Michigan Small Emerging Manager Program » Investment Guidelines & Criteria

Investment Guidelines & Criteria


The Michigan Small Emerging Manager Program is seeking opportunities nationally, with an emphasis on Michigan based investment opportunities.

Asset Classes: Private Equity, Growth Equity, Venture Capital, Credit, Real Estate, Real Return

Small Manager Definition 

SMRS typically defines small/emerging managers as those firms with the following parameters:

  • Assets Under Management: Firms that manage less than $3 billion
  • Target Fund Size: Preference for Funds less than $1 billion
  • Generation: Fourth generation or earlier institutional funds

Manager Criteria

The program targets managers with, but not limited to, the following attributes:

  • Attributable track record within target strategy
  • Investment teams with history of working together
  • Principals known in the investment community and are positively referenceable
  • Availability of co-investment opportunities
  • Strategic alignment of interests
  • Headquartered, or with material business operations in Michigan

Investment Focus

The program includes the following types of investments:

  • Fund commitments
  • Co-investments
  • Secondaries
  • Primarily U.S. based Investment strategies
  • Nexus to Michigan