GP Stakes Modelling
Saw the below post on WSO on GP stakes modelling / metrics. Does anyone have any excel templates / resources that can help understand how you analyze an investment opportunity in a PE fund? Personally I don't know how to model alternative asset managers. I understand that there are 3 main revenue streams (management fee earnings, carry interest, and GP investment income).
https://www.wallstreetoasis.com/forum/private-equity/gp-stakes-modellingmetrics
Bump
Wouldn't it be similar to Secondaries?
Not at all, since you're not estimating the return on a portfolio of individual companies, but instead modeling out the income from a fund manager itself (from both existing funds and future funds).
If you have access to equity research reports & models, best way would be to grab the ones for EQT, Neuberger Berman, TPG etc. For a first stab, you would want to avoid the large, complex names like BX, KKR etc.
Thank you! unfortunately I no longer have access to ER reports. Do you have any other alternative options? I can concurrently ask my friends who are still in IB / Equity Research department
Bump. curious to know
Frankly, I don’t think sell side models are going to be much help as every firm is structured differently and you really have to get into the weeds (some 10Ks are 500+ pages). At a high level you need to incorporate the following:
Thank you very much for this. I read through some sell side reports/models (TPG / EQT) as my starting point, and what you provide above makes more sense. Do you mind if i PM you for some additional questions (minor ones)?
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