is allowed only if the people "primarily responsible for achieving the prior performance results" now manage accounts at your firm, the prior accounts are "sufficiently similar," all substantially similar accounts are included, and the advertisement discloses that the results were "from accounts managed at another entity." Exempt reporting advisers fall outside the rule, but LPs apply the same logic in diligence.

The attribution file that clears this test has three parts:

1. A deal sheet with one row per prior deal: company, date, round, your role (sourced, led, board, supported), entry valuation and current mark.
2. A reference for each claimed lead: a founder or co-investor who can confirm your role and has agreed to take the call.
3. A gross-to-net bridge for any fund-level numbers, so an LP's analyst can rebuild the net figure from the gross figure and the fee terms.

What changed with the ILPA Reporting Template in 2025?

ILPA released the updated Reporting Template in January 2025 together with a new Performance Template, and ILPA says the template applies to "Funds still in their investment period during Q1 2026" and to "Funds commencing operations on or after January 1, 2026." For funds no longer investing at Q1 2026, "GPs may continue to provide the 2016 Reporting Template."

For an emerging manager, that means Fund I is almost certainly covered from Q1 2026, and Fund II is covered from its first quarter. Adoption is not a legal requirement, but LPs treat it as a baseline. EisnerAmper's chapter in the Q3 2026 Venture Monitor notes that "a growing share now expect GPs to use industry-standard tools such as the Institutional Limited Partners Association Reporting Template," and that GPs who produce it "without a special request, signal operational maturity." Our VC LP reporting guide covers the template line by line, so I won't repeat it here.

Which ILPA due diligence questionnaire do LPs send?

The current version is ILPA DDQ 2.0. ILPA's questionnaire page says "The last updates to the ILPA DDQ were made in 2021," and ILPA itself notes that "the ILPA DDQ as written best aligns with established private equity managers." Emerging managers should still answer it in full, because fund-of-funds and pensions use it as their base and add their own questions on top. Our LP operational due diligence guide maps the DDQ to the documents an operational due diligence team asks for, and the due diligence questionnaire guide covers the question bank.

What goes in a Fund II data room that wasn't in the Fund I room?

A Fund I room sells a person and a thesis; a Fund II room proves a record. The Fund II room keeps everything from Fund I and adds the evidence an institution checks: Fund I quarterly reports in the ILPA format, audited financials, capital account statements, the attribution file, the reserve model against what actually happened, and a completed ILPA DDQ 2.0.

Two rules make the Fund II room work. First, stage it: the deck and track-record summary open to every invited LP, while the LPA redline, side-letter register and capital accounts open only after a signed NDA and a first meeting. Second, keep LP types apart, so a fund-of-funds analyst and a family office never see each other's side-letter terms. Our VC fund data room checklist has the full folder index, and the Fund I data room guide covers the first-raise version.

Which data room should an emerging manager use for an LP raise?

Peony's Data Room plan, at $52 per admin per month billed yearly, fits most Fund II raises: per-LP groups and links, a signed NDA with an audit record, dynamic watermarks with each viewer's identity, and page-level analytics that show which LP read the track record and for how long. For a Fund I raise with a simple NDA and up to 3 rooms, Peony Business at $30 per admin per month covers it. Viewers are unlimited and free on every plan, so inviting 60 LPs costs the same as inviting 6.

Here is how I would set it up for a Fund II raise:

• One visitor group per LP type: fund-of-funds, family offices, pension partners and existing Fund I LPs. Each group gets its own folders and its own personalised links, so permissions follow the LP, not the file. Group permissions are on Data Room and above; see visitor groups.
• A signed NDA before the track record: the NDA gate on Data Room produces a signed PDF for both sides with an audit record, which is what an institution's legal team expects.
• Dynamic watermarks stamp each viewer's identity on every page of the deck and the track record, so a forwarded screenshot traces back to its source. See watermarks, and our study of emerging-manager deck leaks for why it matters.
• Page-level analytics show, for example, that one LP spent most of its visit on the attribution sheet and skipped the LPA, so you know what the next call is about. Analytics are on every plan; see page analytics.
• Q&A with AI-drafted answers: on Data Room, LPs ask questions inside the room, Peony's AI drafts a first answer with citations to the room's own documents, and nothing reaches the LP until you review, edit and publish it. Your documents are not used to train any model. See smart Q&A.

