Chris Witkowsky
LP portfolio sales led volume last year, clocking in at an estimated $60bn out of a total of $115bn, according to PJT Park Hill’s full-year volume survey.
LPs see openings in today’s market around things they may have not loved in the past, but had to tolerate in order to maintain relationships with desired GPs.
Sotirhos will lead the investor relations team and co-investment process, with a focus on broadening the LP base and expanding into new markets in Europe, the Middle East and Australasia.
Eckerman spoke with Buyouts about the state of the PE market this year and how the slow fundraising environment is impacting things like term negotiations and co-investing opportunities.
Driving activity was strengthening pricing, which was helped along by a stabilization in interest rates last year, along with an overall improvement in economic outlook.
In today’s tougher fundraising environment, LPs have become more vocal and aggressive pushing back on terms and other aspects of the industry they feel create misalignment with their GPs.
The system published a letter in 2022 in support of the SEC’s proposed rules, especially around issues of quarterly disclosure of fees and expenses and holding managers to the same fiduciary standards as investors.
Emerging managers employ various strategies to attract capital from LPs, including operating on a deal-by-deal basis for a period of years to build an independent track record.
Fundraising last year was strong in terms of absolute numbers, but the capital flowed to far fewer firms and funds than in the past.
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