News & Analysis

While there have been instances of controversial GP-leds moving through the market, advisers continue to work in real time to improves practices, conference attendees at IPEM Global heard.

The hires follow senior departures within Morgan Stanley’s secondaries advisory business earlier this year.

The alternatives giant led a consortium of investors on the approximate €1.7bn acquisition of ITP Aero in a carve out from Rolls-Royce in 2022.

Focus is key when considering software exposure across both LP-leds and GP-leds, as valuations and exits for the sector remain uncertain, panellists said at the UK Private Capital Summit 2026.

After years of buying and selling secondaries as an allocator, Yangge Seaman believes that while institutional investors often have the appetite and capital to pursue deals, they aren’t able to follow through. Her new firm, Gordian Investment Group, aims to bridge that gap.

Golub Capital launched its GP-led strategy last September, pledging to commit $1bn.

While an increasing number of LPs are embracing CVs, they remain wary of overreliance on the structures, said panellists at IPEM Global in Paris.

Being a ‘co-operative partner’ during LP-led transactions can have hidden benefits, a private equity GP tells PEI Group’s Commitment Issues podcast.

The fund aims to capitalise on surging investor interest in infra CVs and strong tailwinds in the aquaculture market to support the global expansion of wellboat company Sølvtrans.

The CV for a Netherlands-based industrials asset will see around €1bn-€1.2bn of new equity with a ‘significant amount’ of rollover, PEI Secondaries Investor understands.