In the fourth annual Emerging Manager Report, published by Buyouts in partnership with Gen II Fund Services, LLC, the results were mixed.

There is some warranted hesitation from institutional investors, with over one quarter of those we surveyed saying they plan to make fewer commitments to new funds this year. But the good news is that even if LPs will not back quite as many new managers, 89 percent of LP respondents said they will still back first- and second-time funds. One thing is clear above all: while the risk of engaging with new managers has indeed been heightened by the current crisis, LPs still see it as a risk worth taking.