Managers

The fund's LPs include Todd Boehly-led holding company Eldridge and Finback Investment Partners, a private equity firm chaired by ex-Florida governor Jeb Bush.

Performance may give Greenbriar an edge in a difficult fundraising environment. Fund V was as of March earning an 84% gross IRR, while Fund IV was earning a 76.3% percent gross IRR.

While fundraising overall has slowed amid broader economic uncertainty, emerging managers have a challenging job in convincing limited partners to make commitments outside their established relationships.

The Kyiv-headquartered firm is 'leaving no stone unturned' in supporting its portfolio companies, says founder and chief executive Lenna Koszarny.

The hiring comes as several mid-market investment banks are acquiring capabilities to advise on secondaries transactions, usually focused on GP-led deals like single-asset continuation funds.

Alex Mejia is joining Baird, less than 18 months after joining Goldman to advise on single- and double-asset GP-led deals.

Public pension systems that are over-allocated due to the denominator effect and market volatility are expected to produce a flood of fund stake sales.

LP portfolio sales, which came back and then faded out again as the markets turned earlier this year, are expected to be a major part of volume in the second half.

The findings come as PE fundraising has slowed precipitously from the peaks of the past few years.

Rising rates – reinforced this week by the Federal Reserve’s vow to continue battling inflation – are motivating LPs to explore asset classes which provide some measure of refuge. One of the beneficiaries appears to be private debt.