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
Performance | 1-Year | 3-Year | 5-Year |
---|---|---|---|
Total Emerging Managers | 3.4% | 3.8% | 7.5% |
Emerging Managers Benchmark | 2.7% | 2.4% | 8.6% |
Outperformance | 0.7% | 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

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
Manager | Asset Class |
---|---|
Clearlake Capital Group | Private Equity |
Crestview Advisors | Private Equity |
Kingswood Capital Management | Private Equity |
Roark Capital Group | Private Equity |
Vista Equity Partners | Private Equity |
Wayzata Investment Partners | Private Equity |
Valeas Capital Partners | Private Equity |
Abacus Capital Group | Real Estate |
DivcoWest | Real Estate |
GreenPoint Partners | Real Estate |
Harrison Street | Real Estate |
Pennybacker Capital | Real Estate |
The Davis Companies | Real Estate |
Wheelock Street Capital | Real Estate |
EIV Capital | ENRI |
Voss | Public Markets |
(as of 12/31/2024) |
For more information on the Emerging Manager Program: