What started fifteen years ago as simply purchasing a share of management fees, carry, and GP income has evolved into a full financing solution. GP-stakes investors, now crowded out of the large-cap space, have evolved into seeding new managers and supporting mid-market firms. What role will this capital play in the future transformation of the industry? When should a GP take on a partner, and which model fits? How do affiliates keep their identity inside a platform? And with succession waves and consolidation ahead, where does the ownership of the industry go next?
