The PE fundraising environment remains challenging, especially for small- and middle-market managers. The increasing likelihood of a soft landing for both the U.S. and other large industrial economies, however, portends increased opportunities in 2025 and beyond. Emerging managers are perfectly poised to take advantage of that potential demand if they position themselves properly with a successful first fundraise. Securing an anchor or seed investor to begin building out a portfolio could prove the difference between a successful launch and getting lost in the crowd. Those topics were covered at the Emerging Manager Forum hosted by K&L Gates, which discussed the current and future fundraising environments; fund and business structuring considerations for emerging managers; and the benefits of anchor and seed investors, as well as how to secure them. Moderated by partners Ed Dartley and Adam J. Tejeda, the panel included Stephen Cammock, managing director of GCM Grosvenor; Lucas Fries, principal at Churchill Asset Management; Michelle Jacobi, managing director at Gatewood Capital Partners; and Jacob Walthour, CEO of Blueprint Capital Advisors. This article summarizes key takeaways from the conversation. See “How Emerging Managers Can Address Key Issues and Challenges” (Sep. 21, 2023).