GP Stakes?

GP stakes is super interesting IMO - emerging strategy and as more and more fund managers become older and may look to retire, monetizing their ownership stakes is something that may become a bit more common and opens up an avenue to liquidity other than an IPO. Seeing some less mature firms do this too to help raise capital earlier on in their lifespans to support operations. You see firms like Dyal (now Blue Owl), Petershill (GS), Investcorp, BX, and others putting more and more capital into this strategy, so it's a growing space. The family office I was at made a number of GP stakes investments as well.

Now the concerns are that 1) many of the returns are unrealized, 2) what is the monetization strategy, especially for those playing at the top of the market so the potential buyer universe is thus much more limited, 3) the perception that, whether correctly or incorrectly, oftentimes firms selling GP stakes need to sell for a reason and are lower quality (adverse selection bias), and 4) how much less motivated the GPs may be after a sale. 

I'm guessing OP is also the one who made this thread here: https://www.wallstreetoasis.com/forum/private-equity/growth-equity-or-t… - these are 2 entirely different skillsets and career trajectories and IMO it depends on what type of work you would like to do, and personal views on how much future optionality you want to keep open.