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Fortune: "just how bad is it out there, really? Well…If you look at the data, quite terrible, honestly. If this year continues the way it’s been going, it will be the worst year for emerging manager fundraising in more than a decade. As of mid-April of this year, emerging managers had only raised $2.3 billion in assets for 56 funds, according to PitchBook. Managers will have to step it up by the end of this year, and raise some 5x of that figure just to surpass fundraising metrics from 2013 or 2014."