LP's With Co-Investment Teams
I'm trying to gather intel on some of the larger LPs who have a strong co-investment program in the US. For context, I'm currently in a seat at a pension / SWF that has a focus on directs but am looking to scale back into a role with better WLB. I enjoy investing and still want to 'scratch the itch' but I am at a point in my life where I've made the decision to invest more in my personal life understanding that this will likely entail a material pay cut.
A number of shops that I run into on the desk (Canadian pension plans and Asian / Middle Eastern SWFs) seem to be pivoting to focusing on directs. Curious to see if folks have any intel on institutional investors who have a funds / co-invest focus to capital deployment. Any insight would be much appreciated.
Have you looked at GP-led secondaries? A lot of places like BX, AlpInvest, Neuberger are all ramping these strategies. Some asset management arms like MS also have dedicated co-invest funds.
FoFs like Portfolio Advisors, Harbourvest. Also, really curious, what is at at SWF? And do a lot of SWFs have credit / capital solutions teams?
HarbourVest's bread and butter is secondaries, so not a FoF.
ME/asian LPs who do “directs” in the US strike me as more minority/limited influence. Partially due to reg restrictions around ownership for certain jurisdictions. Can’t imagine the WLB is that bad at places like that.
That's correct that some foreign funds are limited to minority interests with capped governance due to tax limitations, but some groups within these institutions are still quite demanding. Unless a deal is being co-underwritten with a GP who is quarterbacking the diligence process, the level of work required to do a minority directs is still meaningful.
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