The honest limit: if your Fund II is a large private equity raise where a placement agent and institutional LPs require an enterprise virtual data room such as Datasite or Intralinks, use what the process demands. If you need SAML single sign-on, bring-your-own-key encryption or EU-region hosting, Peony's Enterprise plan is custom-priced. For the Fund I and Fund II raises most emerging managers run, per-admin pricing with free viewers is the cheaper and faster fit; 8,000+ customers in 60+ countries use Peony. For the reporting portal you will need after the close, see our investor portal software review.

How should you approach each type of LP?

Approach each LP type through the door it publishes, and send the room link only after the first conversation. The door differs more than most GPs expect, and using the wrong one wastes months.

Two habits shorten every row. Ask each LP on the first call what fund number and size they need to see, because the published definitions above are ceilings, not invitations. And track who opened what: if a fund-of-funds analyst read the attribution sheet twice, the next call is about attribution. Our investor outreach plan covers sequencing and follow-ups.

Which LPs did I check and leave off, and why?

I checked a further set of names that often appear on emerging-manager LP lists and left them out because I could not verify a current emerging-manager mandate from a source no older than 12 months, or because they serve a different stage. Leaving a name off is not a judgment on the firm; it means I could not confirm the fit for Fund I–III with a dated source.

This list is re-checked every quarter, and any of these LPs with a new dated emerging-manager commitment will be added at the next update.

FAQ

Which LPs invest in emerging managers in 2026?

Four groups write most emerging-manager checks in 2026. Specialist fund-of-funds such as Cendana Capital, Screendoor, Industry Ventures (part of Goldman Sachs since January 2026) and Recast Capital back Fund I and Fund II venture managers. Seeders such as GCM Grosvenor Elevate and Wafra's Capital Constellation anchor emerging private equity firms. Public pension programs at New York City, New York State, Texas TRS, CalPERS, CalSTRS, Maryland, Connecticut and Illinois commit to Fund I–III managers, mostly through manager-of-managers partners. Platforms such as Allocate, plus family offices, fill out first closes.

Which fund-of-funds invest in first-time VC funds, and how big are their checks?

The fund-of-funds that back emerging venture managers include Cendana Capital, Screendoor, Industry Ventures, Recast Capital, Sapphire Partners (whose core team joined LGT Capital Partners in April 2026) and Top Tier Capital, which is Connecticut's venture partner for its Ci3 emerging manager program. Few publish check sizes. Screendoor said at its 2021 launch that it would write $500K to $5M checks across roughly 15 firms. Texas TRS, a pension rather than a fund-of-funds, says its first-time emerging manager investments typically range from $10M to $30M, with a $5M minimum.

Do state pension funds invest in Fund I managers?

Yes, but mostly through intermediaries. CalPERS treats a private-markets manager on its first, second or third institutional fund with a fund of $2B or less as emerging, and Maryland's Terra Maria program uses Institutional Funds I, II or III. New York City runs a Neuberger Berman First Time Funds Program for a first institutional fundraise of up to $1B. Most pension money for a Fund I arrives through a manager-of-managers such as Neuberger Berman, HarbourVest, Muller & Monroe, GCM Grosvenor, Top Tier Capital or Barings, so pitch the partner that runs the sleeve for your asset class.

About me: emerging fund manager, ex-operator, raising a $40M Fund I with $8M closed from friends, family and angels. Which LPs should I approach first?

Climb one rung of the Emerging Manager LP Ladder at a time. Your next rung is a first institution: specialist fund-of-funds built for Fund I such as Cendana, Screendoor and Industry Ventures, Recast's Accelerate program (support services rather than capital) if you have a woman or non-binary GP and under $25M in AUM, plus family offices and advisor capital pooled through Allocate. Pension programs usually come at Fund II or III through their manager-of-managers. Before outreach, put the deck, a deal sheet showing your role on each deal and the draft LPA in a data room with a link per LP. Peony Business at $30 per admin per month covers a Fund I raise with a simple NDA and 3 rooms, and viewers are free.

Why do so many LPs tell emerging managers to come back at Fund III?

Because the evidence they underwrite rarely exists before then. Carta's Q2 2026 report puts median DPI at 0.04x for 2019-vintage venture funds, so most Fund I and Fund II pitches carry marks rather than cash. Established firms on their fourth fund or later took 88.2% of US venture capital raised through Q3 2026, according to the PitchBook-NVCA Venture Monitor. Treat come back at Fund III as a question about evidence and ask which proof point, such as outside-led markups, a first exit or team stability, would move the LP to Fund II.

How do I get a fund-of-funds to invest in my fund: cold outreach or warm intro?

