'internally-managed' originates from the combination of 'internal' and 'manage.' 'Internal' comes from Latin 'internus,' meaning 'inside,' and 'manage' comes from Italian 'maneggiare,' meaning 'to handle.'

'Internally-managed' evolved from the combination of 'internal' and 'manage,' which were used separately in Middle English and later combined in modern English.

Initially, 'internal' meant 'inside' and 'manage' meant 'to handle or control.' The combined term 'internally-managed' now refers to management conducted within an organization.