Do management cos (or fund manager) change for each successor funds?
Hi everyone, just a quick question. My understanding is that a GP (and obviously the limited partnership or the fund vehicle itself) is newly established as PEs launch a new fund but is it also common to have a management company (or fund manager) to be newly set up for each new fund, assuming each new fund will be essentially managed by the same PE firm? My understanding is that it is typical for PEs to manage different funds across the SAME management company as it helps to retain track record under the same legal entity and that in turn helps with the fundraising process.
What would be some cases for setting up a new management company for each new fund managed by the same PE?
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