Specialist emerging managers are consistently over-represented in the top quartile. If performance is not in question, what is holding LPs back? The concentration of investor capital within the top 20 VC megafunds suggests that bandwidth, data, risk-return profile and a preference of household names are all part of the equation. How should LPs think about building systematic exposure to this part of the market, what barriers are holding them back and what does a repeatable framework for identifying the top tier actually look like?
