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Cover page of a report titled 'The $72 Million Question' by Colibri Strategies, discussing emerging manager exclusion and its costs, dated March 2026.

What you need to know before you apply.

Who This Is For

Institutional LPs & Emerging GPs

The cohort is open to both institutional allocators and emerging managers. LPs designing or recalibrating emerging manager programs and GPs preparing for institutional fundraising or working through portfolio construction challenges are equally strong fits. Each client selects the program most relevant to their immediate work.

Size & Selection

Intentionally Small

The cohort is deliberately kept small. We are selecting founding clients whose work aligns closely with our research agenda and where we can deliver the highest-impact outcome. Selection is based on fit, readiness to engage, and the degree to which the engagement would contribute to how we build and refine these programs over time.

Timing

Engagements Begin Q2 2026

Applications are reviewed on a rolling basis. Founding cohort engagements are expected to begin between Q2 and Q3 2026. The application takes about 15 minutes, and finalists then have a 20-minute conversation with both co-founders.

Two tracks. One for LPs, one for GPs.

Select the track that fits your situation when you apply. If you are unsure, note that in your application and we will work through it together.

LP Track: Programs 1 & 2

Institutional Allocators

For foundations, endowments, public pension plans, family offices, and universities: building or recalibrating their venture capital approach. Both LP programs are grounded in research-backed frameworks and governance-ready design, built to withstand institutional scrutiny.

Strong fit if you are:

Building or recalibrating an emerging manager program

Preparing EM strategy for IC or board approval

Seeking to improve risk-adjusted returns across your VC portfolio

Operating without a formal framework for EM evaluation

GP Track: Programs 3 & 4

Emerging Managers

For Fund I through Fund III managers preparing for institutional fundraising or actively deploying capital who need their construction logic to hold under LP scrutiny. Our research shows that portfolio configuration discipline drives returns more than AUM or brand.

Strong fit if you are:

Preparing for first or next round of institutional LP conversations

Mid-deployment with portfolio construction questions to resolve

Unable to clearly articulate portfolio rationale to LPs

Designing Fund II with an evolving strategy

Four programs. Choose the one that fits.

Each program has two tiers. Your application identifies which program and tier makes sense, and we confirm the scope together.

LP | Program 1

Emerging Manager Program Design & Evaluation

Architecture for institutions designing or recalibrating allocations to emerging VC managers. Combines empirical return analysis with portfolio sizing models, governance design, and IC-ready documentation. Built on Colibrí Institute's research showing emerging managers outperform by 7.2% IRR, with outperformance concentrated in fund configuration discipline, not AUM or brand.

Strong fit if you are: Building a new EM program from scratch · Recalibrating existing EM exposure · Preparing an EM strategy for IC or board approval · Operating without a formal framework for EM evaluation or screening Key Deliverables: EM Definition Framework, Risk-Return Diagnostic, Portfolio Sizing Model, Governance Guardrails, IC Presentation Deck, Board Memo Template, Peer Benchmarking Brief, EM Program Charter

Tier 1 | EM Program Design
12–16 weeks · EM definition, return analytics, portfolio sizing, governance design, IC materials

Tier 2 | Program Design + Evaluation & Optimization
20–24 weeks · All of Tier 1 plus Portfolio Risk Audit, Manager Evaluation Framework, Lifecycle Recalibration Strategy, and Ongoing Governance Support

GP | Program 3

Fund Formation & LP Readiness

Fund strategy, governance design, and portfolio configuration systems for emerging managers preparing for institutional fundraising. Starts with a reverse-engineered LP diligence gap analysis, mapping institutional screening criteria across eight categories, and builds toward an institutional-grade data room, a defensible portfolio construction narrative, and complete fundraising readiness.

Strong fit if you are: Preparing for first or next institutional LP conversations · Rebuilding materials after early fundraising struggles · Designing Fund I or Fund II structure and governance · Operating without a formal LP communication or data room system Key Deliverables: LP Diligence Gap Analysis, Portfolio Strategy Coherence Review, Risk Narrative Framework, Governance Recommendations, IC Presentation Deck, Institutional Data Room, LP Communication Templates, Fundraising Readiness Certification

Tier 1 | Institutional Readiness Assessment
10–14 weeks · LP diligence gap analysis, portfolio strategy coherence review, risk narrative, governance recommendations, IC presentation deck

Tier 2 | Complete Institutional Formation
18–24 weeks · All of Tier 1 plus Portfolio Construction Modeling, Complete Data Room Build, LP Communication Infrastructure, Fundraising Readiness Certification, and 60-day support.

LP | Program 2

VC Risk & Diversification Optimization

Portfolio-level recalibration for institutions with established VC exposure. Uses dissertation-grade methodology to model power-law return dispersion, vintage concentration, liquidity stress, and pacing vulnerabilities that standard surface metrics miss. Produces a rigorous, stress-tested view of the portfolio and a governance-defensible path toward a more efficient configuration.

