{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/emerging-managers",
 "identifier": "kaal:entity:emerging-managers",
 "name": "Emerging managers",
 "termCode": "emerging-managers",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/emerging-managers.md",
 "sha256": "2e4bb20f6bc1b7aeebe457c96680a67d469b0e5c9478f5efa26bfff535c90180",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 6
  },
  {
   "@type": "PropertyValue",
   "name": "work_count",
   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2017",
    "2017"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2959730-005",
   "identifier": "kaal:claim:2959730-005",
   "text": "The historical private fund management fee of 2% has shifted in recent years to roughly 1.0% for new managers and 1.5 to 1.8% for established managers with an adequate track record.",
   "abstract": "However, the historical fee of 2% of commitments through the reinvestment period, then 2% on the cost basis for the investments/value of fund has shifted in recent years closer to 1.0% for new managers and 1.5-1.8% for established managers with an adequate track record.",
   "citation": "Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730",
   "datePublished": "2017",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "private equity and hedge fund managers",
    "established managers require an adequate track record"
   ],
   "source_pdf_sha256": "ebd86972d8817b0c1c80326ae5564476983cedba3f258ff3b2610f156b93fb50",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2959730-006",
   "identifier": "kaal:claim:2959730-006",
   "text": "First time managers are disproportionately affected by the new fee environment: unlike in the recent past they are now often forced to share the business budget, such as rent and employee salaries, in order to justify a 1.5% management fee.",
   "abstract": "First-time or new managers are particularly affected by the new fee structure. Unlike in the recent past, first-time managers are now often forced to share the business budget (rent, employee salaries, etc.) to justify the 1.5% management fee.",
   "citation": "Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730",
   "datePublished": "2017",
   "claim_type": "empirical",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "first time or new fund managers",
    "fund formation and seed investment negotiations"
   ],
   "source_pdf_sha256": "ebd86972d8817b0c1c80326ae5564476983cedba3f258ff3b2610f156b93fb50",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2959730-007",
   "identifier": "kaal:claim:2959730-007",
   "text": "New managers increasingly face contested track records, meaning the new firm cannot get a consensus from the manager's old employer about the manager's track record with that employer.",
   "abstract": "Moreover, the industry is increasingly seeing contested track records for new managers, i.e., the new firm cannot get a consensus from the new manager's old employer about the manager's track record with that employer.",
   "citation": "Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
    "first time managers spinning out of a prior employer"
   ],
   "source_pdf_sha256": "ebd86972d8817b0c1c80326ae5564476983cedba3f258ff3b2610f156b93fb50",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2959730-008",
   "identifier": "kaal:claim:2959730-008",
   "text": "Early limited partnership investors increasingly use their leverage to negotiate tough fee terms with first time managers.",
   "abstract": "Another phenomenon that affects first-time managers pertains to early limited partnership investors who increasingly throw their weight around to negotiate tough terms on fees.",
   "citation": "Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730",
   "datePublished": "2017",
   "claim_type": "mechanism",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "first time managers raising an initial fund"
   ],
   "source_pdf_sha256": "ebd86972d8817b0c1c80326ae5564476983cedba3f258ff3b2610f156b93fb50",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2959730-038",
   "identifier": "kaal:claim:2959730-038",
   "text": "Lower operating costs enabled by blockchain platform models will especially enable new and future managers to enter the market because start up and compliance costs can be significantly reduced.",
   "abstract": "the lower operating costs enabled by the platform models will especially enable new and future managers to enter the market because the start-up costs and compliance costs can be significantly reduced.",
   "citation": "Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730",
   "datePublished": "2017",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "new and prospective fund managers",
    "platform models with low set up requirements and low running costs"
   ],
   "source_pdf_sha256": "ebd86972d8817b0c1c80326ae5564476983cedba3f258ff3b2610f156b93fb50",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998033-029",
   "identifier": "kaal:claim:2998033-029",
   "text": "Blockchain platforms for fund formation lower start up and compliance costs, which especially enables new and future managers to enter the market rather than merely benefiting existing managers.",
   "abstract": "the lower operating costs enabled by the platform models will especially enable new and future managers to enter the market because the start-up costs and compliance costs can be significantly reduced.",
   "citation": "Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033",
   "datePublished": "2017",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "applies to platform models such as Melonport and Drago"
   ],
   "source_pdf_sha256": "aafb1be3c25cd33da477d759df9ca2f856f0a8fe133d6396da2e75d0af573dbd",
   "status": "current"
  }
 ],
 "description": "6 claims in the published works of Wulf A. Kaal carry the concept tag 'emerging-managers'. Derived node: a roster, not an adjudicated definition."
}