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Laxman Pai, Opalesque Asia for New Managers: The Massachusetts Institute of Technology Investment Management Company (MITIMCo), an $18.4 billion endowment, launched a website designed to help new fund managers get started.
The site claims that it is trying to make it easier for emerging stock pickers to land clients by revealing the favorite service providers of successful fund managers.
According to a tweet by Joel Cohen, a global investor at MITIMCo, the endowment office had created "a website that we just thought ought to exist," which is "written specifically for emerging manager stock pickers who look to buck convention and focus on generating exceptional results."
"Those looking for information on a conventional path to becoming a fund manager will find better information elsewhere. We know from experience that it is possible to start as a quirky firm with $5 million of AUM and little in the way of track record, and generate exceptional results at increasing scale for a long period, " it said.
"We have seen this done, and our goal on this site is to share both inspiration and practical steps for newer firms who are looking to build something special. These firms often "bootstrap" themselves because they do not have a track record or pedigree to raise much money, or are just unorthodox. So, we have made sure to include information about running your firm on a low budget," it added.
In addition to tweets, relevant quotes, and other pieces of wisdom for investors, the site names some of the law firms, auditors, and fund administrators favored by small managers. MITIMCo compiled the list by surveying emerging managers on Twitter and asking those within its own portfolio.
MITIMCo also highlighted other resources managers have found helpful in their investment work. Qualitative research platform Tegus, a database of investor interviews with industry experts, was "mentioned many times," according to the website.
"Of course, MITIMCo works with a variety of different types of firms, not just stockpickers. We work with real estate investors, private capital and growth equity managers, venture capital firms, and hedge funds. This page is really only relevant to emerging stock-picking firms, however, who really can start with just a few million dollars of AUM and a 1 or 2 person shop," it said.
The site features essays and content written by successful emerging managers, real-life examples of emerging managers who successfully advanced, actual examples of lean budgets real emerging managers have used, a list of service providers used by MIT's and other emerging managers, and a list of steps to take to launch a fund written by an emerging manager.
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