Friday Letter: The information gap

Times have certainly changed in the world of GP/LP communications. As Maarten Vervoort, head of European fund investments at AlpInvest Partners, fondly reminisced at our inaugural European investor relations forum in London last week, the ‘kitchen table’ annual meeting used to be commonplace. It was so called because many GPs’ limited partner bases were so modestly sized that all representatives of the fund could easily be accommodated around a small table. In today’s era of the mega-fund, by contrast, certain LBO behemoths would be hard pressed to shoehorn all their investors into an aircraft hangar.