Manager discovery remains relationship-led. Nearly 80% of allocators at one major alternatives event discover managers through professional networks. Among investors in emerging hedge funds, personal networks are still the leading channel, but prime-broker capital introduction has grown. From a first meeting, a new allocation takes managers 7.5 months on average.
How do allocators discover new managers?
Mostly through people they know. In iConnections' Global Allocator Report 2026, nearly 80% of allocators say they discover new managers through professional networks, and over half cite conferences and industry events as a primary sourcing channel. The report does not state the question base. [1]
The population is an alternatives event. Single-family offices made up 29% of attending LPs and multi-family offices 15%, followed by funds of funds (13%), asset managers (12%), endowments and foundations (7%) and pension funds (5%). North America accounted for 72% of LP attendees. [1]
Which channels do investors in emerging managers use?
AIMA/Marex asked 50 investors already allocating to emerging hedge funds where they source new opportunities. Personal networks remain the leading channel but fell from 65% of respondents in 2024 to 40% in 2026. Capital introduction through prime brokers rose from 22% to 30%. [2]
| Channel | 2024 | 2026 |
|---|---|---|
| Personal network | 65% | 40% |
| Capital introduction via prime broker | 22% | 30% |
Source: AIMA/Marex, Emerging Manager Survey 2026, p. 36. Shares of investor respondents; the sample differs between survey years. Other channels, including manager and third-party referrals, are shown in the report.
AIMA links the shift to the wider institutionalisation of the emerging-manager universe. Family-office respondents were broadly in line with others: 43% use personal networks against 38% of other respondents, and 29% use prime-broker capital introduction against 31%. [2]
The two surveys ask different questions of different populations. Their percentages cannot be combined or read as a market-wide trend.
How do family offices source direct investments?
For direct deals the pattern is similar. In Citi Wealth's 2026/27 survey, 69% of family offices name their in-house team as a primary source of deal flow and 49% name other families or family offices. [3]
Our article on choosing how to access alternative investments covers direct-deal sourcing by office size.
How long does a new allocation take?
Several months. Emerging managers in the AIMA/Marex survey report an average of 7.5 months from initial meeting to allocation in 2026, compared with 8.02 months in 2024 and 6.3 months in 2022. [2]
| Survey year | Months |
|---|---|
| 2022 | 6.3 |
| 2024 | 8.02 |
| 2026 | 7.5 |
Source: AIMA/Marex, Emerging Manager Survey 2026, p. 34. Manager-reported averages; the manager population definition changed in 2026.
A long cycle means a first meeting rarely leads straight to a decision. Review stages, document requests and committee approval sit in between, as covered in how family offices govern their investment decisions.
What do relationship-led channels mean for a first introduction?
When discovery runs through trusted contacts, the person or firm making an introduction carries part of the credibility. The figures suggest allocators value context: who the manager is, why the introduction is relevant to the allocator's mandate and what evidence is available for review.
- Is the programme relevant to the allocator's stated strategy, vehicle and liquidity criteria?
- Is the track record's basis clear: actual, proforma or hypothetical?
- Which documents are available now, and which would follow after a first call?
Our guides on what a CTA is and evaluating an emerging hedge-fund manager cover the evidence allocators look for.
What do the surveys not show?
The figures describe stated sourcing channels and manager-reported averages. They do not show which channel leads to more allocations, how much capital each channel represents or how sourcing differs outside the surveyed populations. [1-3]
Gnosis introduces institutional allocators to investment managers regulated in their home jurisdiction and evaluates those managers through Allocator IQ (AIQ). It does not advise on allocations, manage assets, hold custody or execute orders. Browse the manager universe.
Frequently asked questions
How do allocators find new fund managers?
Mostly through relationships. In iConnections' Global Allocator Report 2026, nearly 80% of allocators discover new managers through professional networks, and over half cite conferences and industry events.
Is prime-broker capital introduction growing?
Among investors in emerging hedge funds surveyed by AIMA/Marex, its use rose from 22% of respondents in 2024 to 30% in 2026, while personal networks fell from 65% to 40%.
How long does it take a manager to secure a new allocation?
Emerging managers in the AIMA/Marex 2026 survey report an average of 7.5 months from initial meeting to allocation, compared with 8.02 months in 2024.
How do family offices source direct deals?
In Citi Wealth's 2026/27 survey, 69% name their in-house team as a primary source and 49% name other families or family offices.
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
- iConnections / J.P. Morgan Asset Management, Global Allocator Report 2026. Attendee profiles, stated preferences and an in-person survey of more than 500 investors at Global Alts Miami 2026; question bases not stated. Key findings, p. 8; LP attendees by type, p. 12; by region, p. 15.
- AIMA/Marex, Stacking Up: Emerging Manager Survey 2026. Separate samples of 180 emerging hedge-fund managers and 50 investors already allocating to emerging hedge funds, surveyed in the first half of 2026. Sponsor-associated publication. Raising capital, p. 34; sourcing new opportunities, p. 36.
- Citi Wealth, 2026/27 Global Family Office Report. Survey initiated at the June 2026 Family Office Leadership Summit and distributed to Citi Wealth family-office clients: 351 respondents across 41 countries. Self-reported practices; response rate and weighting not disclosed. Sources of direct investment opportunities, pp. 67-68.