Who is allocating to emerging managers, and what counts as proof
Emerging-manager allocation is often private and definitions vary. The screen therefore required public professional-role evidence plus a named Fund I to III commitment, first-check or anchor relationship, official emerging-manager program, or an explicit current mandate. Generic venture or private-equity activity did not qualify by itself.
The fixed research window is August 18, 2023 through August 18, 2026. Tier 1 carries the strongest qualifying commitment or program evidence. Tier 2 covers explicit current mandates or one material public-evidence limitation. Tier 3 is a watchlist-grade lead that requires fresh verification and is never used to imply a disclosed cheque or personal approval.
150
allocator organizations
33
documented Tier 1/2
117
watchlist / program signals
39
states represented
The organization type is explicit on every row. The directory contains 12 single- or multi-family offices, 3 discretionary wealth platforms, 9 family-foundation or endowment-style vehicles, and 126 institutional or other allocator and program records. It is not a claim that 150 family offices recently wrote cheques to emerging managers.
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Coverage by state, allocator type, and emerging-manager signal
The list spans family offices, family investment companies, discretionary wealth platforms, operator-LPs, foundations, and endowment-style allocators. Counts describe this researched sample, not the full US private-capital universe.
Top states
Allocator types
Investment modes
US emerging-manager allocators, 1 to 50
Each entry connects one current professional to organization-level evidence. Follow both sources and read the caveat before relying on a profile or approaching an allocator.
- 001
Nitin Gupta
Managing Partner and Co-Chief Investment Officer
Flexstone Partners
New York, NY, United States
fund of funds allocator
Tier 1direct and fund-of-funds commitments to Fund I-III managersFlexstone's current official Natixis strategy defines emerging managers as Fund I-III and names OceanSound as an invested manager, including an invested first fund and related co-investments.
Recent activity: named allocation or portfolio evidence · Emerging Managers strategy
Emerging-manager signal: site benchmark · Emerging Managers strategy · Emerging Managers strategy · fund of funds indirect · committed
Focus: private markets
Caveat: Institutional allocator, not a family office. The current detail is published on Natixis' Spanish-language official site.
- 002
Jon Putnam
Chief Investment Officer
Montana Board of Investments
Helena, MT, United States
state backed investment program
Tier 1direct private-equity and venture-fund commitmentsOfficial December 2025 board materials list new fiscal-year commitments including EUR 50 million to Access Capital Emerging Manager Fund I and $25 million to Accolade Partners Venture Fund II.
Recent activity: named allocation or portfolio evidence · Access Capital Emerging Manager Fund I / Accolade Partners Venture Fund II
Emerging-manager signal: site benchmark · Access Capital Emerging Manager Fund I / Accolade Partners Venture Fund II · Access Capital Emerging Manager Fund I / Accolade Partners Venture Fund II · unknown · committed
Focus: venture capital
Caveat: State public-funds allocator, not a family office. The summary covers multiple state pools and does not isolate every beneficial account.
- 003
Benjamin L. Cotton
Chief Investment Officer
Pennsylvania Public School Employees' Retirement System
Harrisburg, PA, United States
public pension allocator
Tier 1direct private-credit fund commitmentsAn official August 2025 board resolution commits up to $100 million to Park Square Capital U.S. Loan Partners I, plus up to $75 million for related strategic co-investments; supporting materials identify it as a first-time dedicated fund.
Recent activity: manager-selection or portfolio activity · Park Square Capital U.S. Loan Partners I
Emerging-manager signal: site benchmark · Park Square Capital U.S. Loan Partners I · Park Square Capital U.S. Loan Partners I · unknown · unknown
Focus: private credit
Caveat: Public pension, not a family office. This is a private-credit Fund I rather than a venture or buyout fund; Fund I establishes sequence, not first-check or anchor status.
- 004
Bryan Moore
Chief Investment Officer
South Carolina Retirement System Investment Commission
Columbia, SC, United States
public pension allocator
Tier 1direct private-equity fund commitmentsOfficial June 2026 commission materials report closed commitments to Kingswood Small Cap Fund I and Unity Partners Fund II, and the commission's official announcement identifies Bryan Moore as CIO.
Recent activity: named allocation or portfolio evidence · Private Equity portfolio
Emerging-manager signal: site benchmark · Private Equity portfolio · Private Equity portfolio · unknown · committed
Focus: private markets
Caveat: Public pension, not a family office. The documents establish organization-level commitments; they do not establish Moore as the personal signer of either commitment.
- 005
Casey Wolf
Chief Investment Officer
Texas County & District Retirement System
Austin, TX, United States
public pension allocator
Tier 1direct private-equity and venture-fund commitmentsTCDRS's current activity page records a 2026 commitment to Aphias Capital Fund I and its official commitment reports identify additional Fund I allocations in 2024 and 2025.
Recent activity: named allocation or portfolio evidence · Private Equity program
Emerging-manager signal: site benchmark · Private Equity program · Private Equity program · unknown · committed
Focus: venture capital
Caveat: Public pension, not a family office. Fund I establishes sequence, not first-check or anchor status.
- 006
Adel A. Alderbas
Chief Investment Officer, Wafra; President, Capital Constellation
Wafra / Capital Constellation
New York, NY, United States
private markets allocator or program
Tier 1cornerstone and strategic capital for next-generation managersCapital Constellation made a named cornerstone investment in newly launched GREYKITE in March 2024; Wafra's current role page identifies Alderbas as leading next-generation manager partnerships.
Recent activity: named allocation or portfolio evidence · Capital Constellation
Emerging-manager signal: allocator labeled · Capital Constellation · Capital Constellation · unknown · unknown · program-level signal; target-specific status not inferred
Focus: private markets
Stages: seed / early stage
Caveat: Institutional seeding platform, not family capital. GREYKITE is a European real-estate private-equity manager.
- 007
Ajay Chitkara
Managing Partner
Bonaccord Capital Partners
Dallas, TX, United States
private markets allocator or program
Tier 2minority-stake investments in private-market managersBonaccord closed Fund II at $1.6 billion in January 2025 and disclosed $2.6 billion invested across 15 managers, including eight current Fund II holdings.
Recent activity: named allocation or portfolio evidence · Bonaccord Capital Partners Fund II
Emerging-manager signal: site benchmark · Bonaccord Capital Partners Fund II · Bonaccord Capital Partners Fund II · unknown · committed · program-level signal; target-specific status not inferred
Focus: private markets
Caveat: Institutional GP-stakes firm, not family capital. Most named portfolio managers are established rather than emerging.
- 008
Scott Chan
Chief Investment Officer
California State Teachers' Retirement System (CalSTRS)
West Sacramento, CA, United States
public pension allocator
Tier 2direct commitments and external emerging-manager mandatesCalSTRS has a formal objective to pursue emerging managers, defines private-equity emerging managers at up to $1.5 billion AUM, and partnered with Sapphire to invest in Fund I-III venture managers.
Recent activity: named allocation or portfolio evidence · New and Next Generation Manager Funds
Emerging-manager signal: site benchmark · New and Next Generation Manager Funds · New and Next Generation Manager Funds · primary direct fund commitment · unknown
Focus: venture capital
Caveat: Fund size and mandate differ by asset class; venture submissions may route through Sapphire Partners.
- 009
Erick Russell
Connecticut State Treasurer and Principal Fiduciary
Connecticut Retirement Plans and Trust Funds
Connecticut, United States
public pension allocator
Tier 2Capital-inclusion commitments and emerging-manager mandatesThe official Connecticut Inclusive Investment Initiative page sets out the state's program for increasing allocations to emerging and diverse firms; 2025 investment materials included a proposed emerging-manager real-estate mandate.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · unknown · announced
Focus: private markets
Caveat: Public pension, not family capital; recommendations and approvals are shared among staff, advisory council and Treasurer.
- 010
Anthony Chiu
Deputy Chief Investment Officer; Portfolio Manager, Private Equity and Alternative Assets
County Employees Retirement System of Kentucky
Frankfort, KY, United States
public pension allocator
Tier 2direct private-equity fund commitmentsCERS's April 2026 committee materials document due diligence on Capitol Meridian Partners Fund II and a unanimous recommendation of a $90 million commitment, contingent on negotiations, to the full board.
Recent activity: named allocation or portfolio evidence · Private Equity program
Emerging-manager signal: site benchmark · Private Equity program · Private Equity program · unknown · announced
Focus: private markets
Caveat: Public pension, not a family office. The cited action is a committee recommendation contingent on negotiations, not proof of final execution; commitment_status remains announced/proposed.
- 011
Carolina Huaranca Mendoza
General Partner and Investment Committee Member
First Close Partners
New York, United States
fund of funds allocator
Tier 2LP commitments to venture funds led by underrepresented managersFirst Close Partners describes itself as a fund-of-funds investing in established and emerging venture funds; a 2024 Lowenstein Sandler profile says it had completed more than 100 investments in underrepresented-manager-led venture funds and was investing its second fund.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: unknown · fund of funds indirect · admitted at close · at first close
Focus: venture capital
Caveat: Independent fund-of-funds rather than family office. The firm's primary website was not indexable in search, so current title should be rechecked directly before publication.
- 012
Roy Swan
Director, Mission Investments
Ford Foundation
New York, United States
foundation endowment
Tier 2LP commitments to first-time and emerging private-equity and venture managersFord's official FAQ explicitly says the mission-investment portfolio can invest in first-time managers, mainly in venture capital and private equity; in 2026 Ford described a $5 million investment in Appalachian Emerging Investors Fund.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: site benchmark · primary direct fund commitment · unknown
Focus: venture capital, private equity
Caveat: Foundation rather than family office; Swan's hiring announcement is older, so confirm against the current staff directory before publication.
- 013
John Dickie
Partner and Co-Head of Private Equity
HighVista Strategies
Boston, MA, United States
fund of funds allocator
Tier 2fund commitments to specialist and emerging lower-middle-market sponsorsHighVista closed Private Equity Fund X at $675 million in May 2024; the current strategy partners with sub-$500 million specialist sponsors and explicitly offers exposure to experienced emerging managers.
Recent activity: named allocation or portfolio evidence · US Lower Middle Market Private Equity strategy
Emerging-manager signal: program labeled · US Lower Middle Market Private Equity strategy · US Lower Middle Market Private Equity strategy · unknown · unknown
Focus: private equity
Caveat: Institutional allocator, not family capital. Sequence of the underlying emerging managers is not disclosed.
- 014
Avshalom 'Avi' Kalichstein
Chief Executive Officer and Co-Founder
Hunter Point Capital
New York, NY, United States
private markets allocator or program
Tier 2minority-stake and strategic-capital investments in rising alternative managersHunter Point closed its $3.3 billion inaugural GP Stakes Fund in March 2024, explicitly targeting the next generation of rising alternative managers.
Recent activity: named allocation or portfolio evidence · HPC GP Stakes Fund
Emerging-manager signal: allocator labeled · HPC GP Stakes Fund · HPC GP Stakes Fund · unknown · unknown · program-level signal; target-specific status not inferred
Focus: private markets
Caveat: Institutional GP-stakes firm, not family capital. Recent named investments include mature platforms, so no target-specific emerging label is inferred.
