Adam Le
Adam Le is Senior Editor, EMEA, for PEI Group's private equity publications, overseeing the flow of global news and analysis for Private Equity International and Secondaries Investor. Based in London, Adam works closely with private equity-focused colleagues across PEI's offices in New York, London and Hong Kong. Prior to PEI, his roles included reporting on finance and technology for Bloomberg Japan.
Conflicts of interest can arise within the LP base as LPACs act in their own interest, not in the interest of the fund.
For the GP, internal alignment is another opportunity to manage team dynamics. Third parties will want to see that the right people participate in the economics.
When dealing with waterfalls, there are tools that can be used to create economic alignment from the outset.
An incentivised management team is crucial to ensuring ultimate success in GP-led secondaries deals.
Finding the pricing sweet spot to satisfy sponsors, buyers and LPs is tougher than ever in today’s market.
Some sponsors are still able to drive aggressive terms in GP-led deals, though perhaps not for much longer.
The software-focused firm has delivered an average 5.2x multiple and 60% IRR across eight exits in recent months, PEI has learned.
Compressed fundraising cycles mean investment professionals at both GPs and LPs are taking advantage of more opportunities to jump ship, sources tell PEI.
BNP Private Wealth Management, which has around €421bn in AUM, has revamped its digital platform to help individual clients access private equity and other offerings.
The $639bn insurer has made headway in recent years across co-investments, emerging managers and the secondaries market.