Seeding the Next Generation of Asset Managers: Hedge Funds, VC, and Private Equity Compared

What does it really take to back the next generation of investment managers?

In this special live recording of the Dakota Live Podcast from Drexel University’s Boathouse Row, host Robert Morier moderates a rare discussion on GP seeding across three different asset classes—hedge funds, venture capital, and lower-middle-market private equity.

While GP seeding is often discussed within a single asset class, this conversation brings together three distinct perspectives to explore how the strategy evolves depending on the market, the structure of capital, and the type of investor being backed.

The panel examines how seed investors identify emerging talent, structure alignment with founders, and help new firms overcome the “chicken-and-egg” challenge of launching a fund.

Joining the discussion:

Scott Schweighauser, Founder & Managing Partner of Borealis Strategic Capital Partners – sharing the hedge fund seeding perspective and the importance of identifying talent early.

Andrea Lo, Founder & Managing Partner of Main Character Capital – discussing GP seeding in venture capital and how to back the next generation of specialized VC managers.

Dan Pogue, Vice President at Catalyst Partners – explaining how seed investors support first-time private equity managers and help institutionalize emerging firms.

Together, they explore:

✓ How GP seeding differs across hedge funds, venture capital, and private equity
✓ Why alignment, structure, and value-add matter in early-stage asset management
✓ The evolving economics of GP stakes and revenue-share structures
✓ How investors identify emerging managers before they become household names
✓ The challenges of launching a firm in an increasingly competitive fundraising environment

For allocators, emerging managers, and anyone interested in the institutional investment ecosystem, this episode offers a rare cross-asset look at how early capital shapes the future of asset management.