May 18, 2026

How Emerging Managers Should Approach Public Pensions: 10 Things to Know

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Stop Writing Off the Public Pension Channel

Public pensions are one of the most misunderstood channels in fundraising. Most emerging managers write them off before they ever pick up the phone — assuming they need a long track record, a big AUM, or a consultant relationship to get in the door.

The reality is more nuanced. Emerging Manager Programs (EMPs) exist specifically to give earlier-stage managers a path in. The criteria vary by institution, and the work is in knowing exactly where you fit.

Here are 10 things every emerging manager should know before calling on public pensions.

1. The Market Is Active — But You Have to Show Up

Activity levels are high across both traditional and alternative strategies. Dispersion in growth/value, US/non-US, and developed/emerging markets is creating real search activity, and the face-to-face, in-the-boardroom model is back. Public pensions are still allocating to private markets at scale — and the managers winning right now are the ones in the room.

2. Many EMPs Have No Track Record or AUM Minimum

The biggest myth: you need three years of track record and a meaningful AUM before marketing to public pensions. Many EMPs have neither requirement. The whole point of the program is to evaluate managers before they've built a long institutional track record. For a deeper look at how to access these programs, start here.

3. Consultants Are Not the Only Door In

Many pensions have internal teams that source ideas independently — and those teams often bring new emerging manager ideas to their consultants. That said, the consultant channel is no longer optional for fund managers — it just shouldn't be your only path in. Waiting for a consultant relationship to materialize means leaving years of pipeline-building on the table.

4. Public Equity Is Not All Managed Internally

Many pensions allocate public equity to external emerging managers through their EMPs. Long-only managers who assume the channel is closed to them are missing real capital.

5. EMP Guidelines Set Maximums, Not Minimums

Most programs cap vintage (1st, 2nd, or 3rd funds) or firm AUM, rather than requiring a floor. CalPERS, Texas Teachers, Maryland State Retirement, New York State Common, and LA Fire & Police all run active EMPs — each with different criteria. Research each program individually.

6. The Same Consultant Doesn't Mean the Same Program

EMP guidelines are set by each pension's board, not by the consultant. Two pensions using the same firm can have completely different criteria. Maryland's Terra EM Program is a hybrid model — discretion held by the pension, with separate consultants across asset classes (Attucks, Leading Edge, Xponance, Hamilton Lane). And with the OCIO model continuing to grow, the structure of how pensions delegate manager selection is shifting in real time.

7. Know the Difference Between Diverse-Owned and Broader EMPs

Some EMPs are exclusively focused on diverse-owned managers; others allocate to small or new managers more broadly. Most diversity-focused programs require 50%+ ownership by minorities, women, or persons with a disability — though some go as low as one-third. Know which programs apply to you before reaching out.

8. EMPs Build Awareness — RIAs Build Your Book

This is the most important framing point. EMPs are a way to get on a pension's radar and build brand awareness. They are not your primary source of capital. RIAs should remain the primary target market for emerging managers — they have the discretion to invest early.

9. Expect Fees to Get Negotiated Hard

On a 100 basis point long-only product, expect to be hammered down meaningfully in exchange for size and access. The trade-off can be worth it — but go in with eyes open.

10. Run a Disciplined Operating System

The same fundamentals win in every channel: keep five cities active on your calendar at all times, send tight cold emails with a specific ask, run a quarterly webinar to build brand touchpoints, and use a CRM to keep yourself honest. Use AI to handle call notes so you can spend your time booking the next meeting instead of writing up the last one.

The Bottom Line

Public pensions are not out of reach for emerging managers. The managers who engage this channel systematically — who understand how each institution defines "emerging" and do the disciplined outreach work — get into the consideration set years before a formal allocation process begins.

The juice is worth the squeeze. But you have to start squeezing.

Want to explore public pension contacts and Emerging Manager Programs in Dakota Marketplace? Book a demo.

Written By: Cate Costin, Marketing Associate

The Database For Cold Outreach to Reach Institutional and RIA Investors

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How Emerging Managers Should Approach Public Pensions: 10 Things to Know

Stop Writing Off the Public Pension Channel

1. The Market Is Active — But You Have to Show Up

2. Many EMPs Have No Track Record or AUM Minimum

3. Consultants Are Not the Only Door In

4. Public Equity Is Not All Managed Internally

5. EMP Guidelines Set Maximums, Not Minimums

6. The Same Consultant Doesn't Mean the Same Program

7. Know the Difference Between Diverse-Owned and Broader EMPs

8. EMPs Build Awareness — RIAs Build Your Book

9. Expect Fees to Get Negotiated Hard

10. Run a Disciplined Operating System

The Bottom Line

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