Exits

Managers selling minority stakes in their businesses can have implications for LPs invested in or considering the relevant GPs' funds.

It is still possible to build, transform and exit businesses in this unsettled market, but quality matters more than ever, says Partners Group’s Ben McLean.

Market volatility, an evolving investor base, rapid technological change and an ongoing lack of liquidity are helping to make the case for secondaries, says Pomona Capital CEO Michael Granoff.

EQT Private Capital Asia returned $14bn to investors in 2025 alone, deputy co-head of private capital Asia Hari Gopalakrishnan tells PEI.

Rising consolidation in the PE industry means both more competition for attractive targets and more opportunities for exits.

Cash income, J-curve mitigation and diversification make GP stakes an attractive option for private wealth and retail investors. But a lack of liquidity could be a problem.

The benefits and challenges of the past 12 months makes for a mixed picture for GP stakes as 2026 takes shape.

Demographic change and a shift from hospital to community-based care are creating investment opportunities for those with the right expertise, says Nihon PMI Partners CEO Satoshi Hamada.