- 015
Bahiyah Yasmeen Robinson
Founder and Managing Partner
Include Ventures
San Francisco, CA, United States
fund of funds allocator
Tier 2Primary fund-of-funds commitments to emerging venture, growth and buyout managersInclude Ventures describes itself as a U.S. fund of funds with a platform of emerging managers; its affiliated VC Include page says Include Ventures has invested in 15 venture, growth and buyout funds.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: program labeled · fund of funds indirect · committed
Focus: venture capital, private equity
Stages: growth, buyout
Caveat: Reconfirm the current fund vintage, strategy fit and open capacity directly; individual commitment sizes are not disclosed.
- 016
Beezer Clarkson
Managing Director
LGT Capital Partners US Venture Platform
Menlo Park, CA, United States
private markets allocator or program
Tier 2primary commitments, co-investments and secondariesSapphire and CalSTRS announced management of five vehicles representing about $1.4 billion and planned roughly $100 million per year into emerging venture managers; Sapphire defines emerging as Fund I-III.
Recent activity: named allocation or portfolio evidence · CalSTRS New and Next Generation Manager Funds
Emerging-manager signal: site benchmark · CalSTRS New and Next Generation Manager Funds · CalSTRS New and Next Generation Manager Funds · unknown · unknown
Focus: venture capital
Caveat: Institutional fund investor, not a family office. Sapphire's core fund-investing team joined LGT Capital Partners in April 2026; the historical Sapphire program evidence is retained only with the current entity transition disclosed.
- 017
Marlene Timberlake D'Adamo
Managing Director, EDGE
Maryland State Retirement and Pension System
Baltimore, MD, United States
public pension allocator
Tier 2direct commitments and program-partner portfoliosTerra Maria spans all asset classes, includes Fund I-III definitions for private equity, private credit, real estate and infrastructure, and represents roughly $5 billion of plan assets.
Recent activity: named allocation or portfolio evidence · Terra Maria Emerging Manager Program
Emerging-manager signal: site benchmark · Terra Maria Emerging Manager Program · Terra Maria Emerging Manager Program · primary direct fund commitment · unknown
Focus: private equity, private credit, real estate, real assets
Caveat: Asset-class submissions route through state staff and named program partners; D'Adamo began in April 2026.
- 018
Marcia Page
Founder and Chief Executive Officer
MPowered Capital
Illinois / Minnesota / New York presence, United States
private markets allocator or program
Tier 2Seed capital, GP structured partnerships and fund investmentsOfficial materials state that MPowered provides investment capital and resources to undercapitalized emerging managers through seed investments, structured GP partnerships and fund investments.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: program labeled · unknown · unknown · program-level signal; target-specific status not inferred
Focus: private markets
Stages: seed / early stage
Caveat: Multi-office investment company rather than a family office; no personal signing authority is claimed.
- 019
Shoaib Khan
Director, Division of Investment
New Jersey Division of Investment
New Jersey, United States
public pension allocator
Tier 2Fund commitments and dedicated emerging-manager program allocationsA 2025 official investment memorandum documents a proposed $250 million commitment to Barings Emerging Manager Program Fund II.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: site benchmark · unknown · announced
Focus: private markets
Caveat: Public pension investment office, not family office; board/council approval applies.
- 020
Stephen Neel
Chief Investment Officer
New Mexico Educational Retirement Board
Santa Fe, NM, United States
public pension allocator
Tier 2direct private-equity fund commitmentsNMERB's June 2025 official private-equity report lists current commitments to Ballast Equity Partners Fund I and other Fund I-III vehicles; its current leadership directory identifies Neel as CIO.
Recent activity: named allocation or portfolio evidence · Private Equity portfolio
Emerging-manager signal: site benchmark · Private Equity portfolio · Private Equity portfolio · unknown · committed
Focus: private markets
Caveat: Public pension, not a family office. The report shows organization-level commitments and does not establish personal approval by Neel.
- 021
Taffi Ayodele
Head of Diverse and Emerging Manager Strategy, NYC Bureau of Asset Management
New York City Fire Pension Fund
New York, NY, United States
public pension allocator
Tier 2centralized NYC BAM commitmentsThe Fire Pension Fund is included in BAM's active program allocating across private equity, credit, real estate and public markets.
Recent activity: named allocation or portfolio evidence · NYC Emerging Managers Program
Emerging-manager signal: program labeled · NYC Emerging Managers Program · NYC Emerging Managers Program · unknown · unknown
Focus: private equity, private credit, real estate
Caveat: Same centralized sourcing team as other NYC systems.
- 022
Taffi Ayodele
Head of Diverse and Emerging Manager Strategy, NYC Bureau of Asset Management
New York City Police Pension Fund
New York, NY, United States
public pension allocator
Tier 2centralized NYC BAM commitmentsThe Police Pension Fund is one of the five systems in BAM's active cross-asset emerging-manager program.
Recent activity: named allocation or portfolio evidence · NYC Emerging Managers Program
Emerging-manager signal: program labeled · NYC Emerging Managers Program · NYC Emerging Managers Program · unknown · unknown
Focus: private markets
Caveat: Same centralized sourcing team as NYCERS; dedupe by office for outreach.
- 023
Erin Harkless Moore
Managing Director, Investments
Pivotal Ventures
Kirkland, WA, United States
single family office
Tier 2Fund commitments and Series A/B direct investments, often in first or second closesPivotal's 2025 strategy says it evaluates emerging managers, invests early in mission-aligned funds and aims to commit in a first or second close to crowd in other capital.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · unknown · unknown
Focus: private markets
Caveat: Mandate is focused on women, families and inclusive opportunity; generalist funds are unlikely to fit.
- 024
Simon Wachsberg
Managing Director
Ramex Inc.
Houston, TX, United States
single family office
Tier 2LP commitments across private equity, hedge funds, real estate and non-correlated alternativesRamex says it welcomes established and emerging managers and makes long-term commitments to a select set of alternative managers, with a preference for re-ups.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: program labeled · primary direct fund commitment · committed
Focus: private equity, real estate, hedge funds
Caveat: Ramex explicitly says venture capital and early-stage companies are typically outside mandate; relevant for PE, hedge, real-asset and niche alternative managers.
- 025
Mary Hunt
Principal; Small & Emerging Co-Portfolio Manager
RCP Advisors
Chicago, IL, United States
fund of funds allocator
Tier 2LP commitments to North American small and emerging private-equity fundsRCP closed Small and Emerging Fund III at $170.3 million in March 2025; the vehicle targets managers raising their second institutional fund or earlier, generally with targets of $300 million or less.
Recent activity: named allocation or portfolio evidence · RCP Small and Emerging Fund III
Emerging-manager signal: site benchmark · RCP Small and Emerging Fund III · RCP Small and Emerging Fund III · primary direct fund commitment · committed
Focus: private markets
Caveat: Institutional fund-of-funds, not family capital. Underlying LP commitments are not individually named.
- 026
Courtney McCrea
Co-Founder and Managing Partner
Recast Capital
San Francisco, CA, United States
fund of funds allocator
Tier 2LP commitments to US emerging managers raising institutional Funds I, II or IIIRecast's official strategy states that its fund vehicle invests in US-based emerging venture managers raising institutional Funds I-III.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: program labeled · primary direct fund commitment · unknown
Focus: venture capital
Caveat: Confirm current fund cycle, target fund size and whether the strategy remains open to new submissions.
- 027
Tirto Adji
Managing Partner
Samudra Pacific
San Francisco Bay Area, CA, United States
fund of funds allocator
Tier 2Venture-fund LP commitments plus seed/pre-seed and later direct investmentsSamudra calls itself a family-office investor and fund-of-funds, reports 12 venture-fund investments, and names funds including 8bit, Liquid 2, Elefund, Hustle Fund and Ulu.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: allocator labeled · fund of funds indirect · unknown · program-level signal; target-specific status not inferred
Focus: venture capital
Stages: seed / early stage
Caveat: The public portfolio demonstrates LP activity but does not disclose current allocation size.
- 028
Marla Blow
President and Chief Executive Officer
Skoll Foundation
Palo Alto, CA, United States
foundation endowment
Tier 2Mission-related fund commitments and catalytic impact investmentsNew Majority Capital named the Skoll Foundation as a first-close investor in NMC Fund I, a private-equity micro-buyout fund, in June 2024.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: site benchmark · unknown · unknown
Focus: private equity
Stages: buyout
Caveat: Gips is the senior public leader, not necessarily the individual who underwrote NMC; route to the investment team.
- 029
Kirk Sims
Managing Director, Emerging Manager Program
Teacher Retirement System of Texas
Austin, TX, United States
public pension allocator
Tier 2fund commitments, co-investments, seeding and fundless-sponsor dealsTRS reports $6.2 billion committed to 254 emerging managers across 438 investments, with typical first commitments of $10 million to $30 million and preference for funds below $1 billion and fourth generation or earlier.
Recent activity: current program or mandate activity · TRS Emerging Manager Program
Emerging-manager signal: program labeled · TRS Emerging Manager Program · TRS Emerging Manager Program · unknown · committed · program-level signal; target-specific status not inferred
Focus: private markets
Stages: seed / early stage
Caveat: Large institutional checks and broad alternatives mandate; not limited to venture.
- 030
Howie Schwartz
Founder
AI JB Capital
New York, United States
single family office
Tier 2LP commitments to emerging venture managers, including Fund I checksThe official site describes 12 LP commitments and says it was the first check into several Fund I vehicles; the disclosed manager set includes Eniac Ventures, Female Founders Fund, ff Venture Capital, 645 Ventures and Compound.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: site benchmark · primary direct fund commitment · committed
Focus: venture capital
Caveat: The official page is unusually precise on allocations but does not publish a street address or state; New York association should be independently confirmed. Founder title does not prove sole signing authority.
- 031
Jessie Tang
Principal and Head of Strategic Initiatives
Gratitude Railroad
New York, United States
private markets allocator or program
Tier 2Member capital into impact funds, including emerging private-market managersOfficial materials describe an investor community deploying into impact strategies; a 2024 newsletter identifies fund investment-committee activity and Cherryrock Capital among current relationships.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: unknown · unknown · unknown
Focus: private markets
Caveat: Community/platform rather than a conventional single balance-sheet allocator. Confirm headquarters and current committee members before publication.
- 032
Scott Voss
Managing Director, Senior Market Strategist
HarbourVest Partners
Massachusetts, United States
fund of funds allocator
Tier 2Primary commitments and emerging/diverse-manager programsHarbourVest's 2024 DEI report names activity with Coalesce Capital Fund I and the graduation of One Rock Capital Partners from emerging-manager programs; its primary platform invests in new private-market funds.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: site benchmark · unknown · unknown
Focus: private markets
Caveat: Current team relevance and exact program responsibility should be reconfirmed; institutional manager rather than family office.
- 033
Aaron Gillum
Partner at 50 South Capital; program investment lead
Next Level Indiana Fund
Indiana, United States
state backed investment program
Tier 2LP commitments to venture funds investing in IndianaThe Indiana Treasurer's official page states that the fund is managed by 50 South Capital and allocates to venture funds supporting Indiana companies; state entrepreneurship materials identify Gillum in connection with the program.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: unknown · primary direct fund commitment · unknown
Focus: venture capital
Caveat: Regional public fund-of-funds, not family capital; the mandate does not require every manager to be first-time.
- 034
Atul Rustgi
Managing Partner
Accolade Partners
Washington, DC, United States
fund of funds allocator
Tier 3LP commitments and early anchor capital for seed and emerging managersAccolade's current Empowerment strategy invests in emerging venture and growth managers; its November 2024 Blockchain III close says the $202 million vehicle acts as an early anchor to seed and early-stage managers.
