BREAKFAST BRIEFING

The revolution is coming: A guide to GP stake sales

In Partnership with

Wednesday, 14th September 2022 | 08:30AM - 10:15AM [BST]
London

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Agenda

8:30 Coffee, Networking and Pastries

9:00 Panel Discussion moderated by Alice Murray, Editor, The Drawdown

  • Donato de Donato, GP Strategic Advisory Co-lead, DC Advisory
  • Hal Ritch, Founder - DC Advisory US

10:15 Coffee, Networking and Close

 


Overview

 

The widespread application of certain financial “technology” in GP stake sales and its knock-on competitive effects are bringing a revolution to the alternative asset industry. These forces are altering the way firms compete for and retain talent, manage their portfolios, fund their acquisitions, and grow their firms, among other things.

 

In today’s intensely competitive market for private capital funds, a good track record is no longer enough to stay ahead. Stake sale investors are laser-focused on fund managers’ sustainable competitive advantages and operational robustness. These investors want to see managers deliver outsized performance in a compliant and efficient manner, while at the same time pursue emerging opportunities.

 

In this increasingly demanding environment, GP stake sales have emerged as a means of bringing permanent capital into management companies to support operational improvements and increased flexibility, including inter-generational flexibility. But GP stake sales only constitute the mid-section of a spectrum of possibilities, from sale of control transactions, on one end of the spectrum, to non-dilutive financings (such as, waterfall preferred or debt structures), on the other. 

 

Join us for an informative Breakfast Briefing, where our expert panel will explore the intricacies and possibilities of GP stake sales, to find out what the future holds for your firm. 

 

Speakers

 

Herald Ritch

Strategic Advisory Co-lead

DC Advisory US

 

Donato de Donato

Strategic Advisory Co-lead

DC Advisory US

 

Brian Parness

Partner

Weil, Gotshal & Manges LLP

 

Ajay Chitkara

Managing Partner

Bonaccord Capital Partners

 

Discussion points

  • Financial implications of GP stake sales, including use of proceeds and valuation
  • Typical terms of GP stake sales
  • Key points to consider when structuring a deal
  • LP reactions and communications
  • The end goal of GP stake sales
    • Modified status quo?
    • IPO?
    • Sale?
    • Something else?
  • GP stake sales: what other options might be considered?

 

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