What is Managed C++?

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From Microsoft:

unmanaged code (n.)
Code that is executed directly by the operating system, outside the Microsoft .NET Framework's common language runtime. Unmanaged code must provide its own memory management, type checking, and security support, unlike managed code, which receives these services from the common language runtime. Unmanaged code must be executed outside the .NET Framework.

managed code (n.)
Code executed and managed by the Microsoft .NET Framework, specifically by the .NET Framework's common language runtime. Managed code must supply the information necessary for the common language runtime to provide services such as memory management, cross-language integration, code access security, and automatic lifetime control of objects. All code based on Microsoft Intermediate Language executes as managed code.