Field work for the survey was conducted between May 8 and June 12, 2020. A total of 105 managers, self-selected as “emerging managers,” who indicated they are raising or have raised funds of $100 million or greater, are included. Managers raising funds less than $100 million were excluded to best represent managers focused on raising institutional capital. A total of 61 institutional investors with a self-identified appetite for emerging managers were surveyed. Incomplete surveys were reviewed for inclusion in the sample on a respondent-by-respondent basis.