Your job security depends on failing conventionally rather than succeeding unconventionally. I get it.
Why can't you invest in them? Perhaps I've been lucky, but as I've begun to build trust with institutions; the social proof elements are clear. Your investment committee needs brand names. Impressive reference lists. Your consultants won't recommend managers without a five-year track record and $1B+ AUM. Your operational due diligence team requires infrastructure that only large managers or spinouts with existing track records can afford.
The result? You're forced to choose from the same pool of 200 managers that every other institution is looking at. You're all fishing in the same pond, wondering why the fish taste the same. The career-risk trap is real. Your job security depends on failing conventionally rather than succeeding unconventionally. I get it. But the cost is enormous.