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.

2015 Emerging Manager Travel Planner.png

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!

AuthorMeredith Jones