News

Federal funding cuts and a pending tax on their investment gains are forcing endowments to recalibrate their investment strategies in private markets.

Side Letter asks the industry: how are you navigating Trump's tariff turmoil? Plus: could distress be set to soar? Here's today's brief, for our valued subscribers only.

Consolidation in the alternative asset management industry is creating opportunities for GP stake investors and their portfolios, argue DC Advisory’s Hal Ritch, Donato de Donato and Jacob Berman.

Despite recent headwinds, the GP stakes market is evolving – with value creation, liquidity pressures and direct investment strategies reshaping the outlook for both managers and investors.

The sheer volume of management company, fund and portfolio-level data involved in GP stakes investing means the asset class is ripe for an AI revolution.

As GP stakes portfolios age, funds are testing out new paths to liquidity in this particularly long-term corner of the PE industry.

GP stakes investors are increasingly differentiating themselves by bigging up their value creation capabilities. We explore what these minority owners can realistically bring to the table that GPs can’t do for themselves.

While macroeconomic uncertainty might be conducive to increased secondary activity, there is concern among industry insiders that tariffs could force the secondary market, and continuation vehicles in particular, to recalibrate.