"Twenty: Then Now Next" by Thurman V. White, Jr., President & CEO

July 2010

"With two decades behind us, we celebrate our past, envision the future for emerging managers, and ask questions about what success will look like and what it will take to get there."


Case Study of the W.K. Kellogg Foundation “Who Manages the Money? How Foundations Should Help "Democratize Capital""

October 2014

By Thurman V. White, Jr., President and CEO, Progress Investment Management Company, LLC, in cooperation with the Association of Black Foundation Executives (ABFE) 

There is a growing trend among institutional investors to take a more inclusive approach to managing institutional capital. This call to “democratize capital” centers on expanding the pool of investment managers to include best-in-class diverse firms. Such a shift advances both equity and fiduciary goals. Research shows that small independent investment firms often outperform larger counterparts in many asset and sub-asset classes. 

Foundations lag behind other institutional investors in diversifying their mix of investment managers. Despite the mission of many to address historic inequities, foundations typically focus diversity efforts on grant making, or perhaps leadership and staffing initiatives. But they are missing an opportunity. Using more diverse managers would allow foundations to leverage new investment talent to enhance returns, as well as create a positive social impact that holistically aligns their business practices with their philanthropic missions. 


More Opportunities Coming from Institutions

February 2015

P&I Special Report on Emerging Managers - "More Opportunities Coming from Institutions"


Bibliography of Research Papers on Emerging Managers

July 2020