Overview
Progress Investment Management was founded in 1990 and is headquartered in San Francisco. The firm manages approximately $5 billion in assets and is one of the longest-established platforms dedicated to investing with emerging and diverse investment managers.
Progress’s mission combines financial objectives with a commitment to broadening the diversity of the institutional investment management industry. The firm identifies talented emerging managers across asset classes, including private equity, and helps them access institutional capital through Progress’s fund-of-funds vehicles and customized mandates.
The firm evaluates emerging and diverse managers using the same rigorous institutional standards applied to established managers, focusing on investment process, team quality, track record, and organizational sustainability. Progress’s track record over three decades has demonstrated that diverse and emerging managers can deliver competitive returns, challenging the assumption that institutional capital must be concentrated among the largest, most established firms.
How to Approach
Emerging and diverse private equity managers seeking institutional capital should consider Progress Investment Management as a potential LP. The firm has deep experience evaluating early-lifecycle investment firms and can provide meaningful capital commitments alongside mentorship and institutional infrastructure guidance.
GPs approaching Progress should have a clear, differentiated investment strategy and a demonstrable track record, whether through prior fund experience, a predecessor firm, or a substantial angel or direct investment history. Progress values operational soundness and institutional readiness, so managers should be prepared to discuss their compliance infrastructure, reporting capabilities, and business plan alongside their investment thesis.
Frequently Asked Questions
What is Progress Investment Management's investment focus?
Progress Investment Management focuses on identifying and investing with emerging and diverse investment managers across public equity, fixed income, private equity, and real estate. The firm was founded on the thesis that emerging managers, including minority-owned, women-owned, and smaller firms, can deliver competitive returns while broadening the diversity of the investment management industry.
How does Progress Investment Management define emerging managers?
Progress Investment Management defines emerging managers as investment firms that are early in their institutional lifecycle, typically managing less than $2 billion in assets. The firm also focuses on managers that are diverse-owned, meaning firms with significant ownership by minorities, women, or other underrepresented groups. Progress evaluates all managers using institutional-quality standards regardless of ownership characteristics.
What types of institutional investors work with Progress Investment Management?
Progress Investment Management serves public pension funds, corporate pension plans, endowments, and foundations that have mandates or goals related to emerging and diverse manager investing. Many of Progress's clients are state and municipal pension systems with emerging manager programs. The firm's track record demonstrates that diverse emerging managers can meet institutional return and risk requirements.
