Everyone needs to start at some point, but what do private equity firms look for when backing first-time funds? At the LP Appetite for Emerging Managers panel of Mergers & Acquisitions’ The Best in M&A Speak virtual event, where we announced the winners of the 2021 Top 10 Middle-Market Deals of the Year, industry experts weighed in on how their firms like to work with emerging managers in the middle market. Panelists included: Joshua Sobeck, partner of 747 Capital; Daniel LeMoine, director of BPEA; and Susanne Forsingdal, managing director of Allianz Global; interviewed by Mergers & Acquisitions contributing editor Danielle Fugazy.