Methodology
A framework for emerging market funds
The performance of an emerging market fund is not determined by any single capability, but by the coherence of its institutional design. The SIRIO Framework maps this coherence, and measures it.
A framework for
managers to grow
Three structural pillars, three governing dynamics, and the fund phases they contain. Hover to explore how strategy, investor relations, and internal organisation interact across the lifecycle.
Hover over any vertex, section, or arrow to explore the three structural pillars, fund lifecycle phases, and governing dynamics.
Diagnostics
58 sub-criteria across three pillars
Each pillar is decomposed into measurable domains. Select an illustrative GP profile to see how the diagnostic landscape shifts.
Dynamics
Three dynamics that hold the architecture together
The pillars do not stand alone. Three dynamics describe how they interact, and where institutional coherence breaks down.
The implementation dynamic
Strategy → Internal Organisation
Translates vision into action. The strength of this dynamic determines whether strategic intent actually reaches the deal pipeline and day-to-day operations.
The accountability dynamic
Internal Organisation → Investor Relations
Ensures that performance is tracked and communicated with rigour. This is what makes reporting credible and gives LPs confidence.
The feedback dynamic
Investor Relations → Strategy
Channels investor and market insight back into strategic refinement. The best fund managers treat LP dialogue as a source of intelligence that sharpens the thesis.
In Practice
Diagnostic profiles
When the 58 sub-criteria are scored and mapped, the radar reveals each fund manager's institutional shape: where strength is concentrated and where the development pathway begins.
Fund I · W. Africa
GP Fintech
Exceptional deal sourcing and local knowledge, but IR and IO remain underdeveloped ahead of a first institutional close.
Fund II · SE Asia
GP Infra
Strong operational systems inherited from a platform spin-out, but the thesis has not yet been sharpened into a standalone proposition.
Fund II · GCC
GP Climate
Deep LP and family office relationships drive strong fundraising, but the investment thesis mirrors the market rather than leading it.
Fund I · LATAM
GP Digital
Built around a visionary founder with concentrated knowledge, but minimal institutional architecture and a narrow capital base.
Capability
Knowledge, Network, Capital
Where the framework describes architecture, KNC describes capability: the human and relational assets that determine whether the design functions.