LPs like emerging managers as a source of outsized returns. However, LPs also view them as risky, and the decision to back a new team is made tougher when incumbents are returning to market quicker and with many products.
Will dealmaking roar on or will GPs instead exercise restraint? Will vigorous fundraising continue or will LPs pull back? And how will the industry manage a full agenda of pressing issues, including everything from ESG to transparency?