Manager Selection
Manager selection evaluates whether a specific fund or manager can deliver a desired portfolio role within governance, risk, liquidity, and alignment constraints.
Definition
Manager selection evaluates whether a specific fund or manager can deliver a desired portfolio role within governance, risk, liquidity, and alignment constraints. Allocator Context Institutional allocators compare managers within a sleeve (e.g., PE buyout, private credit direct lending) using consistent frameworks. Family offices may weigh relationship and access more heavily but still assess fit and trust. Decision Authority CIO teams often lead selection; IC approvals are common for new manager adds, especially in illiquid strategies. Why It Matters for Fundraising Managers should position themselves relative to allocator sleeves and alternatives, not broad market narratives. Clear differentiation within a sleeve accelerates decisions. Key Takeaways Sleeve fit matters more than buzz IC paths vary by allocator type Differentiation must be within peer set Portfolio role is the language allocators buy