US

Performance may give Greenbriar an edge in a difficult fundraising environment. Fund V was as of March earning an 84% gross IRR, while Fund IV was earning a 76.3% percent gross IRR.

While fundraising overall has slowed amid broader economic uncertainty, emerging managers have a challenging job in convincing limited partners to make commitments outside their established relationships.

The hiring comes as several mid-market investment banks are acquiring capabilities to advise on secondaries transactions, usually focused on GP-led deals like single-asset continuation funds.

Alex Mejia is joining Baird, less than 18 months after joining Goldman to advise on single- and double-asset GP-led deals.

LP portfolio sales, which came back and then faded out again as the markets turned earlier this year, are expected to be a major part of volume in the second half.

The findings come as PE fundraising has slowed precipitously from the peaks of the past few years.

Rising rates – reinforced this week by the Federal Reserve’s vow to continue battling inflation – are motivating LPs to explore asset classes which provide some measure of refuge. One of the beneficiaries appears to be private debt.

The new CIO of the nation’s largest pension says the system lost out on between $11bn and $18bn during a “lost decade” of private equity.

What are the opportunities buyers are finding in the challenging environment, and when might activity pick up again at the levels seen in the early part of the year?

Digging into long-term transformative trends is key when trying to find future market leaders.