As emerging managers start thinking about capital raising for 2015, it's time to think about travel planning and investor meetings. Even though a recent survey of investors found that two-thirds are willing to meet with a manager in whom they don't plan to invest, who has time for that? To help you on your way, I've created this handy-dandy map of public fund emerging manager interest for your Expedia booking pleasure, along with some (hopefully helpful) notes below.
Arizona - Has made at least one investment in a large 'emerging' manager.
Arkansas - Teachers Retirement System reportedly tabled the program in 2008 but 2011 document shows active investments in MWBE managers.
California - Looks for EM's based on size and tenure but prohibited by Prop 209 from looking at minority status or gender.
Connecticut - Based on size, minority status or gender. Awarded mandate in 2014 to Grosvenor, Morgan Stanley and Appomattox.
Florida - Looks at emerging managers on equal footing with other managers.
Hawaii - CIO has been historically pro-emerging manager. Plus, well, Hawaii.
Illinois - Perhaps the most active emerging manager state, based on gender, minority status and location.
Indiana - Based on size, minority status, or gender.
Kentucky - Reported $75 million allocation.
Maine - Has made at least one investment in a large 'emerging' manager.
Maryland - Very active jurisdiction with details available online for gender and minority status manager information.
Massachusetts- Includes size, minority status or gender.
Michigan - $300 million program.
Missouri - Status based on size.
Minnesota - Past investments in emerging managers.
New Jersey - Status based on size.
New York - Status based on size, minority status or gender. $1 billion mandate in 2014. $200 million seed mandate in 2014.
North Carolina - Status based on size and HUB (minority and women owned) status.
Ohio - Status based on size, minority status or gender.
Oregon - Emerging manager program in place.
Pennsylvania - Status based on size with preference for minority or women run funds.
Rhode Island - Plan in place from 1995.
South Carolina - Status based on size.
Texas - Actively engaged with emerging managers. Status based on size, minority status or gender.
Virginia - Status based on size, minority status or gender.
Washington - Has issued prior emerging manager RFPs.
This information has been culled from some pretty extensive research, a host of conversations and, frankly, just knowing where some of the bodies are buried. Please remember that 'emerging manager" is a term that has a lot of definitions. There may still be minimum size requirements, minimum track record requirements and strategy restrictions. I will update the map as I get more data. Happy hunting!
