Why LPs Are Quietly Pulling Back From Emerging Managers
After a wave of first-time fund commitments from 2020–2022, limited partners are recalibrating. The era of 'anyone can raise a fund' may be over.
Quick Answer
After a wave of first-time fund commitments from 2020–2022, limited partners are recalibrating. The era of 'anyone can raise a fund' may be over.
The emerging manager boom is over. LPs who were eager to back first-time funds in the zero-interest era are now much more selective.
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