Chris Witkowsky

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.

The editors of Buyouts honor exceptional buyouts with our Deal of the Year Awards.

Without much capital coming back, LPs are slowing the pace of their commitments and sticking mostly with their deepest relationships.

It’s not every day you see a large system try and get access to smaller funds.

'Given that we don’t think the fundraising pace is going to pick up dramatically in 2024, then we will continue to take our time to ensure we’re backing the right partners while getting appropriate terms – and we’ll weigh our options if that’s what is required.'

This will be our last newsletter column of the year as we go on break next week. We’ll be back in early January with our insider view of the inner workings of firms and funds. We hope you enjoy the holiday season and actually get some sort of a break, before the January rush. 

Leonard Green’s deal is among a slew of GP-led processes that have found their way to final closings despite tougher market conditions and pickier buyers.

Overexposed LPs who are slowing their pacing have helped widen the gap between strong performing firms able to attract capital and every other manager that has to struggle to get traction in the market.