GP stakes

'We really like the idea of building a secondary platform with a blank sheet of paper,' KKR CFO Rob Lewin said on the firm’s Q4 2025 earnings call.

African LPs' growing appetite for alts; CAZ brings GP stakes to the evergreen market; Vista's ex-EQT hire.

The number of GP stakes and GP M&A deals jumped 40% year-over-year, according to Campbell Lutyens’ latest GP M&A report.

In today's edition, Goldman Sachs Alternatives is increasing its focus on regional location when it comes to portcos and tariff escalation; AIG is using secondaries processes to seed CVC's $1.5 billion evergreen portfolio; The potential boon for GP stakes investors.

Manager consolidation, HNWI-focused insurance products and a China rebound are on the cards for APAC private equity markets this year.

In today's edition: PE's fundraising freeze is driving GPs towards stake sales en masse; Climate closes have finally succumbed to a broader slowdown; Hg's co-chief talks tech pricing, AI disruption risk.

The sheer volume of management company, fund and portfolio-level data involved in GP stakes investing means the asset class is ripe for an AI revolution.

While there is growing demand for liquidity in the GP stakes market, significant structural barriers keep capital locked up.

From transferability restrictions to non-competes, careful structuring of GP stakes transactions can help ensure they work for all parties, say Debevoise & Plimpton partners Geoffrey Burgess and Matthew Dickman.

While some LPs are taking a wait-and-see approach to GP stakes investments, others remain bullish, expecting an improving fundraising environment to bolster the strategy’s outlook.