Comment: Negotiating GP stakes deals in uncertain times
By Cleary Gottlieb partners Jason Factor, Adam Fleisher, Michael Albano, John Kupiec, Chris Lee, Kenneth Blazejewski, Michael James, and counsel Saif Shah Mohammed
From small beginnings, the market for “GP stakes” deals – where an investment adviser (a “GP”) sells a minority interest in its business to a third-party investor – has exploded over the past decade, as investors have sought to buy into the fee and carried interest of an asset class that has proven its staying power through economic cycles.
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