Recent activity: current program or mandate activity · Empowerment strategy / Blockchain III
Emerging-manager signal: program labeled · Empowerment strategy / Blockchain III · Empowerment strategy / Blockchain III · primary direct fund commitment · unknown · program-level signal; target-specific status not inferred
Focus: venture capital
Stages: seed / early stage, growth
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Institutional fund-of-funds, not a family office. The 2024 named vehicle is sector-specific; anchor status is program-level, not inferred for a particular underlying fund.
- 035
Chris Tessin
Managing Partner / Maryland Terra Maria program contact
Acuitas Investments
Seattle, WA, United States
private markets allocator or program
Tier 3submanager allocations for institutional mandatesMaryland lists Acuitas as a program partner sourcing emerging U.S. small-cap managers for Terra Maria.
Recent activity: current program or mandate activity · Maryland Terra Maria U.S. Small Cap mandate
Emerging-manager signal: unknown · Maryland Terra Maria U.S. Small Cap mandate · Maryland Terra Maria U.S. Small Cap mandate · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public-equity mandate, not venture; included as a verified active emerging-manager allocator.
- 036
Bradley E. Dyslin
Executive Vice President and Global Chief Investment Officer; President, Aflac Global Investments
Aflac Global Investments
New York, NY, United States
insurance balance sheet or client program
Tier 3external-manager platform and manager-stakes investmentsAflac's official May 2024 announcement records an agreement to acquire a minority stake in lower-middle-market private-credit manager Tree Line Capital Partners through its external-manager platform.
Recent activity: current program or mandate activity · External Manager Platform
Emerging-manager signal: unknown · External Manager Platform · External Manager Platform · unknown · unknown · program-level signal; target-specific status not inferred
Focus: private credit
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Insurance general account, not family capital. Tree Line is an established manager, and the source announces an acquisition agreement rather than confirming closing.
- 037
Christopher Douvos
Managing Director
Ahoy Capital
Palo Alto, CA, United States
private markets allocator or program
Tier 3venture fund commitments and startup co-investmentsAhoy states that its concentrated portfolios augment established VC managers with dynamic emerging managers and that its principals have catalyzed nascent micro-VC firms.
Recent activity: manager-selection or portfolio activity · Emerging-manager venture portfolio
Emerging-manager signal: program labeled · Emerging-manager venture portfolio · Emerging-manager venture portfolio · unknown · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Boutique and relationship-driven; no public open submission cadence.
- 038
Chris Stringer
President and Head of Private Equity
Apogem Capital
Richmond, VA, United States
private markets allocator or program
Tier 3fund-of-funds commitments to first- and second-institutional fundsApogem's current private-equity strategy targets first or second institutional funds and reports more than $1.5 billion committed across over 95 emerging-manager funds; its July 2025 review confirms the strategy remains active.
Recent activity: current program or mandate activity · Emerging Managers strategy
Emerging-manager signal: program labeled · Emerging Managers strategy · Emerging Managers strategy · fund of funds indirect · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Insurance-owned institutional allocator, not family capital. Recent underlying fund names are not publicly disclosed.
- 039
Karen Mair
Maryland Terra Maria fixed-income program contact
Attucks Asset Management
Chicago, IL, United States
private markets allocator or program
Tier 3submanager allocations for institutional mandatesMaryland lists Attucks as a program partner for fixed income and international/small-cap emerging-manager portfolios.
Recent activity: current program or mandate activity · Maryland Terra Maria mandates
Emerging-manager signal: program labeled · Maryland Terra Maria mandates · Maryland Terra Maria mandates · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Primarily public markets; title should be reconfirmed directly because the state page labels Mair as program contact rather than corporate title.
- 040
Ken Johnson
Managing Director, Kegonsa Capital Partners; Badger Fund program manager
Badger Fund of Funds
Wisconsin, United States
state backed investment program
Tier 3Seed commitments to first-time Wisconsin venture-fund managersThe official 2025 annual report describes the Badger Fund's mandate and underlying funds, including first-time regional fund managers created through the program.
Recent activity: current program or mandate activity
Emerging-manager signal: site benchmark · unknown · committed · program-level signal; target-specific status not inferred
Focus: venture capital
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public-private regional program, not a family office; do not infer that Johnson individually approves every commitment.
- 041
Dave LaBrie
Maryland Terrapin Fund program contact
Barings
Charlotte, NC, United States
private markets allocator or program
Tier 3fund-of-one commitments and direct dealsMaryland and Barings launched a $250 million real-assets program focused on lower-middle-market direct deals and emerging managers, including $50 million for Maryland opportunities.
Recent activity: current program or mandate activity · Maryland Terrapin Fund / Terra Maria real-assets program
Emerging-manager signal: program labeled · Maryland Terrapin Fund / Terra Maria real-assets program · Maryland Terrapin Fund / Terra Maria real-assets program · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Sector-specific infrastructure and natural resources mandate.
- 042
Hari Joy
Managing Director
Blue Haven Initiative
Massachusetts, United States
single family office
Tier 3Direct investments and LP commitments to private funds, including emerging managersBlue Haven's official private-investments page explicitly invites fund managers and publishes a typical fund commitment range of $250,000 to $1 million alongside its impact mandate.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · primary direct fund commitment · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The published range is organization-level guidance, not an amount attributable to Joy personally or a guarantee of current deployment.
- 043
Sara Balawajder
Director, Investments; Co-Head of Builders Bridge
Builders Vision / Builders Bridge
Illinois, United States
private markets allocator or program
Tier 3LP commitments and catalytic capital for first-time and emerging impact managersBuilders Vision's official team bio and impact report describe Builders Bridge and a strategy that backs first-time fund managers and other catalytic investment structures.
Recent activity: current program or mandate activity
Emerging-manager signal: site benchmark · primary direct fund commitment · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Family-backed platform but not a conventional family office; current check sizes are not inferred.
- 044
Miguel Silva
Head of Emerging Managers Program; Investment Manager
California Public Employees' Retirement System (CalPERS)
Sacramento, CA, United States
public pension allocator
Tier 3direct commitments and advisor-run emerging-manager portfoliosCalPERS defines private-market emerging managers as first, second or third institutional funds up to $2 billion and highlights a $1 billion private-equity commitment through GCM Elevate and TPG NEXT.
Recent activity: current program or mandate activity · Emerging and Diverse Manager Program
Emerging-manager signal: program labeled · Emerging and Diverse Manager Program · Emerging and Diverse Manager Program · fund of funds indirect · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Institutional scale and California procurement constraints; use named program advisors and published definitions.
- 045
Andrea Auerbach
Global Head of Private Investments
Cambridge Associates
Boston, MA, United States
ocio or investment adviser
Tier 3advised and discretionary manager selectionCambridge says a majority of top-quartile venture performers in a vintage can be emerging managers raising their first few funds and emphasizes sourcing spinouts and new firms.
Recent activity: manager-selection or portfolio activity · Emerging venture-manager research and selection
Emerging-manager signal: program labeled · Emerging venture-manager research and selection · Emerging venture-manager research and selection · unknown · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Some clients retain final discretion; manager selection may occur through separate client mandates.
- 046
Ion Yadigaroglu
Managing Partner
Capricorn Investment Group
Palo Alto, CA, United States
private markets allocator or program
Tier 3External impact-fund commitments, private equity, venture and direct investmentsCapricorn was founded to manage Jeff Skoll's capital and publicly describes an impact portfolio spanning specialist funds and direct investments.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · unknown
Focus: venture capital, private equity
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Strong sustainability thesis; evidence does not establish a generalist emerging-manager mandate.
- 047
Michael Kim
Founder
Cendana Capital
San Francisco, CA, United States
fund of funds allocator
Tier 3primary fund commitments, secondaries and direct co-investmentsCendana reports more than $2.7 billion AUM and a mandate to provide high-conviction capital to very-early-stage VC funds; its portfolio strategy has included first-time and small seed managers.
Recent activity: current program or mandate activity · Very-early-stage VC fund strategy
Emerging-manager signal: site benchmark · Very-early-stage VC fund strategy · Very-early-stage VC fund strategy · unknown · unknown · program-level signal; target-specific status not inferred
Focus: venture capital
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Global mandate, so U.S. emerging managers compete with non-U.S. managers; check current vehicle deployment window.
- 048
Christopher N. Orndorff
President and Management Committee Member
Cercano Management
Bellevue, WA, United States
ocio or investment adviser
Tier 3Global public and private investments, including venture and private-equity funds and directsCercano manages the investment assets associated with the Allen family office and maintains a broad private-investment platform inherited from Vulcan Capital.
Recent activity: current program or mandate activity
Emerging-manager signal: unknown · unknown · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public portfolio and current outside-fund criteria are limited; no public Fund I preference.
- 049
Carlton W. Lenoir Sr.
Executive Director
Chicago Teachers' Pension Fund
Illinois, United States
public pension allocator
Tier 3Direct and manager-of-managers emerging/diverse-manager allocationsThe fund's official 2025 diversity report announcement describes current utilization of diverse and emerging managers across the portfolio.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: program labeled · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public pension, not family office; board governance applies.
- 050
Julia Mord
Chief Investment Officer
Commonfund
Wilton, CT, United States
ocio or investment adviser
Tier 3discretionary portfolios and private-capital fundsCommonfund reported growing diverse-manager representation from 10 to 41 firms and about 8.3% of AUM over six years, with managers included across searches and portfolios.
Recent activity: current program or mandate activity · Commonfund diverse-manager program
Emerging-manager signal: unknown · Commonfund diverse-manager program · Commonfund diverse-manager program · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Diverse and emerging are overlapping but not identical; contact route is manager portal and asset-class teams.
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US emerging-manager allocators, 51 to 100
- 051
William P. Prather III
Founding Partner and Chief Investment Officer
Cypress Creek Partners
Austin, TX, United States
private markets allocator or program
Tier 3Early meaningful investments in next-generation private-equity and real-asset managers, plus co-investments and directsCypress Creek says it uses an anchor-partner approach to serve as an early and meaningful investor in the next generation of investment teams.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: allocator labeled · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The published mandate spans private equity and real assets, not only venture.
- 052
Neal Triplett
President and Chief Investment Officer
DUMAC
Durham, NC, United States
university or educational endowment allocator
Tier 3direct external-manager commitmentsDUMAC told the Knight study it has a history of investing in emerging managers and providing seed and anchor capital, including to diverse-owned emerging firms.
Recent activity: manager-selection or portfolio activity · DUMAC emerging-manager seeding
Emerging-manager signal: program labeled · DUMAC emerging-manager seeding · DUMAC emerging-manager seeding · unknown · unknown · program-level signal; target-specific status not inferred
Focus: private markets
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Highly selective endowment with no public submission funnel.
- 053
Srinivas Pulavarti
Vice President and Chief Investment Officer
Emory Investment Management
Atlanta, GA, United States
university or educational endowment allocator
Tier 3Concentrated portfolio of external global investment managersEmory states that EIM manages Emory University, Emory Healthcare and Carter Center assets through a concentrated portfolio of top-tier global managers; a 2024 organisation chart identifies Pulavarti as CIO.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. No explicit emerging-manager programme or public cheque size.
- 054
JoAnn Price
Co-Founder and Managing Partner
Fairview Capital Partners
West Hartford, CT, United States
fund of funds allocator
Tier 3primary fund commitments and customized mandatesFairview explicitly markets a long-running Diverse and Emerging Managers strategy and publishes emerging-manager investment research.
