Chris Witkowsky

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.

Lead investors on Hellman & Friedman’s deal are Ardian, HarbourVest Partners and Hamilton Lane, sources said.

GPs are desperate to show their LPs they know how to deliver the goods. And if they can’t do it through traditional exits, they’ll seek other methods.

The firm has been in conversations with certain LPs about bringing Fund VI to market, likely next year, sources said.

PE fundraising has entered a period that, while challenging, presents opportunities for new shops.