StepStone Group- Thu, 03/12/2026 - 19:42

RPM Ep. 56 | The case for emerging managers with Ted Panarese and Aditya Fontana-Raina

In this episode of RPM, Ted Panarese and Aditya Fontana-Raina, New York-based Partners on our private equity team, join co-host Anna Marcus to explore whether emerging managers truly represent a disproportionate source of risk, or if the opportunity has been mischaracterized. They cover:

Revisiting the case for emerging managers (3:02)
What the data says about early-fund outperformance (4:12)
The ideal Fund I profile (6:41)
Risks with Fund I investing (11:15)
Building a disciplined emerging manager playbook (13:52)
How LPs should underwrite risk at the program and portfolio level (16:36)
Key takeaways (21:32)

Read the transcript .

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Contacts

StepStone Group

StepStone Group (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

W. Casey Gildea
Managing Director casey.gildea@stepstonegroup.com
+1.212.351.6114

277 Park Ave, 45th Floor
New York, NY 10172

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