Recent activity: current program or mandate activity · Diverse and Emerging Managers strategy
Emerging-manager signal: program labeled · Diverse and Emerging Managers strategy · Diverse and Emerging Managers strategy · unknown · committed
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Many commitments are made through institutional client mandates; direct approach path depends on strategy fit.
- 055
Elizabeth Browne
Managing Director
GCM Grosvenor
Chicago, IL, United States
private markets allocator or program
Tier 3anchor fund commitments, GP stakes and operating supportThe nearly $800 million debut fund makes catalytic seed investments in small and emerging private-equity firms; GCM reported roughly $20 billion managed with small and emerging managers.
Recent activity: manager-selection or portfolio activity · Elevate Fund
Emerging-manager signal: program labeled · Elevate Fund · Elevate Fund · unknown · unknown · program-level signal; target-specific status not inferred
Focus: private markets
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Current Elevate focus is lower- and middle-market buyout firms rather than generalist venture.
- 056
Nick Liolis
Chief Investment Officer
Guardian Life Insurance Company of America
New York, NY, United States
private markets allocator or program
Tier 3private-equity mandate and seed-capital partnershipGuardian completed a January 2026 Hamilton Lane partnership covering its existing nearly $5 billion private-equity portfolio, approximately $500 million of annual deployment, and $250 million of seed capital for new evergreen initiatives.
Recent activity: current program or mandate activity · Hamilton Lane strategic private-equity partnership
Emerging-manager signal: allocator labeled · Hamilton Lane strategic private-equity partnership · Hamilton Lane strategic private-equity partnership · unknown · unknown · program-level signal; target-specific status not inferred
Focus: private markets
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Insurance general account, not family capital. The mandate includes seed capital but is not specifically an emerging-manager program.
- 057
Katie Moore
Head of Emerging & Diverse Manager Platform
Hamilton Lane Emerging & Diverse Investments
Pennsylvania, United States
fund of funds allocator
Tier 3Primary commitments and mandates targeting first three institutional fundsHamilton Lane's official platform reports $40.5 billion committed to emerging and diverse managers over the prior ten years and defines the target as a manager's first three institutional funds, generally below $2 billion.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · unknown · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Institutional manager rather than family office; published totals may combine discretionary and advisory assets.
- 058
Robert M. Holt Jr.
Managing Partner and Co-CIO
Holt Capital Partners / Holt CIO
Fort Worth, TX, United States
ocio or investment adviser
Tier 3Independent manager selection and oversight for multi-asset, multi-manager portfoliosHolt CIO says it acts as chief investment officer for family and charitable portfolios, provides complete manager selection and targets boutique firms through a relationship-driven search process.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Holt is an adviser acting for client portfolios, not necessarily the principal LP; no specific current Fund I commitment is disclosed.
- 059
Michael W. Frerichs
Illinois State Treasurer
Illinois Growth and Innovation Fund
Illinois, United States
state backed investment program
Tier 3Direct and fund-of-funds commitments, including seeding and anchoring minority-led venture fundsOfficial materials describe ILGIF as an evergreen private-markets program and explicitly cite seeding and anchoring investment funds, including emerging and minority-led managers.
Recent activity: current program or mandate activity
Emerging-manager signal: allocator labeled · fund of funds indirect · unknown · program-level signal; target-specific status not inferred
Focus: venture capital
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public treasury allocator and ecosystem analogue, not a family office; staff and external managers execute the program.
- 060
Hans Swildens
CEO and Founder, Industry Ventures
Industry Ventures / Goldman Sachs External Investing Group
San Francisco, CA, United States
fund of funds allocator
Tier 3LP commitments to seed/early-stage funds, partnership holdings and secondariesIndustry Ventures says Swildens was early to support seed and early-stage venture partnerships. The firm disclosed more than $900m of new investments/commitments in 2024.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: allocator labeled · primary direct fund commitment · committed · program-level signal; target-specific status not inferred
Focus: venture capital
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Industry Ventures joined Goldman Sachs' External Investing Group in January 2026; confirm current branding, intake and approval paths.
- 061
Andriy Shapowal
Chief Investment Officer
Investure
Charlottesville, VA, United States
ocio or investment adviser
Tier 3Manager selection across venture, buyout, real assets, public equity and hedge fundsInvesture identifies Shapowal as CIO and former head of manager selection; CEO Bruce Miller remains active in sourcing private investments including venture capital and buyouts.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · unknown
Focus: venture capital, private equity, real assets, hedge funds
Stages: buyout
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The firm manages pooled capital for nonprofit clients; public materials do not name current Fund I positions.
- 062
Jamie Kramer
Head of Alternatives Solutions; Chair of Project Spark Investment Committee
J.P. Morgan Project Spark
New York, United States
bank sponsored investment program
Tier 3LP commitments and operating support for emerging alternative managersOfficial materials report that Project Spark selected 31 funds and committed $129 million as of 2023, with a mandate to support emerging alternative investment managers.
Recent activity: current program or mandate activity
Emerging-manager signal: unknown · primary direct fund commitment · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Corporate initiative rather than family-office capital; last quantified portfolio status located was 2023.
- 063
Rebecca Carland
Chief Investment Officer
John S. and James L. Knight Foundation
Miami, FL, United States
family foundation or endowment style vehicle
Tier 3external-manager mandates and fund commitmentsKnight reports more than one-third of its endowment, about $1 billion, is managed by diverse-owned firms and publicly leads manager-diversity research.
Recent activity: current program or mandate activity · Knight diverse-manager program
Emerging-manager signal: unknown · Knight diverse-manager program · Knight diverse-manager program · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Diverse-owned is not synonymous with Fund I; prioritize managers matching both diversity and emerging-size signals.
- 064
Mitch Kapor
Founding Partner
Kapor Capital
Oakland, CA, United States
private markets allocator or program
Tier 3Early-stage direct investment and selective LP commitmentsKapor Capital was named as an LP in Plexo Capital's $42.5m debut fund, which backs minority-led early-stage venture funds.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: unknown · primary direct fund commitment · committed
Focus: venture capital
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The named LP evidence is older; reconfirm whether Kapor still makes outside-fund commitments under the current structure.
- 065
Rob Jakacki
Managing Partner, Chief Executive Officer and Co-Chief Investment Officer
Kudu Investment Management
New York, NY, United States
private markets allocator or program
Tier 3minority stakes and GP-commitment financing for boutique managersKudu announced a named minority investment in RiverNorth Capital Management in December 2024 and says its permanent capital finances GP commitments and growth at boutique managers.
Recent activity: named allocation or portfolio evidence · Kudu manager-partnership program
Emerging-manager signal: unknown · Kudu manager-partnership program · Kudu manager-partnership program · unknown · committed · program-level signal; target-specific status not inferred
Focus: private markets
Stages: growth
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Institutional manager-stakes allocator, not family capital. Targets established boutiques rather than exclusively Fund I-III managers.
- 066
David S. Luttrell
CEO and Chief Investment Officer
LCM Group
Dallas, TX, United States
single family office
Tier 3Direct private equity, later-stage venture, search funds, secondaries, occasional GP stakes and seed capitalLCM says it is the Luttrell family office. Its strategy states that it occasionally takes GP stakes to launch financial-services platforms and provides seed capital for high-growth companies; it also seeded Cedar Springs Capital.
Recent activity: current program or mandate activity
Emerging-manager signal: allocator labeled · unknown · unknown · program-level signal; target-specific status not inferred
Focus: venture capital, private equity
Stages: seed / early stage, growth
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. LCM says it prefers directs and co-investments over traditional commingled funds; pitch only strongly aligned manager or GP-stake opportunities.
- 067
Clayton Jue
President and CEO / Maryland program contact
Leading Edge Investment Advisors
San Francisco, CA, United States
private markets allocator or program
Tier 3submanager allocationsMaryland identifies Leading Edge and Clayton Jue as an emerging-manager program partner.
Recent activity: current program or mandate activity · Maryland Terra Maria international developed mandate
Emerging-manager signal: program labeled · Maryland Terra Maria international developed mandate · Maryland Terra Maria international developed mandate · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public-equity focus rather than private funds.
- 068
Ellen Chen
Investment Officer III
Los Angeles City Employees' Retirement System
Los Angeles, CA, United States
public pension allocator
Tier 3direct and external-manager commitmentsLACERS maintains an emerging-manager resource library explaining policy, status criteria and selection processes, and its 2026 searches explicitly encourage emerging-manager participation.
Recent activity: current program or mandate activity · LACERS Emerging Investment Manager Program
Emerging-manager signal: program labeled · LACERS Emerging Investment Manager Program · LACERS Emerging Investment Manager Program · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Current public RFPs may target listed strategies rather than private venture funds.
- 069
Christopher J. Wagner
Principal Investment Officer, Private Equity
Los Angeles County Employees Retirement Association
Pasadena, CA, United States
public pension allocator
Tier 3direct and program-partner private-equity emerging-manager commitmentsLACERA's 2025 board materials provide a Private Equity Emerging Manager Program update, and its 2026 total-fund report continues to monitor emerging-manager program exposure.
Recent activity: current program or mandate activity · Private Equity Emerging Manager Program
Emerging-manager signal: program labeled · Private Equity Emerging Manager Program · Private Equity Emerging Manager Program · unknown · committed
Focus: private equity
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public pension, not a family office. The sources establish organization-level program activity, not Wagner's personal approval of a commitment.
- 070
Bryan Fujita
Chief Investment Officer
Los Angeles Fire and Police Pensions
Los Angeles, CA, United States
public pension allocator
Tier 3direct commitments and program-manager portfoliosLAFPP's March 2026 official board package names CIO Bryan Fujita as project lead for the 2026–27 Emerging Manager Program initiative; the live official directory continued to list him as CIO when reviewed on August 18, 2026.
Recent activity: current program or mandate activity · LAFPP Emerging Manager Programs
Emerging-manager signal: program labeled · LAFPP Emerging Manager Programs · LAFPP Emerging Manager Programs · primary direct fund commitment · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public pension, not a family office. The board package establishes current organization-level program activity and Fujita's project-lead role, not a named underlying-fund commitment. A retirement notice exists, but no successor was publicly named and the live directory still listed Fujita at the review date.
- 071
Susan E. Manske
Vice President and Chief Investment Officer
MacArthur Foundation
Chicago, IL, United States
family foundation or endowment style vehicle
Tier 3pooled external-manager commitmentsMacArthur reports about 23% of U.S.-focused assets committed to diverse firms and names asset-class staff for manager submissions; an earlier update reported 17 funds and $564 million committed to diverse-owned managers.
Recent activity: manager-selection or portfolio activity · Diversifying investment managers
Emerging-manager signal: unknown · Diversifying investment managers · Diversifying investment managers · unknown · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public criteria emphasize fit and institutional readiness, not explicitly Fund I.
- 072
Jackson Garton
Chief Investment Officer
Makena Capital Management
Menlo Park, CA, United States
ocio or investment adviser
Tier 3External-manager selection across public and private assets for families and institutionsMakena reported that diverse-manager commitments were 20% of 2024 capital commitments and 29% by count, all from private equity, and explicitly cited building conviction in emerging managers.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: program labeled · unknown · committed
Focus: private equity
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The report aggregates commitments and does not identify fund names or promise future pacing.
