How to Launch a Hedge Fund in 2026 | Blackstone, CPP, Stable & Canepa | Emerging Manager Masterclass

Описание: What do Blackstone, CPP Investments, and the top seeders actually look for in emerging managers?

This all-star panel breaks down the psychology of successful founders, the dangers of "SMA Purgatory," and why finance attracts more dark triad personalities than any other industry.

If you're launching a fund, or thinking about it, this is required viewing.

HIGHLIGHTS:
0:00 - Intro + Panel Introductions
2:16 - Eric introduces the other panelists
3:40 - "Have you seen the fees we charge? I'm not sure I would pay them"
4:15 - Why emerging managers outperform: "They're still not rich"
5:14 - Canepa's definition of "emerging": $3-5B potential, not just spinouts
5:54 - Blackstone's $60B platform and flexible partnership structures
6:16 - Linda's "Triple A" framework: Agility, Alpha, Access
7:47 - CPP's 10-year emerging manager program
9:29 - What makes someone "investment ready"?
10:39 - "If you just want to trade, go to Millennium or Citadel"
11:20 - The scarcity of good CEO-types in fund management
13:22 - "Founders don't want to spend money on salespeople so we put it in the docs"
14:26 - "Finance has the highest percentage of dark triad psychologies"
15:04 - Why self-awareness is the #1 predictor of success
17:57 - Platform deals: "The rocket fuel of the industry"
18:40 - "Rocket fuel is highly flammable" the SMA warning
19:39 - "SMA Purgatory" explained
20:17 - The 3-tier SMA hierarchy: Asset owners, Asset managers, Platforms
21:06 - "Pod multi-managerization is coming to privates"
24:36 - Global hotspots: Asia and Europe seeing the most activity

KEY TAKEAWAYS:
• Triple A framework: Agility, Alpha, Access
• Dark triad traits (Machiavellianism, psychopathy, narcissism) are good for making money but self-awareness is what makes great partners
• "SMA Purgatory": Too much SMA capital scares off commingled fund investors
• Founders must hire salespeople — seeders now put it in the docs
• Best SMAs: Asset owners, Asset managers, Platforms
• Pod-ification is coming to private markets (Apollo, Millennium already active)
• Europe and Asia seeing surge in emerging manager launches

PANELISTS:
• Erik Serrano Berntsen — CEO, Stable
• Marc Gilly — Partner, Canepa Global Managers
• Linda Luu — Managing Director, The Blackstone Group
• Yan Kvitko, CFA — MD, External Portfolio Management, CPP Investments
• Max Karpel — Partner, Akin (Moderator)

Recorded live at Global Alts Miami 2026