Limited Partners

Celebrating the winners of the PEI Awards 2025; global GPs are assessing Middle East implications; LPs are struggling to 'meet the moment'; rampant secondaries dealmaking is slowing the growth of dry powder.

Secondaries technology is increasingly proving its worth as a multi-faceted tool for GPs and LPs, says Churchill Asset Management’s head of secondaries, Nick Lawler.

As the universe of sponsors considering a continuation vehicle transaction expands, so too does the depth of opportunities in the small and mid-cap market, say Pantheon’s Amyn Hassanally and Charlotte Morris.

It is vital that secondaries buyers fully underwrite both the sponsor and the asset when evaluating a continuation vehicle opportunity, says QIC partner Zach Jackson.

GPs and LPs are bringing larger trophy assets and portfolios to market. As deals and volumes get bigger, alignment and investment discipline are becoming ever more important, says Thomas Roche Toussaint at UBS.

GP-led processes have become increasingly standardised, but some tensions remain between secondaries buyers and sellers used to mainstream M&A, say Kirkland & Ellis partners Eric Fischer, Sean Hill and John Senior.

Firms with deep sector expertise and direct underwriting experience are reshaping the single-asset continuation vehicle market, say TPG GP Solutions co-managing partners Matt Jones and Michael Woolhouse.

The continuation fund market remains popular because it can provide solutions for both GPs and their LPs, and increasingly robust performance data will likely further boost its growth, says AltamarCAM Partners’ Derek Snyder.

In the next cycle, simplicity of mission and focus will be paramount. You need to know who you are and then deliver on that, says Permira co-CEO Dipan Patel.

Even with distributions to LPs remaining slow, it is possible to get large sponsor exits over the line, says Hellman & Friedman CEO Patrick Healy.