- 073
Michael Trotsky
Executive Director and Chief Investment Officer
Massachusetts PRIM
Boston, MA, United States
public pension allocator
Tier 3direct commitments and manager-of-managers programsMassPRIM reports more than $14 billion managed by diverse managers and approximately $270 million deployed to emerging-diverse managers in FY2024 under its $1 billion program.
Recent activity: current program or mandate activity · FUTURE Initiative / Emerging-Diverse Manager Program
Emerging-manager signal: program labeled · FUTURE Initiative / Emerging-Diverse Manager Program · FUTURE Initiative / Emerging-Diverse Manager Program · primary direct fund commitment · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Program is diversity-oriented and spans asset classes; check current expert adviser for the relevant strategy.
- 074
Akobe Sandy
Head of First Fund
MassMutual First Fund Initiative
Massachusetts, United States
insurance balance sheet or client program
Tier 3LP commitments to early institutional funds managed by underrepresented teamsMassMutual describes First Fund as a $250 million initiative; its official holdings include Plexo Capital, VamosVentures, The 22 Fund, Reinventure Capital, Raven Indigenous Capital Partners, L'Attitude Ventures and Impact America Fund.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: unknown · primary direct fund commitment · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Corporate balance-sheet allocator, not a family office. Named leader is the program head; signing authority is not stated.
- 075
Agata R. Praczuk
Director, Emerging Managers Program & Client Portfolio
MetLife Investment Management Emerging Manager Program
Whippany, NJ, United States
insurance balance sheet or client program
Tier 3direct commitments to first-time and smaller private-equity fundsMetLife's current program materials describe a private-equity emerging-manager program investing directly in first-time and smaller funds and a pipeline into its core private-equity program; Praczuk's current official bio says she manages the program.
Recent activity: current program or mandate activity · MetLife Emerging Manager Program
Emerging-manager signal: site benchmark · MetLife Emerging Manager Program · MetLife Emerging Manager Program · primary direct fund commitment · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Insurance/institutional program, not family capital. The public source does not name every underlying fund or current commitment amount.
- 076
Seth Alexander
President
MIT Investment Management Company
Cambridge, MA, United States
university or educational endowment allocator
Tier 3direct external-manager commitmentsMITIMCo says its program invests earlier than most, including firms with $5 million or less AUM, little or no track record, one-person shops and managers for whom MIT may be the only LP.
Recent activity: current program or mandate activity · MITIMCo Emerging Manager Program
Emerging-manager signal: program labeled · MITIMCo Emerging Manager Program · MITIMCo Emerging Manager Program · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Exceptionally selective and unconventional; the public criteria are not an invitation or guarantee of active allocation.
- 077
Chris Keller, CFA
Managing Partner
Moelis Catalyst Partners
New York, United States
private markets allocator or program
Tier 3LP commitments and strategic capital for debut and emerging private-equity managersOfficial materials describe a team that has committed to more than 50 first-time and emerging managers and a strategy focused on identifying debut private-equity firms.
Recent activity: current program or mandate activity
Emerging-manager signal: site benchmark · primary direct fund commitment · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Specialist investment platform rather than a family office; team history may include pre-firm investments.
- 078
Irwin C. Loud III
Chief Investment Officer; Investment Committee Member
Muller & Monroe Asset Management
Chicago, IL, United States
private markets allocator or program
Tier 3fund commitments to small, emerging, first-time and spinout managersMuller & Monroe's current official strategy says it invests exclusively in small and emerging lower-middle-market managers and accepts active submissions from first-time, spinout, niche, minority- and women-led funds.
Recent activity: current program or mandate activity · Small and Emerging Manager strategy
Emerging-manager signal: site benchmark · Small and Emerging Manager strategy · Small and Emerging Manager strategy · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Institutional manager, not family capital. Current pages are undated and do not name a recent underlying allocation.
- 079
Jason Howard
Founder and Managing Partner
New Catalyst Strategic Partners
District of Columbia, United States
private markets allocator or program
Tier 3Seed/strategic capital to managers raising their first through fifth institutional fundsThe official strategy targets high-potential private-equity managers raising Funds I-V and offers strategic capital and operating support.
Recent activity: current program or mandate activity
Emerging-manager signal: allocator labeled · unknown · unknown · program-level signal; target-specific status not inferred
Focus: private markets
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. GP-seeding platform rather than a traditional LP-only family office.
- 080
Jon Clark
State Investment Officer
New Mexico State Investment Council
Santa Fe, NM, United States
state permanent fund allocator
Tier 3direct commitments to venture funds, including first-time fundsNew Mexico's official rule expects the venture portfolio to contain first-time funds; a September 2025 state announcement says SIC had committed $1 billion to venture funds since June 2025.
Recent activity: current program or mandate activity · New Mexico private equity investment program
Emerging-manager signal: site benchmark · New Mexico private equity investment program · New Mexico private equity investment program · primary direct fund commitment · committed
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. State permanent fund, not a family office. The cited sources do not identify every underlying fund or Clark's personal approval role.
- 081
Taffi Ayodele
Head of Diverse and Emerging Manager Strategy, NYC Bureau of Asset Management
New York City Board of Education Retirement System
New York, NY, United States
public pension allocator
Tier 3centralized NYC BAM commitmentsBERS participates in the NYC systems' emerging-manager program and shares the program's public criteria and central manager-selection process.
Recent activity: current program or mandate activity · NYC Emerging Managers Program
Emerging-manager signal: program labeled · NYC Emerging Managers Program · NYC Emerging Managers Program · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Separate plan but not a distinct outreach target from BAM.
- 082
Taffi Ayodele
Head of Diverse and Emerging Manager Strategy, NYC Bureau of Asset Management
New York City Employees' Retirement System (NYCERS)
New York, NY, United States
public pension allocator
Tier 3centralized NYC BAM commitmentsNYC's five systems collectively reported $13.02 billion invested with or committed to emerging managers across public and private markets.
Recent activity: current program or mandate activity · NYC Emerging Managers Program
Emerging-manager signal: program labeled · NYC Emerging Managers Program · NYC Emerging Managers Program · unknown · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. NYCERS is one of five distinct plans, but manager sourcing and execution are centralized through BAM.
- 083
Taffi Ayodele
Head of Diverse and Emerging Manager Strategy
New York City Retirement Systems Diverse and Emerging Manager Strategy
New York, United States
public pension allocator
Tier 3LP commitments via dedicated diverse and emerging manager strategiesThe Comptroller's official site documents multiple generations of the strategy and its allocation framework for diverse and emerging managers.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · primary direct fund commitment · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public pension, not family office; formal approvals involve pension boards and the Comptroller's investment process.
- 084
Sylvester McClearn
Director of Emerging Managers
New York State Common Retirement Fund
New York, United States
public pension allocator
Tier 3Direct and program-manager commitments to emerging managers across asset classesThe official current page reports $12.9 billion managed by emerging managers as of 2026 and identifies direct and program-manager routes.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public pension, not family capital. Individual role is a program lead, not a claim of unilateral signing authority.
- 085
Jessie Jia Guo
Investment Partner
Next Legacy Partners
Palo Alto, CA, United States
fund of funds allocator
Tier 3Emerging Leaders Fund LP commitments plus flagship fund investments and direct co-investmentsNext Legacy says its Emerging Leaders Fund backs early-stage, diverse managers; Guo invests across the Flagship and Emerging Leaders strategies.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · primary direct fund commitment · unknown
Focus: venture capital
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The firm also invests in established access-constrained managers; do not assume every strategy is emerging-manager focused.
- 086
Govind Shivkumar
Director, Programs and Policy
Omidyar Network
Redwood City, CA, United States
private markets allocator or program
Tier 3For-profit fund and company investments plus grants and blended-capital vehiclesOmidyar identifies Shivkumar as overseeing for-profit investments in emerging-tech companies and funds, including SkyDeck VC Fund, and reports $739m-plus of for-profit investment since inception.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Theme and impact alignment are central; not a general emerging-manager programme.
- 087
Ricardo Lopez
Investment Strategist
Oregon Growth Fund
Salem, OR, United States
state backed investment program
Tier 3catalytic and anchor commitments to Oregon-focused venture fundsBusiness Oregon describes Oregon Growth Fund as a current emerging-fund-manager program and catalytic anchor/feeder to the Oregon Growth Account, with continuous review of fund opportunities.
Recent activity: current program or mandate activity · Oregon Growth Fund
Emerging-manager signal: allocator labeled · Oregon Growth Fund · Oregon Growth Fund · unknown · unknown
Focus: venture capital
Stages: growth
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. State-supported ecosystem allocator, not family capital. No target-specific anchor flag is set without a named fund source.
- 088
Lo Toney
Founding Managing Partner
Plexo Capital
San Francisco, CA, United States
fund of funds allocator
Tier 3LP commitments to emerging managers plus direct co-investmentsPlexo's founder reported 53 LP commitments and 50 direct investments in 2026; the firm's GPx programme is explicitly designed for emerging fund managers.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · primary direct fund commitment · committed
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public evidence establishes the programme, not current cheque size or open capacity.
- 089
Shafin Damani
Founder and Managing Partner
PuffinVC
New York / Georgia, United States
fund of funds allocator
Tier 3LP commitments to first- and second-time sub-$50 million venture fundsThe official site says its fund-of-funds backs emerging managers and lists Oval Park Capital, Overline, New Stack Ventures, GreyMatter Capital, First Check Ventures and other managers.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: program labeled · fund of funds indirect · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Dual Atlanta/New York footprint; ticket size is not inferred.
- 090
Afsaneh Beschloss
Founder and Chief Executive Officer
RockCreek
Washington, DC, United States
private markets allocator or program
Tier 3emerging-manager partnerships and fund allocationsConnecticut committed up to $300 million to a RockCreek emerging-manager partnership in private credit.
Recent activity: manager-selection or portfolio activity · CRPTF-RockCreek Emerging Manager Partnership Series II
Emerging-manager signal: program labeled · CRPTF-RockCreek Emerging Manager Partnership Series II · CRPTF-RockCreek Emerging Manager Partnership Series II · unknown · committed
Focus: private credit
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The cited active mandate is private credit, not venture.
- 091
Jamie Rhode
Partner
Screendoor
New York, United States
fund of funds allocator
Tier 3LP capital and institutional support for emerging venture managersScreendoor publicly describes its mission as backing the next generation of venture managers and maintains an open manager application process.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: allocator labeled · unknown · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Layne Johnson is also a Partner. Public materials do not attribute final signing authority to one person.
- 092
Peter Lacaillade
Chief Investment Officer, Private Investments
SCS Financial
Boston, MA, United States
multi family office
Tier 3discretionary client portfolios and pooled private-investment vehiclesSCS says it deliberately targets small funds and next-generation emerging managers across venture capital, private equity and other private markets; its ADV lists venture/growth fund-of-funds vehicles.
Recent activity: current program or mandate activity · SCS private-markets emerging-manager program
Emerging-manager signal: program labeled · SCS private-markets emerging-manager program · SCS private-markets emerging-manager program · fund of funds indirect · unknown
Focus: venture capital, private equity
Stages: growth
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Allocations are made for client and pooled vehicles; appetite varies by strategy and vintage.
- 093
Karen Horn Welch
Chief Investment Officer
Spider Management Company
Richmond, VA, United States
university or educational endowment allocator
Tier 3External-manager access for the University of Richmond and 29 nonprofit partnersSpider reports approximately $6bn AUM and says its model gives endowments and foundations access to leading investment managers; regulatory data identifies Horn Welch as CIO.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. No explicit emerging-manager programme is disclosed; use as an endowment-style manager selector.
