I’ve long been a champion of emerging managers. They see opportunities others don’t and often yield the best returns despite market conditions.

But the term “emerging manager” has lost its utility.

When it was first coined back in the 1980s, industry insiders used it to refer to managers with funds smaller than a certain size. But it soon became synonymous with funds run by women, by managers representing racial and ethnic minorities, and by other groups that are underrepresented in VC. READ MORE