2024 has been another difficult fundraising year across private markets, so it’s not surprising that the eighth annual Buyouts Emerging Manager survey shows a significant drop in the number of new managers actively raising funds in this climate. For those that are, it’s taking longer to convince LPs to commit. And more than ever, track record matters.
Now in its eighth year, the Buyouts Emerging Manager Survey is again conducted in partnership with Gen II Fund Services. Field work for this year’s report was carried out between August 21 and October 3, 2024.
A total of 126 emerging managers participated in the survey, responding to more than 40 questions on a diverse range of topics including fundraising, fees and operations, outsourcing and talent acquisition.
For the purposes of our survey, emerging managers are classified as those that are in the process of raising their first, second or third institutional fund, or those that have recently closed their first, second or third institutional fund.
And for the first time, we have also extended the reach of our research beyond North America.
This means that this year there is a small European representation (14 percent) of emerging managers in the sample.
Sixty-five percent of the survey respondents are pursuing a buyout/corporate finance investment strategy, but a range of other strategies are reflected in the data, including venture capital, real estate and private debt.
Incomplete fund manager surveys were reviewed for inclusion in the sample on a respondent-by-respondent basis.
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