- 094
Christopher L. Winiarz
Chief Investment Officer
Stable Asset Management
New York, NY, United States
private markets allocator or program
Tier 3strategic seed and acceleration capital for new GPsStable's current site reports 45 partnership investments and says it provides strategic seed and acceleration capital to launch and scale new GPs across public and private alternatives.
Recent activity: manager-selection or portfolio activity · Stable emerging-manager partnerships
Emerging-manager signal: program labeled · Stable emerging-manager partnerships · Stable emerging-manager partnerships · unknown · unknown · program-level signal; target-specific status not inferred
Focus: private markets
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Institutional seeding platform, not a family office. Current portfolio names are not publicly listed.
- 095
Ted Panarese
Partner
StepStone Group
New York / Maryland, United States
fund of funds allocator
Tier 3Primary fund commitments to emerging seed and growth managersStepStone's official venture-and-growth strategy says it backs emerging managers; a 2026 firm podcast specifically presents the investment case for emerging managers with Ted Panarese and Aditya Fontana-Raina.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · unknown · unknown · program-level signal; target-specific status not inferred
Focus: venture capital
Stages: seed / early stage, growth
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Institutional manager, not a family office. Aditya Fontana-Raina is a co-presenter and relevant investment professional.
- 096
Apurva Mehta
Co-Founder and Managing Partner
Summit Peak Investments
Fort Worth, TX, United States
private bank or wealth platform discretionary
Tier 3fund commitments and co-investmentsSummit Peak states that it seeks promising next-generation VCs that are under the radar and cites identifying emerging venture firms before others.
Recent activity: current program or mandate activity · Next-generation venture manager strategy
Emerging-manager signal: allocator labeled · Next-generation venture manager strategy · Next-generation venture manager strategy · unknown · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The platform mixes established and emerging managers; confirm current fund size and geography filters.
- 097
Taffi Ayodele
Head of Diverse and Emerging Manager Strategy, NYC Bureau of Asset Management
Teachers' Retirement System of the City of New York
New York, NY, United States
public pension allocator
Tier 3centralized NYC BAM commitmentsThe system participates in NYC BAM's cross-asset emerging-manager program, which reported $13.02 billion across all five city systems.
Recent activity: current program or mandate activity · NYC Emerging Managers Program
Emerging-manager signal: program labeled · NYC Emerging Managers Program · NYC Emerging Managers Program · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Potential duplicate contact path with other NYC systems; retain as a separate legal allocator only if the final list counts plans rather than offices.
- 098
Jose Gonzalez
Senior Investment Officer, Diverse and Emerging Managers
Teachers' Retirement System of the State of Illinois
Illinois, United States
public pension allocator
Tier 3Direct and manager-of-managers commitments to emerging managersTRS's official 2025 twentieth-anniversary release reports approximately $11 billion and 138 investments through its emerging-manager program.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public pension, not family office; no personal signing authority inferred.
- 099
Jay Willoughby
Co-Chief Investment Officer
TIFF Investment Management
Radnor, PA, United States
foundation endowment
Tier 3pooled funds and discretionary member portfoliosTIFF states that investing with emerging managers is a key component of its strategy and publishes a dedicated emerging-manager spotlight series.
Recent activity: current program or mandate activity · TIFF emerging-manager partnerships
Emerging-manager signal: program labeled · TIFF emerging-manager partnerships · TIFF emerging-manager partnerships · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Broad multi-asset mandate; emerging does not necessarily mean first-time venture fund.
- 100
Amit Tiwari
Managing Partner
Tiger Iron Capital
San Francisco, CA, United States
fund of funds allocator
Tier 3LP commitments to established and up-and-coming early-stage venture managersTiger Iron's team biographies describe a strategy built on sourcing up-and-coming venture managers and emerging micro-VC funds.
Recent activity: current program or mandate activity
Emerging-manager signal: unknown · primary direct fund commitment · unknown
Focus: venture capital
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public portfolio details are limited; confirm current pacing and mandate.
US emerging-manager allocators, 101 to 150
- 101
Peter Baldwin
Managing Director, Investments
Tolleson Wealth Management
Dallas, TX, United States
multi family office
Tier 3Sourcing, diligence and monitoring of private-equity, private-debt, real-estate and energy funds and co-investmentsTolleson identifies Baldwin as the leader responsible for sourcing and diligencing private investments; its 2026 material describes a GP network and selective early investment in innovation.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Evidence supports private-market manager selection, not a stated Fund I preference.
- 102
Pamela Pavkov
Managing Partner, TPG NEXT
TPG NEXT
San Francisco, CA / Fort Worth, TX, United States
private markets allocator or program
Tier 3anchor LP, working capital, minority GP stakes and co-investmentsTPG describes NEXT as a GP seeding and stakes strategy providing anchor LP and working capital to new firms as they launch, with a preference for pre-launch managers.
Recent activity: current program or mandate activity · TPG NEXT
Emerging-manager signal: allocator labeled · TPG NEXT · TPG NEXT · unknown · unknown · program-level signal; target-specific status not inferred
Focus: private markets
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Selective strategic-partnership model; may seek economics or ownership beyond a conventional LP ticket.
- 103
Mel Williams
Co-Founder and Partner
TrueBridge Capital Partners
Chapel Hill, NC, United States
fund of funds allocator
Tier 3LP commitments to venture firms plus selective direct investmentsTrueBridge reports 467 manager meetings in 2024, $8bn AUM and a mandate centered on funding venture GPs, LPs and founders.
Recent activity: current program or mandate activity
Emerging-manager signal: unknown · primary direct fund commitment · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The firm also emphasizes access-constrained established managers; emerging-manager fit should be established.
- 104
Jagdeep Singh Bachher
Chief Investment Officer
UC Investments
Oakland, CA, United States
university or educational endowment allocator
Tier 3External-manager commitments plus UC venture and innovation programmesUC Investments has published emerging-manager and diverse-manager initiatives and manages private-equity and venture allocations across the University of California portfolios.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · unknown · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Institutional procurement and programme rules apply; verify the specific emerging-manager channel.
- 105
Stefan Strein
President, CEO and Chief Investment Officer
UNC Management Company
Chapel Hill, NC, United States
university or educational endowment allocator
Tier 3External venture, private-equity, hedge-fund and real-estate manager allocationsUNCMC manages more than $11bn for the UNC system and publicly lists venture capital and private equity as specialties; it announced Strein as President/CEO/CIO in 2026.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · unknown
Focus: venture capital, private equity
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. No public evidence of a dedicated current Fund I sleeve; contact the relevant private-investment team.
- 106
Richard Hall
President, Chief Executive Officer and Chief Investment Officer
UTIMCO
Austin, TX, United States
university or educational endowment allocator
Tier 3External venture, buyout, real-asset, credit and hedge-fund commitmentsUTIMCO is a long-running LP in venture funds and other private-market partnerships; its public materials identify a dedicated private-investments organisation under the CIO.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · committed
Focus: venture capital, private equity, private credit
Stages: buyout
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Fund commitments and first-time-manager decisions are generally confidential; do not infer an open mandate.
- 107
Steven R. Kim
Managing Partner
Verdis Investment Management
Pennsylvania, United States
single family office
Tier 3Systematic LP commitments to early-stage, first-time and emerging venture managersVerdis says it began allocating for a single family in 2015, expanded to a consortium of family offices in 2019 and transitioned to an independent fund-of-funds in 2026; its strategy explicitly includes first-time funds and emerging managers.
Recent activity: current program or mandate activity
Emerging-manager signal: site benchmark · fund of funds indirect · unknown
Focus: venture capital
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. No longer legally a single-family office, although its capital base and history are directly relevant to family allocators.
- 108
Tom Weithman
Chief Investment Officer and Vice President, Investment
Virginia Innovation Partnership Corporation — Virginia Invests
Richmond, VA, United States
state backed investment program
Tier 3fund-of-funds commitments to early-stage venture managersVIPC's official current page describes Virginia Invests as its fund of funds, says it invests in early-stage venture fund managers, and publishes its current manager roster.
Recent activity: manager-selection or portfolio activity · Virginia Invests
Emerging-manager signal: unknown · Virginia Invests · Virginia Invests · fund of funds indirect · committed
Focus: venture capital
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. State economic-development capital, not a family office. The public page identifies managers but does not disclose individual commitment amounts.
- 109
Cynthia Muller
Director, Mission Investment
W.K. Kellogg Foundation
Michigan, United States
foundation endowment
Tier 3LP commitments to funds and fund-of-funds managed by undercapitalized teamsThe official portfolio includes Impact America Fund, Impact Engine, Marcy Venture Partners and other fund positions; the strategy discusses supporting undercapitalized managers and intermediaries.
Recent activity: named allocation or portfolio evidence
Emerging-manager signal: unknown · fund of funds indirect · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Foundation rather than family office; not every named holding is a first-time fund.
- 110
Dhruv Maniktala
Chief Investment Officer and Partner
Western Alternative Strategies
Dallas, TX, United States
multi family office
Tier 3Primary fund commitments, co-investments and directs across venture, PE, real estate, energy and creditWestern reports 84 GP primary commitments and 120 total investments; its private-market vehicles combine direct, co-investment and fund commitments.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · committed
Focus: venture capital, private credit, real estate
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The programme is broad across private markets and may favour time-tested managers over Fund I.
- 111
Anthony Ghosn
Managing Partner
Winter Emergence Capital
New York, United States
fund of funds allocator
Tier 3Multi-manager LP commitments to emerging and first-time venture fundsOfficial materials describe a diversified emerging-manager fund-of-funds and more than 20 emerging-manager vehicles, including first-time operator-led funds.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: site benchmark · fund of funds indirect · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Independent fund-of-funds rather than a single-family office; individual investment authority is not disclosed.
- 112
Abby Flamholz
Co-Founder and Partner
Worth Venture Partners
New York, United States
private bank or wealth platform discretionary
Tier 3Emerging-manager alternative investment solutions and fund commitmentsWorth describes itself as a boutique alternatives manager focused on emerging managers and reports approximately $450 million of assets under management on its official about page.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: program labeled · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Manager/platform rather than a family office; the public page does not name every underlying fund.
- 113
Cesar J. Gonzales
Managing Partner / Maryland program contact
Xponance
Philadelphia, PA, United States
private markets allocator or program
Tier 3submanager allocationsMaryland lists Xponance as its program partner for emerging international small-cap managers.
Recent activity: current program or mandate activity · Maryland Terra Maria international small-cap mandate
Emerging-manager signal: unknown · Maryland Terra Maria international small-cap mandate · Maryland Terra Maria international small-cap mandate · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public-equity focus; verify whether any separate private-market mandate is accepting proposals.
- 114
Melissa Cheong
Chief Investment Officer
Zoma Capital
Denver, CO, United States
single family office
Tier 3Impact fund commitments and direct investments across climate, community and health themesZoma is the family investment office of Ben and Lucy Ana Walton and publicly describes an impact strategy that uses both fund and direct investments.
Recent activity: current program or mandate activity
Emerging-manager signal: unknown · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Impact fit is required; current fund intake and cheque size are not disclosed.
