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Dyal’s new credit vehicle: a look under the hood

We examine the debt fund's loan terms, expected performance and opportunity set.
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Dyal eyes more than $8bn for latest PE fund and ponders 2020 return

The fund initially targeted as much as $6bn and was due to close on more than $7bn in the first quarter of this year.

Side Letter: ILPA 3.0, new secondaries venture, Germany stalls

Compliance is off the agenda when it comes to co-investments; Schroder Adveq secondaries chief goes it alone; and dealflow remains stagnant in Germany. Here’s today's brief, for our valued subscribers only.

ILPA Principles 3.0: Choi on what’s new and what’s controversial

The guidelines for best practice incorporate several key issues for limited partners, including GP-led secondaries, subscription credit lines and co-investments.

GP stakes: Who’s on the shopping list?

PAI Partners, Affinity Equity Partners and Coller Capital are among the most suitable candidates for a GP stake investment, according to a report.
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Ex-AlpInvest MD taps former shop for GP stakes hire

Joseph Lombardo, who left AlpInvest's partnerships team in December, has joined former MD Sean Gallary at mid-market fund of firms outfit Stonyrock Partners.
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Morgan Stanley acquires GP stake to back Tikehau’s US expansion

The investment bank invested through its $1.4bn North Haven Tactical Value fund, which closed in December.
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High asset prices threaten GP fee revenues – report

Compressed exit multiples could have a material impact on performance fee income, according to tech platform Cobalt.

Minority stakes: The lighter side of cannibalism

More US private fund managers are taking minority stakes in their industry peers and there are benefits for buyer and seller alike.

PE to the people

Retail demand for alternatives has promise but the options for GPs hoping to access a new pool of capital remain limited.
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