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April 14, 2026
Fairview Capital Partners has secured a $150 million Series D of its Lincoln Fund to continue investing in emerging managers.
The round was raised with the support of the State Universities Retirement System (SURS) of Illinois.
This marks the fourth tranche of the program and crosses more than a decade of partnership with the SURS investment team.
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How Does Fairview Capital’s Lincoln Fund Work
Fairview Capital Partners’ Lincoln Fund routes institutional capital to first-time and smaller emerging private market managers across venture capital, growth equity, and buyout strategies. The strategy focuses on smaller, earlier-stage funds where manager access and selection discipline drive return differentiation. It’s a platform for managers of managers.
“Their consistency, discipline, and long-term commitment to this segment of the market have been exceptional,” Fairview Capital said on its LinkedIn page. “In our view, this remains one of the most thoughtfully constructed and effective emerging manager programs in the country, and one that does not always receive the recognition it deserves.”
The fund addresses a structural gap in which institutional allocators cannot efficiently underwrite numerous smaller managers. The challenge stems from inadequate diligence infrastructure, high operational costs, and minimum check sizes.
A manager-of-managers vehicle centralizes that function, enabling institutional capital to reach a market segment it would otherwise miss, especially underrepresented founders.
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Beyond fund commitments, Fairview engages in co-investment alongside underlying managers, concentrating exposure in select portfolio companies where conviction is highest.
A Durable Fund Despite Different Market Cycles
The Lincoln Fund has received four separate investments from the same partner over more than ten years. That shows the process works and has held up through different market cycles.
SURS manages retirement money for Illinois public university employees. By law, they must follow a clear process and expect returns that match the risk they take. The fact that they keep investing in new Lincoln Fund tranches shows the fund has met those rules over time.
The SURS team of Joseph Duncan, Michael Schlachter, and Darian Saracevic stuck with the program. They did this even when other big investors ignored this part of the market because it seemed too small or too hard. It is rare for a public pension to stay this consistent. That track record is a strong signal on its own.
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Series D will focus mainly on venture capital. It will also invest some in growth and buyout strategies. The strategy will continue to target smaller, early-stage funds where access, careful selection, and strong partnerships can lead to better results.
