NAIC wrapped up our 7th annual Establishing the Next Generation of Alternative Investment Firms Symposium (NextGen) on April 10. The 40 symposium participants included Afzal M. Tarar, Founder, Chairman, and Managing Partner of Quartus Capital Partners, who is busy raising a $100 million fund to invest in growth-stage AI and technology ventures, scaling them into future market leaders that drive innovation, performance, and impact.
A former partner at PricewaterhouseCoopers, Afzal and his team had successfully raised and managed more than $90 million of capital across various funds and vehicles but recognized the value of interfacing with the leading capital allocators who participate in the program. “For those of us who have been doing this for some time, it is less about learning new stuff – although I did learn a lot of new things,” he says. “But it’s more about networking with the people in this ecosystem – allocators, service providers, and NAIC leadership – with whom I have been connected for some time but who don’t really know me as well.”
Through his participation, Afzal connected with professionals representing major allocators, such as GCM Grosvenor. He says that seeing them participate as speakers in the NextGen program gave him a renewed appreciation for their engagement with diverse asset managers, prompting him to reach out via LinkedIn and personally thank them for their time and effort.
“You will learn a lot about the good, bad, and ugly of being an emerging manager. I’m actually recommending my partner to attend the next program.”
Afzal M. Tarar, Founder, Chairman & Managing Partner, Quartus Capital Partners
Filling a Void in the Marketplace
Tarar is one of hundreds of investment professionals who have benefited from the NextGen Symposium since NAIC launched the program in 2019. NextGen was developed to fill a void in the marketplace for a resource to help diverse first-time fund managers succeed. It plays a vital role in today’s evolving investment landscape and is even more crucial now, where DEI pushback is creating additional barriers.
Sponsored by Akin, Holland & Knight, GCM Grosvenor, and Kirkland & Ellis, the 2025 NextGen Symposium rose to meet that challenge by equipping dozens of female and ethnically diverse fund managers – whether they recently launched or are preparing to launch a firm – with the tools, insights, and networks necessary to navigate a complex and competitive fundraising environment. Through a comprehensive series of sessions, the nine-week program empowered a new generation of diverse-owned firms to rise, thrive, and lead in the alternative investment space.
The 2025 NextGen Symposium featured nine intensive virtual training sessions, delivering comprehensive insights into building an investment firm, raising capital, and navigating the complexities of running an institutional-grade business. For the first time, the symposium included an in-person pitch coaching and networking session in New York City, offering participants who’ve already established a firm with hands-on experience to refine their messaging. Experienced LPs Laureen Costa (J.P. Morgan Asset Management), Obie McKensie (Independent Advisor), and Alcina Goosby (Overbrook A. Capital), shared feedback with participants on how to clearly communicate their fund’s value proposition, refine their storytelling, and prepare for investor questions.
A Suite of Resources
NextGen’s first session, Laying the Foundation of Your New Firm provided guidance on shifting from deal-making to firm-building. Speakers emphasized the importance of culture, governance, leadership, and partnership structure. Team, Track Record, and Strategy explored how to build a strong, institutionally credible team, including advisory roles and service partners. Attracting Capital: Building a Winning Go-to-Market Strategy featured experienced founders sharing insights on fundraising strategies, branding, and relationship-building with LPs.
In Behind the Scenes: Capital Allocator Insights, top allocators shared how they evaluate fund managers, conduct due diligence, and navigate a competitive environment for diverse managers. Risk Mitigation addressed tools for protecting firms and investments, from cybersecurity to insurance solutions. Back Office Essentials focused on compliance, investor reporting, and treasury management—critical components often underestimated by new fund managers.
Structuring Your Firm: Legal Considerations provided a legal roadmap for firm and fund setup, documentation, and marketing compliance. During the Asset Class Deep Dive session, participants explored nuances in launching Private Equity, Venture Capital, Real Estate, and SBIC firms. Finally, Money, Money, Money: Preparing for the Financial Journey walked through a first-year P&L statement, reviewed the realities of management fees, and shared essential knowledge on firm operations.
Gaining Strategic Clarity
“I actually heard about NAIC through the MBA Fellowship while I was in school, and when I was thinking about the work that I’m doing at A&H, what would be a good way to continue my training and development,” recalls Tobi Adewodu, Associate Director of Investor Relations and Operations at Apis & Heritage Capital Partners (A&H). “When I heard about the NextGen program, it seemed like a good way to get up to speed in terms of learning.”
Adewodu assists with developing fundraising plans, managing CRM, working with the firm’s LPs, and overseeing media and communications. A&H specializes in private credit and focuses on employee stock ownership plans (ESOPs). The firm provides debt financing to the employees to facilitate the acquisition of the business they work for. As the business’s debt is paid down, employees gain equity in the business. A&H has completed five transactions to date and expects to close two more under its current fund.
Eager to deepen his strategic capabilities and contribute meaningfully alongside his general partners, Adewodu is currently supporting the firm part-time and will step into a full-time role this fall. As part of a young firm, he found immense value in learning how LPs think and communicate, which he said was especially helpful for fundraising. He also appreciated hearing firsthand lessons from other emerging GPs. Most importantly, the program helped him recognize that running a fund also means building a business – with all the legal, compliance, and HR responsibilities that come with it – giving him a more complete understanding of his role.
For Adewodu, one of the greatest values of the NextGen program is being able to tap into NAIC’s network of experienced leaders. “This is an industry where I think things are caught more than they’re taught, and the more conversations you can have with people who have done this before, the better,” he says.
“I think the NAIC puts together a robust group of people who not only have industry experience but can also pass down their lessons to you, really getting you started.”
Tobi Adewodu, Associate Director of Investor Relations and Operations at Apis & Heritage Capital Partners (A&H)
“I think the NAIC puts together a robust group of people who not only have industry experience but can also pass down their lessons to you, really getting you started.”
Tobi Adewodu, Associate Director of Investor Relations and Operations at Apis & Heritage Capital Partners (A&H)
The 2025 NextGen Symposium reinforced NAIC’s mission to close the equity gap in alternative investments by empowering diverse emerging managers with the knowledge, tools, and relationships needed to launch and grow successful firms. With a mix of deep-dive training, expert panels, and hands-on coaching, the program continues to be a game-changer for the next generation of general partners.