GP stakes: Who said it?

Something fun to do when you have a spare moment. Can you match the quote to the industry leader?

David Layton
David Layton, Co-chief executive, Partners Group
Philippe Poletti
Philippe Poletti, head of Ardian Buyout
Nathan Urquhart
Nathan Urquhart, global head of IR, Carlyle Group

We asked industry professionals the following question: Are GP stakes worth the hassle? Can you match the quote with the source? (Scroll to the bottom of the page to get the answers.)

Quote A

“It’s understandable that some firms will consider investing in GPs, given the development of the PE industry. First of all, it can give liquidity to firms and also help them make generational change. For some, it can be very important to materialise parts of the value created and get firepower to expand into new products or geographies.”

Quote B

“When you invest in a GP stakes fund, you’re really investing in the ability of that manager to perform and raise money for larger funds and become a more successful business. You’re definitely turning up the risk a bit.”

Quote C

“If we find an asset management firm that we believe in, which has something unique, and we can help institutionalise their business, then that could be attractive to us. But I’m not interested in a purely financial exchange to help a GP pull their carry forward.”

 

 

 

 

Answers:

A: Philippe Poletti

B: Nathan Urquhart

C: David Layton