Breaking the Scaling Barrier: GP Capital Alternatives for Emerging Fund Managers; Stakes & Loans

There will soon be one million VC firms, and we need standardized projects to finance them. Emerging impact fund managers globally face a critical challenge between Fund I and Fund IV: a proven investment thesis but insufficient resources to build institutional-quality firms. We will examine various capital options—including GP Stakes, revenue-based financing, specialized loans, and recoverable grants—and how they are democratizing access to the fund management industry for diverse managers worldwide. The panel brings together perspectives from both capital providers and recipients, including insights from emerging market GPs, where alternative financing models are catalyzing new waves of impact-focused fund managers. Unlike traditional structures that require decade-long horizons, these funding models leverage philanthropic capital (DAFs, recoverable grants) alongside market-rate investments, offering semi-liquid return profiles that align incentives for managers, investors, and entrepreneurs to scale.