Performance alone is not enough to ensure that a new manager will have a successful fund launch, particularly in light of the recent trend of investors beginning to consolidate their allocations to a small number of large, established fund managers. A panel discussion at the CTA Expo – Emerging Manager Forum explored certain critical factors that allocators consider when deciding whether to invest with a new manager, including the manager’s infrastructure, service providers, documentation and internal controls. The panel was moderated by Cadwalader partner Dorothy D. Mehta and featured Norma Richmond, senior manager at Cohen & Company; Rafael Beck, senior managing director at Integrated Solutions; and Robert DeMuria, president of Compliance Supervisors International, Inc. This article highlights the key takeaways from the presentation. See “Notable Takeaways From the EY 2021 Global PE Survey” (Mar. 30, 2021); and “Preparing for the Post‑Pandemic Operating Environment” (Mar. 23, 2021).