Emerging Fund Managers, or those managers who generally have less than $100M under management, are managing fewer than three institutional funds, and focused on early or seed-stage ventures, have become one of the fastest-growing segments in the venture capital industry. Many of these managers come from diverse backgrounds and/or are interested in investing in diverse founders. Our conversation will highlight the opportunities and challenges faced by emerging fund managers as they aim to diversify the venture capital funding landscape.

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4. Defining Emerging Fund Managers
● Emerging fund managers are a growing set of managers
● Not set definition of who they are, depends on asset class
● Kauffman Fellows definition: Micro-VCs ($25-$100 AUM) and/or
managers who’s raised < 3 rounds
● Funds of <$100M represented about 5-10% of total capital
committed in any given year.
● Pitchbook: $25.6Bn raised by 870 micro-VC managers from 2012
through 1Q 2020
● More than half of this amount was raised in the last 3 years

5. Diversity and Inclusion?
● Emerging funds hold much promise to address lack of diversity
and inclusion in the VC industry
● Women and racial minorities make up a growing proportion of
emerging managers
● Recent study: 16% of micro-VCs included at least one female
investment partner, over 50% of firms included at least one
minority
● But how are these funds performing?

6. Emerging Fund Performance

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