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Despite a tough fundraising climate, 100 new funds were launched last year by first-time managers, topping the peak set in 2021, says Colleen Fay, a tax partner at Withum.

The highly recurring revenue profile of our businesses and the customized capital structures that we create provide downside protection but maintain upside potential similar to more traditional private equity, says Thayer Street Partners’ Josh Koplewicz

Taxes have the ability to deliver what many allocators view to be the holy grail – uncorrelated returns – says Andy Lee, founder and chief investment officer, Parallaxes Capital.

Demand is increasing for technologies that can protect and defend against the next generation of cyberattacks, says Richard Seewald, founder and managing partner at Evolution Equity Partners.

A number of factors have accelerated the growth of the GP stakes market over the last 15 years, says Michael Rees, co-president of Blue Owl Capital and head of the GP Strategic Capital platform.

GPs are looking for strategic partners to help them address various challenges – something a GP stakes strategy can help achieve, say Adel Alderbas, CIO of Wafra, and Lauren Rich, managing director.

Collateralised fund obligations and rated feeder funds are set to become an integral part of the private markets ecosystem, write Evercore’s Ahmet Yetis, Raquel Clarke, Ned DiLisio and Chris Hope.

GP stakes investing has evolved from de-risking founders to providing growth capital and connectivity to the next generation of talent, say global co-heads of Petershill at Goldman Sachs Alternatives, Ali Raissi-Dehkordy and Robert Hamilton Kelly.

Through a value-add approach, GP stakes investors can help managers achieve their long-term objectives faster and with greater certainty, says Melvin Hibberd, CIO of Hunter Point Capital.

Despite a record year for fundraising, growth in the secondaries market has been hampered by a lack of liquid capital.