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Private equity firms betting on each other

Some firms have raised billions to take general partner stakes in other private equity players


Since 2007 funds targeting general partner stakes has risen more than $17bn with plans to rise by another $20bn.

Blackstone, Neuberger Berman’s Dyal Capital Partners and Goldman Sachs’ Petershill are among those implementing this strategy.

One of the biggest deals within this trend is Blackstone’s acquisition earlier this month of a 10% to 15% stake in BC Partners for €500m. BC Partners Chairman – Raymond Svider claims that the investment will enable them to reach the next level.

Blackstone have a history of such deals. In 2014 Blackstone raised $3.3bn in the PE industry for its first fund. Since then the firm has bought stakes in 13 other firms, while Goldman Sachs’ Petershill has taken minority stakes in more than 20 firms including;
Francisco Partners, Cleartake Capital Group, Harvest Partners and Accel–KKR.

Why are private equity firms investing in themselves?

The foundation appeals to those that need access to capital but don’t want to go public. This presents an opportunity for other private equity firms to take advantage of. General partners are also expected to personally invest into funds they are raising.

Additionally, because funds have become larger in size, and the timeframe between raising successive funds has become shorter, partners are finding it increasingly difficult to muster up the cash.

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