Strong fit if you are: Operating with undifferentiated VC risk · Concerned about concentration or vintage clustering · Preparing for an IC or board-level portfolio review · Seeking to improve risk-adjusted returns without rebuilding from scratch

Key Deliverables: Stress Testing Report, Diversification Diagnostic, Portfolio Optimization Model, Efficient Frontier Analysis, Multi-Year Rebalancing Roadmap, IC Memorandum, Risk Monitoring Dashboard, Executive Risk Summary

Tier 1 | Portfolio Risk Assessment
14–18 weeks · Stress testing, diversification diagnostics, optimization modeling, rebalancing roadmap, IC materials

Tier 2 | Full Portfolio Optimization
24–28 weeks · All of Tier 1 plus Advanced MPT and Power-Law Optimization, Manager-Level Risk-Return Scoring, Re-Up Decision Framework, Multi-Year Rebalancing Roadmap, and Ongoing Risk Monitoring

GP | Program 4

Portfolio Construction & Allocation Strategy

Distribution-aware portfolio systems that model power-law return dynamics, ownership concentration, reserve strategy, and capital pacing. Designed for managers who need their construction decisions to be both empirically grounded and LP-defensible during active deployment. Built on the same dissertation-grade methodology that underlies Colibrí Institute's fund performance research.

Strong fit if you are: Mid-deployment with portfolio construction questions to resolve · Unable to clearly articulate construction rationale to LPs · Preparing for Fund II with an evolving strategy · Operating without real-time portfolio monitoring or formal decision frameworks.

‍Key Deliverables: Portfolio Configuration Analysis, Risk-Return Efficiency Framework, LP Communication Materials, Power-Law Scenario Analysis, Real-Time Monitoring Dashboard, Manager Lifecycle Strategy, Reserve Strategy Optimization, Q&A Preparation

Tier 1 | Portfolio Configuration Analysis
10–14 weeks · Configuration analysis, risk-return efficiency framework, LP communication rationale, decision rules for future investments, 30-day support

Tier 2 | Advanced Portfolio Strategy
18–24 weeks · All of Tier 1 plus Advanced Scenario Modeling, Manager Lifecycle Evolution Strategy, Real-Time Monitoring Dashboard, Quarterly LP Communication Support through Year 1, and 90-day support

More than an engagement.

Founding clients work with us at a moment when their feedback and real-world constraints directly shape how these programs are built. That relationship is reflected in how we structure the partnership.

Preferred Engagement Terms

Founding cohort clients engage under terms that reflect the partnership model at the core of this program. The full scope of the selected program is always delivered.

Input Into Program Design

Founding clients have a genuine seat at the table in shaping how our programs are structured. Your feedback and real-world constraints directly inform how we build for the clients who follow.

Direct Co-Founder Access

Every founding cohort engagement is led directly by Dr. Mariela Salas and Itzel Moncada, with no delegation to junior staff. You work with the people who built the methodology.

Priority on Future Engagements

Founding clients have the right of first engagement for new programs, research partnerships, and advisory work.

First Access to Practitioner Tools

Founding clients receive practitioner tools translated from Colibrí Institute research before public release, including diagnostic frameworks, scoring rubrics, and portfolio assessment guides.

A Partnership, Not a Transaction

We are selective because we want every engagement to be one where we show up fully and deliver work that lasts well beyond the engagement itself. That is what founding clients are signing up for

These engagements are collaborative by design.

The quality of our work depends directly on the quality of your engagement. Here is what the process requires on your end.

Data & Documentation | Relevant Portfolio and Fund Data

Depending on the program, this includes portfolio holdings, fund performance records, IPS or allocation policy documents, fund strategy materials, and existing governance documents. We send a detailed data request checklist in advance so there are no surprises at kickoff.

Time & Cadence | Structured Working Sessions

Engagements include 8 to 12 structured working sessions over the project timeline, typically 30 minutes to an hour each. Between sessions, we run the analysis and build the deliverables. Client-side reviewers need to engage meaningfully with drafts, as the quality of your feedback is directly tied to the quality of our output.

Stakeholder Access | The Right Decision-Makers

We need access to the people who actually make decisions. For LPs, that typically means the CIO, Head of VC, and an IC Chair. For GPs, that means the lead partners. Stakeholder interviews happen early and are the foundation on which everything else is built.

Decision Authority | The Ability to Move Things Forward

The participants you bring into the engagement should be in a position to make or advance real decisions. Several programs culminate in IC or board presentations, which means the right stakeholders need to be engaged throughout the process, not just at the end.

From application to kickoff.

The process is designed to be straightforward. We want to move quickly for the right people and make the decision easy on both sides.

Submit Your Application
The application below takes approximately 15 minutes. We ask about your organization, your current challenge, what drew you to the research, and what a successful engagement would look like. Our goal is to understand fit and context, not to screen for prestige or institutional size.
Select Your Program Track
As part of the application, you will indicate which program track fits your situation: the LP Track (Programs 01 or 02) or the GP Track (Programs 03 or 04). If you are unsure, note that and we will work through it together in the follow-up conversation.
Leadership Conversation
Finalists are invited to a 30-minute conversation with both Mariela and Itzel to confirm mutual fit, clarify scope, and address any questions about the engagement before either party commits.
Offer and Engagement Design
Selected clients receive a tailored engagement proposal within five business days of the co-founder conversation. The proposal confirms scope, timeline, tier selection, and founding client terms. Engagements are formalized through a standard MSA and SOW.
Kickoff
Engagements begin with a structured kickoff that establishes stakeholder alignment, data requirements, working cadence, and a milestone-based delivery schedule. From that point, you have a dedicated team and a clear roadmap for the full engagement.

Engagement Terms
Founding cohort terms are not publicly listed and are confirmed as part of the engagement proposal following the co-founder conversation. The full program scope is always delivered. If budget or timing is a question, we encourage you to apply and discuss it with us directly.

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