Pepper Emerging Manager Program
Get our report on investing trends!
By providing your email, you will shortly receive the latest report from Pepper.
Pepper Emerging Manager Program
Institutional infrastructure for private credit & secondaries managers – from day one.
Your growth path on pepper
- Launch Deal management, AI ingestion, portfolio monitoring — fully operational in 2–4 weeks. Emerging Manager Program
- Scale Add advanced analytics, investor portal, ESG reporting as your AUM and LP base grows. Add modules — no migration
- Institutional Scale Transition to the enterprise commercial model — same platform, no re-implementation. Transition to enterprise
- $30B+ AUM Where Pepper's typical fully-deployed client operates today.
-
2–4 weeks
Standard implementation
timeline -
<$2B
Deployed capital eligibility threshold
-
Up to 3 years
Preferred pricing period
-
One platform
Launch through institutional scale no re-implementation
Why we created the platform
The standard is now institutional – even for emerging managers.
Launching an investment management firm has never been more demanding. Investors increasingly expect institutional governance, disciplined investment processes, transparent reporting, and scalable operations – even from first-time and emerging managers.
Yet many firms continue to rely on spreadsheets and manual workflows during their formative years, viewing enterprise technology as an investment that can wait until they have achieved greater scale. Operational complexity typically increases faster than assets under management. The firms that establish disciplined investment processes and operating infrastructure early are better positioned to scale efficiently, meet increasing investor expectations, and avoid the disruption of replacing fragmented systems as the business matures.
The Pepper emerging manager program exists because institutional operating capabilities and affordability should not be a trade-off for firms with the ambition to become the next generation of institutional investment managers.
Institutional investment managers are not defined by the size of their assets under management – They are defined by the quality of their investment processes and the operating infrastructure that supports them.
– Pepper manager emerging program
The emerging manager challenge
Three constraints that hold emerging managers back
The firms that will become the next generation of institutional private credit and secondaries managers face the same structural constraints at launch. Pepper was built to remove all three.
-
Technology priced for institutions, not for emerging managers
Enterprise private credit platforms are priced for firms that have already achieved institutional scale. The technology that would help you get there is out of reach when you need it most.
-
Investor expectations don’t scale down for emerging managers
Institutional LPs conducting due diligence on an emerging manager expect the same governance, reporting quality, and operational discipline they see in established firms — regardless of AUM.
-
Rebuilding infrastructure at every growth stage
Firms that start on spreadsheets spend their first years managing the transition away from them — at exactly the moment when their time and capital should be going to investment activity and growth.
Program structure
Access to institutional infrastructure. Pricing built for your stage.
The Pepper emerging manager program is an invitation-only initiative designed for select private credit and secondaries managers that Pepper believes have the potential to become the next generation of institutional investment firms.
Through the program, qualified firms receive access to the same institutional operating platform trusted by established private credit and secondaries managers — delivered through a standardised implementation model that reduces cost and accelerates deployment. Pepper’s standard commercial model is based on deployed capital, typically ranging from 3 to 5 basis points. Through the emerging manager program, qualified firms receive preferred pricing, enabling them to establish institutional operating capabilities early while preserving capital for investment and business expansion.
The objective is not simply to replace spreadsheets. It is to help firms establish institutional investment processes from inception — creating stronger internal controls, disciplined workflows, consistent reporting, and a technology foundation capable of supporting long-term growth.
Important note:
Many Pepper clients elect to treat technology costs as a fund expense, allowing the cost of the operating platform supporting the investment business to be allocated consistent with the fund’s operating structure.
What the program provides
-
Same platform as enterprise clients.
-
Standardised implementation — 2–4 weeks.
-
Fixed annual subscription preferred pricing.
-
Add modules without re-implementation.
-
Transition to enterprise model as AUM grows.
-
Fund expense treatment supported.
Program key terms
- Invitation only
- Less than $2B deployed capital
- Preferred pricing
- Up to three years
- Transition to enterprise model
Included capabilities
The same core platform as Pepper’s enterprise clients.
The program provides access to the full institutional operating platform through a standardised implementation and support model — covering every stage of the private credit and secondaries investment lifecycle.
