Emerging manager
A GP typically on their first, second or third fund — newer, smaller and often more accessible to first-time LPs than established mega-funds.
An "emerging manager" generally refers to a fund on its first three vintages, without the decades-long track record of established platforms like the largest Silicon Valley firms. Emerging managers tend to raise smaller funds, set lower LP minimums, and — because they're still building their own LP base — are often more willing to take on first-time individual LPs than institutional mega-funds are.
The category also includes a disproportionate share of the women-led and diverse-founder-focused funds in this site's own directory, since most of the current wave of gender-lens venture funds only launched in the past decade.
Why it matters
If accessible minimums matter to you as a first-time LP, emerging managers are usually a more realistic starting point than the largest, oldest funds — see the LP guide for how to evaluate one.