- 115
Samir Kaji
Co-Founder, CEO and President
Allocate
Palo Alto, CA, United States
private bank or wealth platform discretionary
Tier 3Curated venture-fund and private-market access for advisers, family offices and qualified investorsAllocate markets an investment platform for venture funds and private markets and is led by long-time emerging-manager banker and allocator Samir Kaji.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · unknown · committed
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. A platform listing, feeder or SPV is not the same as a balance-sheet anchor commitment; confirm product structure.
- 116
Elizabeth (Beth) Brown
Managing Director, Mental Health and Well-Being & Effective Philanthropy and Learning
Arthur M. Blank Family Foundation
Atlanta, GA, United States
family foundation or endowment style vehicle
Tier 3Pooled-fund investments, grants and mission-aligned capitalThe foundation's 2025 announcement names it among the organisations investing in the Responsible Technology Youth Power Fund; its official team page identifies Brown as the relevant mental-health and well-being managing director.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Evidence is a philanthropic pooled fund, not a commercial VC Fund I commitment; classify separately in the final page.
- 117
Patrick Edelmann
Partner
Breaker Cove
San Francisco, CA, United States
fund of funds allocator
Tier 3LP commitments to first-time technology VC managers plus selective direct opportunitiesA 2024 FINRA disclosure describes Breaker Cove as a fund-of-funds investing in first-time technology VC fund managers and evaluating direct opportunities arising from those relationships.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: site benchmark · fund of funds indirect · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public web presence is limited; reconfirm operating status, contact route and mandate before use.
- 118
Jim Casselberry
Chief Investment Officer
Health Forward Foundation
Kansas City, MO, United States
foundation endowment
Tier 3external-manager and seeding commitmentsHealth Forward's CIO publicly discussed backing Expect Equity, a first fund that seeds and incubates underrepresented emerging hedge-fund managers.
Recent activity: named allocation or portfolio evidence · Expect Equity Fund I backing
Emerging-manager signal: site benchmark · Expect Equity Fund I backing · Expect Equity Fund I backing · unknown · unknown · program-level signal; target-specific status not inferred
Focus: private markets
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Third-party announcement and hedge-fund strategy; verify current role and broader venture appetite.
- 119
Mark W. Yusko
Founder, CEO and Chief Investment Officer
Morgan Creek Capital Management
Chapel Hill, NC, United States
ocio or investment adviser
Tier 3Asset allocation, manager selection and portfolio construction for endowments, foundations and family officesMorgan Creek says its investment solutions are built on the endowment model and manager selection, with an institutional and private-wealth client base.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The public site does not identify recent emerging-manager commitments; validate product and manager-search fit.
- 120
Investment Department
Emerging Managers Week participant
New York State Teachers' Retirement System
Albany, NY, United States
public pension allocator
Tier 3direct and external-manager commitmentsNYSTRS co-organized the second annual Emerging Managers Week for asset managers to meet senior plan leadership and develop allocation relationships.
Recent activity: manager-selection or portfolio activity · Emerging Managers Week
Emerging-manager signal: program labeled · Emerging Managers Week · Emerging Managers Week · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Event participation signals active sourcing, but no Fund I check range is published in the source.
- 121
John D. Lawrence
Chief Investment Officer and President
Rice Management Company
Houston, TX, United States
university or educational endowment allocator
Tier 3External private-equity, venture, real-asset and public-market managersRice Management Company manages Rice University's endowment through a long-term, diversified strategy that includes private investments and external managers.
Recent activity: current program or mandate activity
Emerging-manager signal: unknown · unknown · committed
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. No public Fund I commitment was located; use as an endowment-style allocator lead.
- 122
Robert Wallace
Chief Executive Officer
Stanford Management Company
Stanford, CA, United States
university or educational endowment allocator
Tier 3External manager partnerships across venture, private equity and other asset classesStanford Management Company manages the university endowment with a partner-based external-manager model and deep venture/private-equity exposure.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · unknown
Focus: venture capital, private equity
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Access is highly constrained and manager names are mostly confidential; no claim of current Fund I appetite.
- 123
John A. Barker
Vice President and Chief Investment Officer
The Kresge Foundation
Troy, MI, United States
family foundation or endowment style vehicle
Tier 3external-manager mandates and fund commitmentsKresge states that Barker champions expansion of women- and people-of-color-owned managers and that its investment team identifies diverse managers and mentors next-generation investors.
Recent activity: manager-selection or portfolio activity · Investment Office manager-diversity effort
Emerging-manager signal: allocator labeled · Investment Office manager-diversity effort · Investment Office manager-diversity effort · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Official source confirms active diverse-manager work but does not publish a Fund I allocation target.
- 124
David York
Chairman
Top Tier Capital Partners
San Francisco, CA, United States
fund of funds allocator
Tier 3Primary LP commitments to venture funds plus secondary and direct exposureTop Tier publicly describes itself as a venture-capital fund-of-funds manager investing in venture funds, secondaries and co-investments, with portfolios designed to identify emerging trends early.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · fund of funds indirect · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public materials do not show that every new relationship is a first-time fund.
- 125
Robert W. Durden
Chief Executive Officer and Chief Investment Officer
University of Virginia Investment Management Company
Charlottesville, VA, United States
university or educational endowment allocator
Tier 3Concentrated external-manager portfolio including private equity and ventureUVIMCO's reports identify Durden as CEO/CIO and describe an active-manager, equity-oriented, innovation-focused long-term pool.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · unknown
Focus: venture capital, private equity
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Current manager names and emerging-manager appetite are not public.
- 126
Peter Madsen
Director and Chief Investment Officer
Utah School & Institutional Trust Funds Office
Salt Lake City, UT, United States
state permanent fund allocator
Tier 3external-manager private-market commitmentsSITFO's current investment materials emphasize venture exposure through early-stage managers with disciplined fund sizes, under a current external-manager allocation program.
Recent activity: current program or mandate activity · Venture capital manager allocation program
Emerging-manager signal: unknown · Venture capital manager allocation program · Venture capital manager allocation program · unknown · committed
Focus: venture capital
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. State permanent fund, not a family office. The source supports current early-stage-manager activity but does not name a new 2025 commitment.
- 127
Aaron Gillum
Partner
50 South Capital
Illinois, United States
fund of funds allocator
Tier 3Primary venture and private-equity fund commitments; state-backed emerging-manager mandates50 South manages the Next Level Indiana fund-of-funds, which makes commitments to venture funds investing in Indiana companies, providing a route for newer regional managers.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: program labeled · fund of funds indirect · committed
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The program is regionally focused but does not state that every commitment goes to a first-time manager. Verify Gillum's exact current portfolio responsibility.
- 128
Jeff Diehl
Managing Partner and Head of Investments
Adams Street Partners
Illinois, United States
fund of funds allocator
Tier 3Primary private-equity and venture fund commitments, including emerging managersA 2025 emerging-manager LP landscape report identifies Adams Street as an established fund-of-funds allocator to emerging managers globally.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: program labeled · fund of funds indirect · committed
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Emerging-manager activity source is secondary and should be replaced with a named official commitment before publication. Institutional manager rather than family office.
- 129
Antonio Casal
Head of Multi-Strategy and Real Estate
AlTi Global Emerging Manager Focus
New York, United States
multi family office
Tier 3Emerging-manager allocations for foundations and ultra-high-net-worth familiesMacArthur's official interim evaluation of the C3 initiative describes a platform designed to move foundation and UHNW-family capital to emerging and diverse managers.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Current named program lead was not established. Distinguish AlTi's client advisory/OCIO role from principal balance-sheet investing.
- 130
Rochelle Witharana
Chief Financial and Investment Officer
California Wellness Foundation
Los Angeles, CA, United States
foundation endowment
Tier 3external-manager commitmentsThe foundation's CFO described actively seeking women- and people-of-color ownership and management in funds and confirmed such managers were in the portfolio.
Recent activity: current program or mandate activity · Diverse-manager endowment initiative
Emerging-manager signal: unknown · Diverse-manager endowment initiative · Diverse-manager endowment initiative · unknown · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Evidence is older and diversity-focused; confirm current investment leadership and commitment pace.
- 131
Jon-Michael Consalvo
Chief Investment Officer
Carnegie Corporation of New York
New York, NY, United States
family foundation or endowment style vehicle
Tier 3external-manager commitmentsThe Corporation's investment leadership publicly described supporting diverse managers, noted many launch first-time funds, and advocated removing institutional barriers while building the talent pipeline.
Recent activity: manager-selection or portfolio activity · Diverse and emerging manager inclusion
Emerging-manager signal: site benchmark · Diverse and emerging manager inclusion · Diverse and emerging manager inclusion · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Public statement is directional and older; verify current CIO and portfolio need.
- 132
Régine Clément
Board Member and former Chief Executive Officer
CREO Syndicate
New York, United States
private markets allocator or program
Tier 3Member-led climate allocations and emerging-manager strategic initiativesCREO's official strategic-initiatives page includes emerging-manager development and investment collaboration among its family-office member base.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. CREO is a network/facilitator; investment decisions are made by member offices, not necessarily from a pooled balance sheet. Clément is not presented as the signer for members.
- 133
Kimberly Sargent
Chief Investment Officer
David and Lucile Packard Foundation
Los Altos, CA, United States
family foundation or endowment style vehicle
Tier 3external-manager and impact-fund commitmentsMacArthur's official impact-investing review notes Packard's first impact investments to advance diversity, equity and inclusion, a signal for diverse and emerging fund managers.
Recent activity: manager-selection or portfolio activity · DEI impact-investment commitments
Emerging-manager signal: unknown · DEI impact-investment commitments · DEI impact-investment commitments · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Evidence supports impact/diversity appetite, not an open general Fund I allocation.
- 134
Justin Maistrow
Chief Investment Officer
Employees' Retirement System of Rhode Island
Providence, RI, United States
public pension allocator
Tier 3external-manager commitmentsRhode Island's pension was identified as a participating plan in the multi-state Emerging Managers Week forum with senior leadership and investment staff.
Recent activity: manager-selection or portfolio activity · Emerging Managers Forum participant
Emerging-manager signal: program labeled · Emerging Managers Forum participant · Emerging Managers Forum participant · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Evidence is active-sourcing participation rather than a disclosed Fund I allocation.
- 135
Christopher B. Colpitts
Founder and Managing Partner
Gatewood Capital Partners
New York, United States
private markets allocator or program
Tier 3Anchor capital, GP stakes and fund commitments to emerging managersA 2025 specialist LP report identifies Gatewood as focused on seeding and taking stakes in emerging private-equity managers.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: program labeled · unknown · unknown · program-level signal; target-specific status not inferred
Focus: private markets
Stages: seed / early stage
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Replace secondary activity evidence with an official named partnership before publication; GP-stakes firm rather than family office.
- 136
Frank G. Angella
Managing Partner
GroveStreet Advisors
Massachusetts, United States
fund of funds allocator
Tier 3LP commitments to small, emerging and specialist private-equity/venture managersA 2025 specialist LP report identifies GroveStreet as a boutique fund-of-funds focused on emerging private-equity and venture managers.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · fund of funds indirect · committed
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The activity source is secondary and headquarters is sometimes miscited as New York; verify current Wellesley/Boston-area address and a named recent commitment.
- 137
Josh Freeman
Managing Director
Horsley Bridge Partners
San Francisco, CA, United States
fund of funds allocator
Tier 3Primary LP commitments to venture and private-equity partnershipsHorsley Bridge publicly presents a senior San Francisco investment team and a long-running private-equity fund-of-funds strategy with venture exposure.
