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EY’s Bridget Walsh explains how GPs are refining their value-creation strategies and repositioning themselves towards emerging opportunities in a dislocated market.

Single-asset continuation funds are becoming a disruptive force in the sponsor-to-sponsor M&A market, say Evercore managing director Jim Tilson and vice-president Mike Selverian.

Emerging managers can provide an edge in pursuing niche, overlooked or special strategies, say Adams Street’s Sunil Mishra, Sergey Sheshuryak and James Korczak.

Firms that provide primary fund capital may have a distinct advantage in secondaries investing, say LGT Capital Partners’ Martha Heitmann and Andrew DiGeronimo.

As GP-led secondaries continue to grow in popularity, TPG’s Michael Woolhouse and Matt Jones argue that these are a distinct discipline from their LP counterparts, requiring specialization to flourish.

Sponsors need to be realistic about price and commit incremental equity on top of a 100% rollover to stand out in today’s market, says Andrew Gulotta, a partner at Sixpoint Partners.

The compelling benefits of the GP-led market have fueled a 5x growth in depth and breadth, and that growth is only accelerating, say W Capital Partners’ David Wachter and Todd Miller.

Continued volatility is bringing many opportunities for secondaries players. The biggest risk is spreading yourself too thin, says Carlyle AlpInvest’s global head of secondaries, Chris Perriello.

Record deployment and fundraising headwinds are leading to limited dry powder, says Whitehorse Liquidity Partners managing partner Yann Robard.

With LPs looking to rebalance, the future of secondaries might look more like the past, with rewards for those GPs willing and able to take a back-to-basics approach, according to Steve Costabile, global head of private funds at PineBridge Investments.