-
Investment management
-
Deal management
Structured deal pipeline, origination-to-close, IC reporting.
-
AI deal ingestion
CIM processing, document intelligence, data extraction to structured deal record.
-
Portfolio monitoring
Real-time position tracking, covenant monitoring, financial data ingestion.
-
-
Operations
-
Investor/LP reporting
LP report generation, capital account statements, AI narrative drafting.
-
Standard reporting
Performance reporting, exposure analytics, regulatory outputs.
-
Workflow management
Review and sign-off workflows, approval trails, governance documentation.
-
-
Investment management
-
Document repository
Versioned document storage linked to deal and portfolio records.
-
Industry-standard integrations
Bloomberg, FactSet, fund administrators, data providers.
-
Cloud hosting & security
Enterprise-grade infrastructure, SOC 2 aligned.
-
Shadow fund accounting
Internal fund accounting alongside fund administrator data.
-
Pricing
Institutional capabilities. Emerging manager pricing.
-
Emerging manager
Less than $1B deployed
Preferred pricingFor qualified Emerging Managers, Pepper offers a deeply discounted annual fixed subscription fee. Contact Pepper to discuss eligibility and pricing.
- Annual subscription
- Fixed fee
- Paid annually in advance
-
Emerging manager
$1B – $2B deployed
Preferred pricingFor qualified Emerging Managers, Pepper offers a deeply discounted annual fixed subscription fee. Contact Pepper to discuss eligibility and pricing.
- Annual subscription
- Fixed fee
- Paid annually in advance
-
Enterprise
Greater than $2B deployed
Standard enterprisePepper’s standard commercial model based on deployed capital, typically 3 to 5 basis points depending on size, complexity, and scope. Custom pricing.
- Deployed capital pricing
- Custom engagement
Implementation, support & commercial terms
Operational in weeks, not months.
The emerging manager program is delivered through a standardised implementation model designed to get firms operational quickly without the complexity of a custom enterprise deployment.
-
Implementation
Standard remote implementation covers platform configuration, data migration, and system testing. No on-site professional services engagement required.
-
Training
One-day administrator onboarding session covers platform configuration, user management, workflow setup, and all included capabilities.
-
Support
Email support with documented SLA response times and access to Pepper’s comprehensive knowledge base, platform documentation, and workflow guides.
-
Commercial Terms
Annual subscription, paid annually in advance. Non-refundable. Preferred pricing applies for up to three years, with transition to Pepper’s enterprise commercial model as the firm grows.
Platform modules
One platform. Launch through institutional scale.
As your organisation grows, additional modules, AI capabilities, reporting, integrations, and enterprise services can be enabled without replacing your technology foundation. No re-implementation. No migration. The same platform scales with you.
-
Launch
Core platform
operational -
Deal
management AI ingestion, pipeline,
IC reporting -
Portfolio
monitoring Covenant tracking,
early warning -
Investor
reporting LP portal, AI
narratives, ESG -
Advanced
analytics NLQ, stress
testing, attribution -
Institutional
scale Enterprise model,
$30B+ AUM
One institutional operating platform that grows with your firm — eliminating the need for future technology migrations or re-implementation projects.
Eligibility & application
Who the program is designed for
The Pepper emerging manager program is an invitation-only initiative. Qualified firms are selected based on investment strategy alignment, growth potential, and operational readiness.
-
Private credit managers — direct lending, mezzanine, distressed, or multi-strategy — at early stages of growth
-
Private equity secondaries and fund-of-funds managers establishing their first institutional platform
-
Deployed capital less than $2 billion at time of application
-
Managers where Pepper’s investment in preferred pricing is matched by the firm’s investment in operational discipline
Build institutional infrastructure before you need it at institutional scale.
The firms that establish disciplined investment processes and operating infrastructure early are better positioned to scale efficiently, meet increasing LP expectations, and avoid the disruption of replacing fragmented systems as the business matures. Apply to learn whether your firm qualifies.
Apply to the programStay current on private credit and alternatives
Biweekly insights on market trends, operational best practices, and platform intelligence - delivered to your inbox