<p><span>Good afternoon. It is a pleasure to address this Forum on Small Business Capital Formation. Today’s panel will focus on the successes and challenges facing smaller funds, including barriers to entry for emerging fund managers. This topic is not new. In fact, last year’s Forum also included a panel on emerging fund managers and their role in diversifying capital.</span><span> One policy recommendation arising out of that panel was for the Commission to “[s]upport underrepresented emerging fund managers – specifically minorities and women.”</span></p>