Davis Polk partner Michael Hong was featured on Private Equity International’s Private Equity Spotlight podcast discussing the state of the emerging manager market. Michael was joined by fellow guest DC Advisory’s Donato de Donato to cover what LPs are looking for today from their emerging managers, common mistakes by first‑time funds, and how newcomers can stand out.

Describing the increase in emerging managers and where they are coming from, Michael said, “When I joined Davis Polk eight years ago, my thesis at that time was that we were somewhat of an inflection point, just in terms of the age range of individuals who are running private fund sponsor shops. There was a generation, kind of coming up from under the individuals who had started those firms 20 years ago… And so that next generation need to go somewhere. They might spin out, they might separate… Individuals who have developed their own investment acumen and then a track record, maybe even their own brand, if they’re not able to take over those firms, if that’s what they desire to do, the next option is to strike out on their own and start their own advisory shop.”

The Private Equity Spotlight podcast delves into the latest trends in private equity across fundraising, portfolio management, deals, regulation and more. 

“The new playbook for emerging managers,” PEI’s Private Equity Spotlight podcast (April 15, 2026) (subscription required)

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