emerging managers

In a story of ‘haves and have-nots’, mega-fund momentum has masked a tougher reality for smaller firms. Fundraising now hinges on pedigree, sector focus and increasingly creative deal structures.

Niobrara’s early backing shows how investors are looking beyond SaaS deals and toward sectors with structural tailwinds like chip manufacturing and industrial technology.

The flood of '40 Act capital from private wealth is pushing secondaries pricing to historic highs, dramatically narrowing bid-ask spreads and forcing major asset managers and new specialized firms into an arms race for liquidity-generating deals.