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Fundraising results in Q1 reverse a trend of major post-pandemic growth. Last year saw the second-highest amount secured on record: more than $503bn.
The lag in private markets looms over LPs.
Caputo talks about the kind of work he would be doing if not private equity, and his advice for young people looking to break into the industry.
As is usually the case, increased rules mean higher compliance costs for those advisers who fall under regulation. For the biggest firms in the industry, those costs can be handled, but for smaller shops, and especially emerging managers, those costs could prove harmful.
LP institutions are always in need of private equity experience to help lead their programs into the growing and shifting markets.
A fund target has not been decided, though president Bobby Le Blanc believes it will roughly correspond with the size range of Onex's mid-market ONCAP vehicles. ONCAP IV closed in 2016 at $1.1bn.
LPs have turned to their long-trusted GP relationships in the uncertain markets, as established firms are coming back to market quicker than ever, with larger funds and new products – all of which is taking up the bulk of LP allocation.
Single-asset continuation fund deals have become so popular several mid-market investment banks have hired or are seeking talent to advise on such transactions.
Family offices, endowments also plan on increasing private equity allocations this year.
The firm will list 25% of its asset management unit by year-end as it seeks to expand its offerings and investor base.
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