Investors in AIMA/Marex's Emerging Manager Survey 2026 will consider small and young funds: 54% would look at a fund with less than $50 million of AUM, and 58% accept a flagship history of one year or less. Operational standards weigh more heavily. Operational diligence, administration or transparency concerns are an allocation barrier for 86% of investors.
Who does the survey describe?
AIMA and Marex surveyed 180 emerging hedge-fund managers and 50 investors in the first half of 2026. The investors reported more than $429 billion in total assets. Family offices made up 42% of investor respondents: 34% single-family offices and 8% multi-family offices. Funds of funds and multi-managers accounted for 36%. [1]
The sample covers investors already engaged with emerging managers. Per-question respondent counts are not published, and averages use midpoint analysis. Manager responses describe managers, not investor preferences. [1]
How small and how young a fund will investors consider?
| Measure | Result |
|---|---|
| Smallest eligible fund: below $50m | 54% |
| Smallest eligible fund: $50m to $99m | 18% |
| Smallest eligible fund: $100m to $249m | 20% |
| Smallest eligible fund: $250m to $499m / $500m to $1bn / other | 4% / 2% / 2% |
| Average minimum fund AUM considered ($106m in 2024) | $93.66m |
| Required history: below one year / one year | 54% / 4% |
| Required history: one to three years / above three years | 30% / 12% |
| Average track-record requirement (1.52 years in 2024) | 1.27 years |
Source: AIMA/Marex, Emerging Manager Survey 2026, pp. 12, 33. Fund-size figures measure the manager's AUM, not the investor's ticket. The average is midpoint-derived.
These thresholds measure the size of the manager's fund, not the investor's cheque. Funds of funds and multi-managers are particularly open to short histories: 61% would consider a fund with less than one year of record. [1]
Eligibility is not conviction. These answers show which managers investors will consider, not which ones they will fund.
What matters beyond AUM and track record?
Operational and business quality dominate the barriers investors cite. [1]
| Barrier | 2026 | 2024 |
|---|---|---|
| Operational diligence, administration or transparency concerns | 86% | 83% |
| Style drift or excessive illiquidity | 84% | 72% |
| Unrealistic targets, weak business plan or viability | 80% | 66% |
| Excessive fees | 60% | 63% |
| Lack of recognised top-tier service providers | 36% | 35% |
| Cash-flow-negative manager business | 34% | 28% |
| Investment exceeds a permitted share of the fund's AUM | 26% | 28% |
| Only invests in start-ups or segregated accounts | 18% | 20% |
| Investment exceeds the plan's hedge-fund threshold | 12% | 25% |
Source: AIMA/Marex, Emerging Manager Survey 2026, p. 35. Multiple responses allowed.
Several categories combine concerns. The illiquidity row pairs style drift with excessive illiquidity, so it does not show how many investors reject illiquid assets. The two size rows describe different limits: the investor's share of a manager's fund, and the investor's own hedge-fund allocation ceiling. [1]
For an allocator, this points to a review of administration, valuation, audit, risk process and business continuity alongside performance. Our guide to evaluating a track record covers the performance side.
How should fees and alignment terms be read?
Average flagship-fund fees are 1.43% for management and 16.24% for performance, against 1.39% and 16.22% in 2024. Only 13% of managers charge management fees of 2% or more, and 29% charge performance fees of 20% or more. The averages exclude SMAs, which the report says may carry lower fees. [1]
Alignment provisions are common: 80% of managers use high-water marks, 36% hurdles and 6% clawbacks. These are manager-reported adoption rates, not an investor preference ranking. Management fees, performance fees and the 0.99% average operating expense ratio have different bases and do not add into an all-in fee. [1]
Average break-even AUM is $82.9 million, up from $70.1 million in 2024, and average headcount is 9.53. These are aggregate figures, not a viability threshold for any firm. [1]
Do family offices assess emerging managers differently?
The family-office subgroups are small: roughly 17 single-family offices and four multi-family offices, assuming all 50 investors answered the classification question. Results warrant restraint. [1]
Among single-family offices, 53% would consider a fund below $50 million, while 35% set the threshold at $100 million to $249 million. Among multi-family offices, 75% would consider a fund below $50 million. Single-family office requirements vary widely. [1]
Sourcing is relationship-led. Among family-office respondents, 43% use personal networks and 29% prime-broker capital introduction, against 38% and 31% among other investors. [1]
Which structures and timelines should allocators expect?
In the same survey, 66% of investors prefer commingled funds for emerging-manager access, 16% prefer SMAs and 18% would consider either. Flagship funds are domiciled mainly in the Cayman Islands (56%) and the USA (16%). Fund domicile is not the same as investment geography. [1]
Managers report a mean of 7.5 months from first meeting to completed investment, down from 8.02 months in 2024. A cycle of that length calls for sustained research and monitoring rather than quick decisions. [1]
Gnosis introduces allocators to managers regulated in their home jurisdiction and evaluates them through Allocator IQ. Browse the manager universe. The investment decision stays with the allocator.
Frequently asked questions
Is $93.66 million a typical investment ticket?
No. It is AIMA/Marex's midpoint-derived average of the minimum fund AUM investors will consider. It measures manager size, not the size of an investor's cheque.
How long a track record do investors require?
In AIMA/Marex's Emerging Manager Survey 2026, 58% of investors accept a flagship history of one year or less. The average requirement is 1.27 years, down from 1.52 years in 2024.
What is the most cited barrier to allocating?
Operational diligence, administration or transparency concerns, cited by 86% of investors, followed by style drift or excessive illiquidity at 84%.
How long does an emerging-manager investment take?
Managers in AIMA/Marex's Emerging Manager Survey 2026 report a mean of 7.5 months from first meeting to completed investment, down from 8.02 months in 2024. Managers below $100 million report 7.09 months.
Do family offices prefer SMAs for emerging managers?
The survey does not isolate a family-office vehicle preference. Across all 50 investors, 66% prefer commingled funds, 16% SMAs and 18% either.
For institutional investors. This article provides general information, not investment, tax or legal advice or a recommendation of any manager, strategy or structure. Survey figures describe the stated populations and periods and do not indicate future allocations or results. Past performance is not necessarily indicative of future results.
Sources
- AIMA/Marex, Emerging Manager Survey 2026: The next generation of hedge fund managers. Separate samples of 180 emerging hedge-fund managers and 50 investors, surveyed in the first half of 2026; investors manage more than $429 billion and 42% are single or multi-family offices. pp. 4-7, 12-15, 22-27, 33-37.