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Emerging Manager Program

Investing in the next generation of managers

Emerging Manager Program

The TRS Emerging Manager Program is designed to identify and grow the next generation of exceptional, high-performing managers, with the goal of potential graduation to a Trust level commitment.

  • Established in 2005
  • One of the largest Emerging Manager programs in the U.S.
  • $6.2 billion in committed capital to 254 Emerging Managers across 438 investments
A photo of Kirk Sims

Kirk Sims

Managing Director, Emerging Managing Program

Net Asset Value

Donut chart showing yellow and blue segments for Net Asset Value

Investment Focus

The Emerging Manager program includes the following types of investments: 

  • Fund commitments
  • Co-investments
  • Fundless sponsors
  • Joint ventures
  • Seeding arrangements
  • Secondaries
Performance1-Year3-Year5-Year
Total Emerging Managers3.4%3.8%7.5%
Emerging Managers Benchmark2.7%2.4%8.6%
Outperformance0.7%1.4%-1.1%
(as of 12/31/2024)   

Investment Guidelines and Criteria

  • Asset Classes: Private Equity, Real Estate, Energy, Natural Resources, Infrastructure, Long-Only, and Hedge Funds
  • First time investments typically range from $10 - $30 million

Emerging Manager Definition

TRS typically defines emerging managers as those with:
 

Assets Under Management
Firms that manage less than $3 billion

Target Fund Size (private markets)
Preference for Funds less than $1 billion

Generation (private markets)
Fourth generation or earlier institutional funds

Manager Criteria

The Emerging Manager Program targets managers with, but not limited to, the following attributes:
 

  • Attributable track record within target strategy
  • Investment teams with history of working together
  • Principals known in the investment community and are positively referenceable
  • Availability of co-investment opportunities
  • Strategic alignment of interests
  • Focus on protecting assets in down markets

TRS Annual Emerging Manager Conference

Details about 2025 Emerging Manager Conference

The TRS/ERS Emerging Manager Virtual Conference will be held in early 2026. The virtual event is free and accessible via any computer or mobile device. 

Emerging Manager Program Graduates

Graduation is defined as transitioning from the Emerging Manager Program to being added to the Premier List and receiving a Trust level allocation. An additional $5.6 billion has been committed by the Trust to Emerging Manager Program graduates

TRS Graduates of the Emerging Manager Program

ManagerAsset Class
Clearlake Capital GroupPrivate Equity
Crestview AdvisorsPrivate Equity
Kingswood Capital ManagementPrivate Equity
Roark Capital GroupPrivate Equity
Vista Equity PartnersPrivate Equity
Wayzata Investment PartnersPrivate Equity
Valeas Capital PartnersPrivate Equity
Abacus Capital GroupReal Estate
DivcoWestReal Estate
GreenPoint PartnersReal Estate
Harrison StreetReal Estate
Pennybacker CapitalReal Estate
The Davis CompaniesReal Estate
Wheelock Street CapitalReal Estate
EIV CapitalENRI
VossPublic Markets
(as of 12/31/2024) 

For more information on the Emerging Manager Program:

  Email: EmergingManagers@trs.texas.gov​.