2022 Highlights
June 14-15, 2022 | New York City
"Fantastic experience! Great content and attendance."
"GP Bootcamp coaching session topics were very relevant and thoughtful. Great panel."
"It was great attending Consortium 2022 in person and meeting old colleagues and friends!"
– Quotes from Consortium attendees
In person for the first time in three years, sold-out Consortium 2022 continued its mission of advancing diverse and women managers and connecting them with institutional investors and consultants. We thank everyone who attended, and for those who couldn’t, below are some highlights on the most prevalent themes:
Growing, yet still underrepresented
While we have seen an increasing number of first-time funds in market and diverse managers have been shown to outperform industry benchmarks[1], capital flows are still lagging. LPs recognized this trend during the LP Intensive session. Said one: “Evaluate all managers equally, and focus on performance.”
And when evaluating managers, LPs should look at subjective criteria and data and ask: Who is doing the menial versus the important work? Who has the most responsibility? Who is being developed/mentored to be senior managers?
Raising a fund requires strategy, patience, and tenacity
During the GP Bootcamp, GPs discussed their views on fundraising. One GP spoke of her vision based on three elements: building a strong team, incorporating data and technology, and finding an established LP with whom to partner.
Meanwhile, David Perez of Avance Investment Management, stressed the importance of knowledge gathering and gaining exposure, stating, “The goal of meeting isn’t to get funding, but to get the next meeting.”
There is more than one approach
LPs acknowledged there was no “right” way to invest with diverse managers. Speaking about sourcing, they remarked:
- “I spend most of my time sourcing – and my organization keeps absolute requirements to a minimum so we can have as many conversations as possible.”
- “Sourcing is the ‘magic;’ we encourage our team to do whatever they can to seek out talent, including attending conferences like Consortium.”
- “Our allocation to diverse managers evolved as a natural part of the manager selection process. As we looked for differentiated ideas, we were forced to investigate new places to source them.”
Diverse managers – beyond the definition
We recently wrote about some challenges the industry faces in defining what makes managers “diverse.” One LP at Consortium stated “You can’t just look at 51% or 33%. You need to engage managers, to look at old and new data and sit down with them.”
Said another, “It’s important to move missions forward. To think more broadly about understanding diverse manager leadership, investment teams, and the next generation. It’s about team development.”
Diverse manager investing at GCM Grosvenor
At GCM Grosvenor, investing with diverse managers is consistent with our commitment to diversity as well as our focus on seeking the best possible risk-adjusted investment returns for our clients. Read more >>
"We recognize a manager as diverse when ownership was 50% or greater, but ownership doesn't fully describe how a team functions."
Andrew Junkin, Chief Investment Officer, Office of the General Treasurer at State of Rhode Island.
"Capital raise is a giant exercise in momentum building."
David Perez, Co-founder and Managing Partner, Avance Investment Management
By the Numbers
Consortium 2022 welcomed a record attendance that included many first-time joiners. The perspectives and insights brought by new attendees helped keep Consortium fresh and dynamic after all these years.
Investors and Consultants
Conference registrants from over 160 LPs and consultants represented many different types of firms.
No Data Found
Have small, emerging, or diverse investments
Have programs larger than $500 million
VIP Connect Participation
Representatives from
LP and consultant organizations participated
General Partners
Registrants from over 300 diverse- and women-led firms gained valuable exposure to LPs, acquired knowledge, and made new connections.
Those who self-reported represented a range of diverse managers.
No Data Found
"I was an overnight success 20 years in the making"
Sherrese Clarke Soares, Founder and Chief Executive Officer, HarbourView Equity Partners, speaking about her road to being a successful investment manager.
[1] “Examining the Returns: 2021,” National Association of Investment Companies (NAIC), 2021.
Past performance is not necessarily indicative of future results.
No assurance can be given that any investment will achieve its objectives or avoid losses.