Editor’s Letter: LPs don’t like when GPs sell minority stakes


Calpers, California Public Employees Retirement System, BlackRock, private equity, pension fund
  • LPs worry future value is directed to third-party investor rather than younger execs
  • Forces firms to grow AUM by expanding strategies
  • Innovation greeted with suspicion by investors
Limited partners are not big fans of GPs selling minority stakes in their management companies. “We certainly do not encourage it,” a limited partner told me. I come to that conclusion after numerous conversations with LPs who know the market ...

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