ResearchEmerging Managers
Emerging Manager Fundraising
How first-time and early-stage private fund managers are raising capital, measured monthly by The Sassaman Index.
Latest reading
Emerging manager fundraising conditions read 66.3 out of 100 for September 2026, in the Favorable band, −1.5 from August. Published October 7, 2026; the next reading is due November 3, 2026.
View the full September 2026 edition, including commentary and the history of the Index since 2014.
What is an emerging manager?
An emerging manager is generally an investment firm early in its fundraising history, most often raising its first, second or third institutional fund. Definitions vary: some allocators add limits on assets under management or years in operation, and some programs focus on particular strategies such as venture capital or private equity.
The Sassaman Index uses a simple, observable definition: a manager’s Fund I, Fund II or Fund III, across private equity, venture capital, private credit and real estate. Hedge funds are excluded.
How emerging manager fundraising is measured
Fundraising totals for emerging managers are not reported in one place, and many private funds disclose little. The Index therefore combines activity that is reported publicly, the launch of new funds disclosed on SEC Form D, with the credit and rate conditions that shape investors’ willingness to back newer managers. Each measure is scored against its own recent history, so a reading of 50 means conditions are normal for the period.
| Component | What it measures | Weight |
|---|---|---|
| First-Time Fund LaunchesSEC Form D filings | How many managers are bringing a first fund to market. The most direct sign that new managers can raise capital. | 30% |
| Emerging Follow-On FundsSEC Form D filings | How many young managers are returning to market with a second or third fund. Investors re-upping is a test of whether early funds are delivering. | 20% |
| Emerging Share of New FundsSEC Form D filings | Whether emerging managers are gaining or losing ground against established firms in new fund launches, compared with a year earlier. | 15% |
| Credit ConditionsMoody's Baa corporate yield minus 10-year Treasury (FRED: BAA10Y) | The price of risk. When corporate credit spreads are tight, investors are more willing to back new and unproven managers. | 20% |
| Rate Environment2-year Treasury yield (FRED: DGS2) | The direction of short-term interest rates. Rising rates raise the bar private funds must clear and pull capital toward cash and bonds. | 15% |
Full definitions, data handling and limitations are in the methodology.
Frequently asked questions
What is an emerging manager?
There is no single industry definition. The term usually describes an investment firm raising one of its first institutional funds, most often a first, second or third fund. Some investors also apply size limits, such as total assets under management below a set threshold, or limits on how long the firm has operated. The Sassaman Index treats a manager's Fund I, Fund II and Fund III as emerging, with no asset cap.
Which funds does the Sassaman Index cover?
Closed-end private funds in private equity, venture capital, private credit and real estate that file a Form D with the SEC. Hedge funds, single-deal SPVs, wealth-platform feeder funds, insurance-dedicated funds and continuation vehicles are excluded, because they do not reflect a manager raising a new fund.
Where does the data come from?
Fund launches come from SEC Form D filings, which private funds file when they begin selling interests. Credit spreads and interest rates come from the Federal Reserve Bank of St. Louis (FRED). All sources are public.
How often is the Index updated?
Monthly. Each edition is published in the first week of the following month and kept in the archive exactly as published.
What does a reading of 50 mean?
A reading of 50 means emerging manager fundraising conditions are normal for the period. Higher readings indicate easier conditions, lower readings harder ones. Readings fall into five bands: Frozen, Tight, Balanced, Favorable and Hot.
Does the Index rate or recommend managers?
No. The Index measures market-wide fundraising conditions for emerging managers in aggregate. It does not rate, rank or recommend any individual manager or fund.
Follow the Index
New readings are published monthly. Receive each edition by email, browse the archive, or read our research on Substack. For questions about the Index, contact alex@sassamanco.com.