The Emerging Manager Playbook: Building Deal Flow From Zero

The cold start problem is the single biggest challenge for emerging managers. Established funds have portfolio companies making introductions, brand recognition that attracts inbound deal flow, and networks built over decades. You have none of that. Yet.

The Emerging Manager Disadvantage

Let us be honest about the challenge. As a Fund I manager:

• You have zero portfolio founders making introductions
• Your brand does not attract inbound deal flow
• Your network is limited to your personal and professional history
• You do not have analysts to do sourcing work
• Your time is split between investing, fundraising, and operations
• Established funds see deals before you do

This is not a criticism. It is the structural reality. The question is not whether the disadvantage exists but how to overcome it systematically.

The Three Pillars of Emerging Manager Deal Flow

1. Thesis Clarity

The single most important thing you can do as an emerging manager is define a razor-sharp thesis. Not "I invest in great companies." Not "I like B2B SaaS." Something specific enough that when someone hears it, they immediately think of a company that fits.

Good thesis: "I invest in developer tools at pre-seed and seed, specifically companies building for the AI infrastructure stack."

Bad thesis: "I invest in early-stage technology companies."

Thesis clarity helps because it makes you referable. When someone hears about a developer tools company building AI infrastructure, they think of you. When someone hears about a "technology company," they think of nobody in particular.

2. Signal-Based Sourcing

This is where emerging managers can create structural parity with larger funds. You cannot match their networks. You can match — and potentially exceed — their systematic sourcing.

Ted levels the playing field by monitoring signals across thousands of companies and scoring them against your specific thesis. A solo GP with Ted sees the same signals as a fund with three analysts and a PitchBook subscription. Often sooner, because Ted operates in real time while human analysts operate in batch.

3. Outbound with Value

The final pillar is proactive outreach. Not cold emails that say "I am interested in investing." Instead, reach out with value:

• Share a relevant signal you noticed about their company
• Offer a specific introduction that would help their business
• Share proprietary research relevant to their sector
• Invite them to an event with other founders in their space

Outbound with value creates relationships from scratch. Combined with signal-based sourcing, you are reaching out to the right companies at the right time with the right context.

The 90-Day Plan

Days 1-30: Configure your thesis in Ted. Define signal weights. Start receiving daily deal flow. Begin outbound to the highest-scored companies with value-first messaging.

Days 31-60: Refine your thesis based on the companies you are seeing. Which signals are most predictive for your investment style? Adjust weights. Start tracking which outbound approaches generate the most founder conversations.

Days 61-90: By now you should have 10-20 active founder conversations. Some will be too early, some too late, but you are building pipeline. The signal data is getting sharper as Ted learns from your feedback.

The Emerging Manager Advantage

Here is the counterintuitive truth: emerging managers who adopt signal-based sourcing early often have better sourcing processes than established funds. They build the muscle from day one instead of relying on networks that took decades to build. When those networks eventually develop, they have both the systematic and the relationship-driven sourcing channels working in parallel.

The playing field is not level. But it is more level than it has ever been.