Guest Writer
As the GP stakes asset class matures, its role in shaping the next decade of private markets is coming into sharp focus, say RidgeLake Partners’ Michael Lunt, Todd Milligan and Doug Amacher.
GP stake investments are now available for the wealth channel, offering investors J-curve mitigation, predictable cashflows, downside protection and upside optionality, says CAZ Investments’ chairman and chief investment officer, Christopher Zook.
Liquidity optionality for GP stakes investments is expanding as the asset class matures and structural innovations broaden the range of available exit routes, says Petershill partner and global co-head Ali Raissi-Dehkordy.
A growing set of trends reflects both operational innovation and growing investor interest in the GP stakes market, say Ken Blazejewski, co-leader of the Sponsor Solutions Group, and Florence Zhang, partner, at Cleary Gottlieb Steen & Hamilton.
Structural readiness, team alignment and investor engagement are among the main factors GPs and buyers consider in GP stakes deals, say Victoria Bramall and Alex Dixon, partners at Travers Smith.
In a rebounding biotech market, royalty finance can play a far more strategic role, provided it’s executed with disciplined underwriting, smart structuring and a genuine partnership with innovators, according to Ryan Murr, a partner at Gibson, Dunn & Crutcher.
Spiraling pharmacy costs are creating a value creation opportunity for PE firms that are able to curb spending, says RX Benefits business development executive Will Statham.
By appealing to retail and large institutional investors, mega-managers may end up with the lion’s share of capital, with implications for themselves and their investors, writes Cambridge Associates’ Andrea Auerbach.
There is an often-overlooked $17trn market where the mid-market and smaller managers can compete within their own weight class for retirement capital, writes Eric Satz, founder and CEO of self-directed IRA platform Alto.
With sports, media and entertainment developing into a compelling institutional asset class, Bobby Sharma, founder and managing partner of Bluestone Equity Partners, asks whether investors are running the right playbook.