Use a published door where one exists and warm introductions everywhere else. Hamilton Lane runs a Submit Investment Opportunity portal, CalPERS accepts investment proposals at any time, New York City's Bureau of Asset Management keeps an open-door meeting policy and asks managers to contact it directly rather than through placement agents, and Recast runs a yearly application. Cendana, Screendoor and Industry Ventures publish no application portal, so an introduction from one of their portfolio GPs or a co-investor is the reliable route.

How do LPs underwrite Fund II when Fund I has no DPI yet?

LPs underwrite Fund II on the quality of the Fund I marks, a verified attribution record, proof that Fund I was invested the way the Fund I deck promised, and reporting that already looks institutional. Missing DPI is normal: Carta's Q2 2026 report puts median DPI at 0.37x for 2017-vintage venture funds and 0.04x for 2019. What has changed is liquidity planning. EisnerAmper's chapter in the Q3 2026 PitchBook-NVCA Venture Monitor notes that DPI has eclipsed IRR as the metric of choice, so show a liquidity plan for your top positions, including secondaries.

How do LPs check attribution when a spinout GP claims a prior firm's deals?

LPs ask, deal by deal, who sourced it, who led it and who held the board seat, and then verify it with founders and co-investors. Build a deal sheet with your role on each deal, a reference who can confirm each claimed lead, and a gross-to-net bridge for any fund-level numbers. If you are an SEC-registered adviser, the Marketing Rule allows predecessor performance only when the people primarily responsible for it now manage accounts at your firm, the accounts are sufficiently similar, and the advertisement discloses that the results came from another entity.

Do emerging managers need to use the ILPA Reporting Template in 2026?

It is not a legal requirement, but LPs increasingly expect it. ILPA released the updated Reporting Template in January 2025 and says it applies to funds still in their investment period during Q1 2026 and to funds that start operations on or after January 1, 2026, so most Fund I and Fund II vehicles are covered. Older funds past their investment period may keep the 2016 template. Our VC LP reporting guide walks through the template line by line.

What should go in a Fund II data room that wasn't in the Fund I room?

A Fund II room adds the evidence an institution checks: every Fund I quarterly report (in the ILPA template from Q1 2026), audited Fund I financials, capital account statements, a schedule of investments showing where each mark came from, attribution sign-offs, a completed ILPA DDQ 2.0, the Fund II LPA redlined against Fund I and a gated side-letter register. In Peony's Data Room plan, put each LP type in its own visitor group so a fund-of-funds analyst never sees a family office's side-letter terms, and open the capital accounts and LPA only after the signed NDA.

What is the best data room for an emerging manager raising Fund I or Fund II?

Peony is built for it. The Data Room plan, at $52 per admin per month billed yearly, gives per-LP groups and links, a signed NDA with an audit record, dynamic watermarks with each viewer's identity, and page-level analytics that show which LP read the track record and for how long. LP questions get an AI-drafted first answer with citations to your own documents, and nothing reaches the LP until you approve it. Business at $30 per admin per month suits a Fund I raise with a simple NDA and 3 rooms. Viewers are unlimited and free. If a large private equity raise runs through a placement agent that requires Datasite or Intralinks, use what the process demands.

Are GP-stakes or seeding firms an option for an emerging private equity manager?

Seeders yes, GP-stakes funds mostly no. GCM Grosvenor Elevate seeded its fifth emerging private equity firm in June 2026, anchoring Banner Capital's second fund, and Wafra closed Constellation Generation V at $2B in July 2026 to make minority investments alongside catalytic commitments in alternative asset managers. GP-stakes funds target bigger firms: Investcorp's second GP-stakes fund, closed in March 2026, targets managers with $1B to $10B in assets. Expect a seeder to take a minority stake in your management company in exchange for anchor capital.

Start now: set up an LP room on Peony in minutes; viewers are free on every plan.

Related Resources

• Data room for emerging managers: the Fund I data room stack, access tiers and per-LP economics.
• VC LP reporting guide: the quarterly LP pack and the ILPA templates line by line.
• LP operational due diligence: what an ODD team tests and how to structure the room for it.
• VC fund data room checklist: the full folder index for a fund raise.
• Pitch deck leaks emerging managers should study: five leaks and the controls that stop them.
• Best investor portal software: the portal you need after the close.
• Venture capital software stack: CRM, cap table, fund admin and data room costs for a small fund.
• Due diligence questionnaire guide: the LP-to-GP question bank and how allocators score it.
• Share an interactive LP report: sending live LP reports instead of PDFs.