The Future Starts Small: Why Emerging Managers Drive Venture Returns

A Swimming with Allocators Episode

This week on Swimming with Allocators, Alexa and I welcome Michael Downing, a serial entrepreneur and venture investor, for a conversation on why emerging managers remain such an important part of the venture ecosystem.

The title says a lot: the future often starts small. Some of the best venture franchises do not begin as obvious institutions. They start with a sharp thesis, a hungry GP, a small fund, and a few early believers willing to see what others miss.

For LPs, this is a reminder that emerging managers are not charity. They are one of the few places where the math of venture can still work in your favor if you do the work.