Recent activity: current program or mandate activity
Emerging-manager signal: unknown · fund of funds indirect · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The public site does not explicitly label the current programme as Fund I-focused; verify appetite for a new manager.
- 138
Dipesh Mehta
Executive Director and Chief Investment Officer
Illinois State Board of Investment
Chicago, IL, United States
public pension allocator
Tier 3external-manager commitmentsISBI operates under Illinois emerging-manager statutes and reports manager utilization through its investment and diversity disclosures.
Recent activity: current program or mandate activity · Emerging and minority-owned manager program
Emerging-manager signal: program labeled · Emerging and minority-owned manager program · Emerging and minority-owned manager program · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Refresh the latest official utilization report and private-fund contact before using this entry on a public page.
- 139
Michael W. Frerichs
Illinois State Treasurer; Chief Investment and Banking Officer
Illinois State Treasurer
Springfield, IL, United States
state backed investment program
Tier 3external-manager mandatesThe Treasury's official procurement archive records awarded emerging-manager fixed-income mandates and the office participated in the 2025 Emerging Managers Forum.
Recent activity: current program or mandate activity · Emerging Manager mandates
Emerging-manager signal: program labeled · Emerging Manager mandates · Emerging Manager mandates · unknown · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. State treasury program, not a family office. Frerichs is the current elected fiduciary and chief investment officer; the source does not establish that he personally selects or signs each underlying fund commitment.
- 140
Elizabeth McGeveran
Director of Investments
McKnight Foundation
Minnesota, United States
family foundation or endowment style vehicle
Tier 3Endowment mandates with explicit emerging- and diverse-manager sourcingMcKnight's official 2024 Investment Policy Statement includes emerging and diverse manager considerations in manager selection and portfolio implementation.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: program labeled · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Family foundation endowment, not a private family office; role should be checked against the latest staff page. Policy evidence is stronger than named recent fund evidence.
- 141
Rey Ramsey
Trustee and Investment Committee member
Nathan Cummings Foundation
New York, United States
family foundation or endowment style vehicle
Tier 3OCIO-led impact allocations with diverse/emerging-manager sourcingThe foundation selected Bivium Capital and WestFuller Advisors, firms known for sourcing diverse and emerging managers, to manage its endowment under an impact-aligned mandate.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · unknown · committed
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The foundation delegates implementation to OCIOs, and Ramsey should not be described as a sole check writer. Recent named underlying emerging-fund commitments were not located.
- 142
Chenae Edwards
Partner and Head of Diverse Manager Research
NEPC Explorer Program
Massachusetts, United States
ocio or investment adviser
Tier 3Manager sourcing, diligence and client recommendations through a dedicated emerging/diverse-manager programNEPC's official announcement created Explorer to identify and support diverse-owned and led managers; its 2024 Diverse Manager Marketplace Report documents current manager research.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · announced
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Consultant/OCIO, so some relationships are recommendations rather than NEPC balance-sheet commitments; confirm current title wording.
- 143
Investment Department
Emerging Managers Week participant
New York State Insurance Fund
New York, NY, United States
state backed investment program
Tier 3external-manager mandatesNYSIF joined the 2026 Emerging Managers Week lineup to build relationships with diverse and emerging asset managers.
Recent activity: manager-selection or portfolio activity · Emerging Managers Week
Emerging-manager signal: program labeled · Emerging Managers Week · Emerging Managers Week · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Not a family office and public source does not specify private-fund or venture appetite.
- 144
Arjun Raghavan
Chief Executive Officer
Partners Capital
Massachusetts, United States
foundation endowment
Tier 3Discretionary and advised private-fund allocations, including emerging managersA 2025 specialist LP report identifies Partners Capital as an OCIO allocating to emerging private-equity managers; the firm publicly serves families and institutions from Boston.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: program labeled · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Replace secondary activity evidence with a named official allocation where possible. OCIO decisions depend on client mandate and delegation.
- 145
Chris Rizik
Founder and Chief Executive Officer
Renaissance Venture Capital
Michigan, United States
fund of funds allocator
Tier 3LP commitments to venture funds with Michigan exposureRenaissance's official site describes a fund-of-funds that invests in venture-capital funds and connects those managers with Michigan companies, a structure that has included smaller regional managers.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · fund of funds indirect · committed
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The current page establishes fund allocation but not that every recent commitment is to a first-time or emerging manager.
- 146
Christopher Kirk
Head of Investment and Client Solutions
Rockefeller Global Family Office
New York, United States
multi family office
Tier 3Curated opportunistic private-fund access for ultra-high-net-worth clientsRockefeller's official opportunistic-investing page describes sourcing smaller, niche and capacity-constrained private-market funds for clients.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Evidence supports access to smaller/niche managers, not a dedicated first-time-manager mandate. Client capital and committee processes vary.
- 147
Alison Romano
Chief Executive Officer and Chief Investment Officer
San Francisco Employees' Retirement System
San Francisco, CA, United States
public pension allocator
Tier 3external-manager commitmentsSFERS investment reporting tracks emerging and diverse managers across the portfolio and the system participates in California allocator-manager forums.
Recent activity: manager-selection or portfolio activity · Emerging and diverse manager monitoring
Emerging-manager signal: program labeled · Emerging and diverse manager monitoring · Emerging and diverse manager monitoring · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. The general official page confirms leadership but the emerging-manager evidence should be refreshed from the latest board packet before publication.
- 148
Patricia Miller Zollar
Head of NorthBound Equity Partners; Managing Director
Neuberger Berman NorthBound
New York, United States
fund of funds allocator
Tier 3Fund-of-funds commitments and customized emerging-manager mandatesA 2025 specialist LP report identifies Neuberger Berman as operating global private-equity and venture fund-of-funds programs with emerging-manager exposure.
Recent activity: current program or mandate activity
Emerging-manager signal: program labeled · fund of funds indirect · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Rupp's exact current responsibility for the emerging-manager platform must be confirmed. Activity evidence should be upgraded to an official named fund or mandate.
- 149
Adam Connaker
Vice President, Investments
Surdna Foundation
New York, United States
family foundation or endowment style vehicle
Tier 3Impact and private-market fund allocationsSurdna's current team page identifies Connaker as investment lead; the foundation reports more than $200 million in impact investments and manager relationships across private markets.
Recent activity: manager-selection or portfolio activity
Emerging-manager signal: unknown · unknown · unknown
Focus: private markets
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Current investment activity is clear, but explicit recent first-time/emerging-manager evidence was not found. Treat as a qualified outreach lead, not a proven emerging-manager allocator.
- 150
Stathis Andris
Founder and Chairman
Venture Investment Associates
New Jersey, United States
fund of funds allocator
Tier 3Primary commitments to US venture fundsThe firm's public materials describe a long-running venture fund-of-funds strategy investing in venture partnerships, including smaller specialist franchises.
Recent activity: current program or mandate activity
Emerging-manager signal: unknown · fund of funds indirect · unknown
Focus: venture capital
Caveat: Watchlist/program-signal record: a named in-window qualifying allocation is not established by the cited source. Explicit recent first-time/emerging-manager evidence was not found; current role and activity should be verified directly before publication.
Methodology, evidence tiers, and disclosure
Candidates were discovered through allocator websites, official program pages, manager close announcements, annual reports, regulatory records, and reputable institutional reporting. Publication required one unique organization, a current-role source, and qualifying emerging-manager evidence. Pure advisers, placement agents, network-only groups, direct-company-only investors, stale roles, and directory-only records were excluded.
Qualifying evidence can include a named Fund I to III commitment, a first-close or anchor relationship, a target-specific seed or GP-stake investment, an official emerging-manager program with documented portfolio activity, or an explicit current mandate. Generic venture investing, generic manager-selection language, direct-company-only investment, and directory-only records do not qualify as documented activity.
- Tier 1, 6 records
- A named qualifying commitment, first-check or anchor relationship, or strong official emerging-manager program paired with a current professional role and supported by primary sources.
- Tier 2, 27 records
- An explicit current emerging-manager mandate, or a qualifying allocation with one meaningful limitation, such as a contingent recommendation, an indirect allocation route, a missing target-specific amount, or a material sourcing caveat.
- Tier 3, 117 records
- A mandate, program-signal, historical, or watchlist record. Tier 3 records are not counted as documented current allocations and should be re-verified before use.
Every included record has all five of the following:
- A unique US allocator organization
- One current named professional and a public role source
- A separate public activity, program, or mandate source
- An explicit allocator classification and evidence tier
- A visible limitations or caveats field
Organizations outside the United States, network-only organizations without an allocating vehicle, and rows without current named professionals were excluded. Institutional entities are never labeled as family offices.
Disclosure
The source log and what is in the download
The ZIP holds three files. The CSV is the directory above, one row per record, with the full field set: role and activity sources, dates and their source precision, evidence tier, summary, limitations, emerging-manager qualification, program or fund details, commitment route and status, first-check or seeding signals, source quality, confidence, and review date. The source log is one row per canonical public source URL, linked to the record IDs it supports, with the exact claims it backs. The README is the methodology.
Arrays are encoded as compact JSON inside CSV cells. Files use UTF-8 and RFC 4180 quoting, and any text beginning with a spreadsheet formula character is prefixed with a single quote for safety. Activity dates keep the precision the source supports, and the CSV records that precision alongside the date.
- 150-us-family-offices-emerging-managers.csv, 150 allocator records
- 150-us-family-offices-emerging-managers-source-log.csv, one row per canonical public source URL, linked to record IDs
- README.md, the methodology and data dictionary, also published on its own
The dataset contains public professional information only. It excludes personal email addresses, personal phone numbers, home addresses, inferred contact details, inferred ticket sizes, and inferred signing authority. An organization's presence does not mean it accepts unsolicited pitches. Re-check both canonical sources before outreach, analysis, or publication, and use official organization channels for corrections.
Download the complete 150-record dataset
CSV, methodology README and source log in one ZIP. Free, no signup.
Frequently asked questions
Who is included in this US emerging-manager allocator list?
The directory screens US single- and multi-family offices, family-capital vehicles, wealth platforms, foundations, endowments, pensions, funds of funds, and other institutional programs. Only 33 records are labeled documented Tier 1/2 activity; the other 117 are visibly separated as Tier 3 mandate or watchlist leads.
What counts as an emerging-manager allocation?
The strongest evidence is a named Fund I to III commitment, a first-check, anchor or seed relationship, or an official program explicitly built for emerging managers. A current explicit mandate can qualify as Tier 2, but generic venture-capital or fund investing does not prove emerging-manager activity.
What do the evidence tiers mean?
Tier 1 pairs a current role with a named qualifying commitment or a strong official emerging-manager program. Tier 2 has an explicit current mandate or a qualifying allocation with one material public-evidence limitation. Tier 3 is a research lead with a classification, authority, or sourcing caveat and should be re-verified before use.
Does this mean every organization is accepting pitches?
No. The directory is research, not a solicitation list or an endorsement. Mandates, pacing, geography, ticket size, and willingness to meet new managers change. Verify fit through the organization's official channels before approaching anyone.
What is in the downloadable file?
The ZIP contains the 150-record CSV, a methodology README, and a semantic source log. It includes only public professional information and does not contain personal email addresses, phone numbers, home addresses, or inferred contact details.
Companion directories
The same evidence standard, applied to two other regions.
Andrew Persh
Founder, Tau AI