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Superior sourcing, diligence and execution capabilities are all reasons why investors should consider working with a co-investment manager, say Erik Wong and Matt Cashion, partners in Pantheon’s global co-investment team.

A lack of full exits means it is too soon to say how well this latest generation of GP-led secondaries will fare, but the ingredients for success are all in place, says Jochen Mende at UBS Asset Management.

Identifying a credible lead investor that will deliver on execution can be more important than extracting the last dollar on price, says Glendower Capital (CVC Secondaries) managing partner Chi Cheung.

The breadth of GPs and resilient businesses to be found in the mid-market makes for highly compelling single-asset deals, says Hayfin’s Mirja Lehmler-Brown.

Partnering with GPs on environmental deals provides the perfect opportunity to generate positive contributions and outsized returns, says Nicolas Thomas, private equity investment manager at Pictet.

New approaches to GP-led transactions continue to emerge as the ecosystem matures and market needs evolve, says Stefano Manna, head of GP Advisory at Investec.

Despite the ongoing slump in the overall PE market, co-investors are seeing more deals than ever, says Alexandre Motte, head of co-investment at Ardian.

Shifting pricing and macro dynamics, record secondaries fundraising, and positive performance indicators are setting the stage for a strong year for GP-leds, say Partners Group’s Martin Liew and Robin Shelley.

Amid today’s environment and ongoing growth in GP-led deals, rolling carry and putting additional capital at risk are no longer enough to guarantee alignment, says Morgan Stanley Investment Management’s Nash Waterman.

Single-asset transactions can work well in all weathers, particularly as the GP-led market becomes more institutionalised and standards continue to improve, say ICG Strategic Equity’s Rob Campbell and Andrea Serra.