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As well established firms struggle to reach their targets, opportunities may open for emerging firms with smaller targets.

The challenge has been reaching final closes on large processes, in part because of the difficulty of syndicating out large deals to smaller investors.

The firm has made three investments out of the debut fund, including in Sequoia Financial Group.

An unusual aspect of LightBay’s funds is that the firm offers a fixed amount of its management fees and carried interest to its LightBay Foundation.

Smaller, newer firms have a vast ecosystem of large, established shops with lots of dry powder to sell assets to.

Stone joined Abry in 2002 and focused on areas like insurance services, healthcare IT, education and entertainment.

While large, headline-grabbing secondaries deals are delayed, mostly because of challenges in syndicating out fundraising, middle-market deals such as AEA’s appear to be getting done more frequently .

Closing deals in this environment is challenging, with wide bid/ask spreads and syndication issues.

Sources said a concern among potential buyers is that, without the SVB branding and operations, access to top VCs may not be as robust for a third-party buyer.

Many GPs are interested in finding ways to deliver proceeds to liquidity-hungry investors in older funds as well as boosting fundraising in the challenging environment.