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Lower mid-market GP stakes benefit from favourable supply-demand dynamics, operational impact potential and multiple paths to liquidity, say Azimut Alternative Capital Partners co-CIOs Jeffry Brown and Michael Shedosky.

There are many ways in which a GP staking firm can help sponsors punch above their weight, say DC Advisory’s Donato de Donato, Hal Ritch and Jacob Berman.

The growth of the GP stakes market is bringing greater optionality and greater need for flexibility when negotiating terms, say Simpson Thacher & Bartlett’s Chris Evans and Lawrence Natke.

Jeff Gendel, principal at Gen II Fund Services, digs into the challenges facing the fundraising market.

Secondaries technology is increasingly proving its worth as a multi-faceted tool for GPs and LPs, says Churchill Asset Management’s head of secondaries, Nick Lawler.

As the universe of sponsors considering a continuation vehicle transaction expands, so too does the depth of opportunities in the small and mid-cap market, say Pantheon’s Amyn Hassanally and Charlotte Morris.

It is vital that secondaries buyers fully underwrite both the sponsor and the asset when evaluating a continuation vehicle opportunity, says QIC partner Zach Jackson.

GPs and LPs are bringing larger trophy assets and portfolios to market. As deals and volumes get bigger, alignment and investment discipline are becoming ever more important, says Thomas Roche Toussaint at UBS.

GP-led processes have become increasingly standardised, but some tensions remain between secondaries buyers and sellers used to mainstream M&A, say Kirkland & Ellis partners Eric Fischer, Sean Hill and John Senior.