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GPs' courting of the private wealth sector has been pretty hot and heavy lately, so it's only natural that institutional LPs might feel a little ... threatened. However, while private wealth can offer exciting opportunities, GPs still heavily depend on their traditional investor base.
A white paper released by The Institutional Limited Partners Association earlier this month highlights how the LP-GP relationship is changing. Acknowledging the "sea change" that retail vehicles represent, the industry body suggested more than 40 questions for LPs to ask their GPs about their retail vehicles, spanning investments and allocation liquidity, fees and governance.
While private wealth has provided a lifeline for GPs amid a challenging fundraising environment, they may need to tread carefully to avoid any damage to existing relationships with institutional LPs.
I'm Emily Lai, and this is The Weekend Pitch. You can reach me at emily.lai@pitchbook.com or on X @ThisIsEmilyLai.
One area the ILPA suggested LPs keep an eye on is the competition for GPs' time and attention.
Because evergreen vehicles are open-ended, they typically require more investments than closed-end funds. This not only puts strains on resources but can also divert talent from deal teams working on traditional funds.
Kasia Thevissen, a private funds lawyer with Ropes & Gray, recommends LPs review their fund documentation to protect their interests.
Thevissen notes that while evergreen structures can save time that would otherwise be spent raising new closed-end funds, that extra effort might not be focused on existing closed-end funds.
"As a result, institutional LPs may be taking another look at the key person covenants in their closed-end products to ensure that enough time is spent on the products they are invested in," she said. |
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PE investment in Europe's energy sector is popping as AI drives increasing electricity demand. With deal value already surpassing 2023's total and closing in on 2024's mark, how much capital has been invested in the sector so far this year?
A) €38.6 billion
B) €42.0 billion
C) €40.5 billion
D) €36.9 billion
Find your answer at the bottom of The Weekend Pitch! |
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A selection from this week's most-read articles.
- Skims, founded by TV personality Kim Kardashian, said the undergarments brand wants to become a "predominantly physical business." Read the article
- LP-led secondary deal activity has surged as investors, many of whom are selling for the first time, seek more liquidity for their portfolios. View Emily Lai's report
- Many PE managers who went all in during the pandemic are now suffering the consequences, as the widening dispersion of fund performance drives more capital toward fewer managers, according to executives at KKR. Read the full story
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| (Adriana Hansen/PitchBook News) |
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"Really, what it’s all proving is you can’t hit a window; the shutdown is just another proof point of this … the volatility coming out, there’s just this sense you can’t control it."
—Lise Buyer, partner and founder of the IPO advisory firm Class V Group, speaking to PitchBook's Jacob Robbins about the impact the historic 43-day US government shutdown has had on the IPO environment. The damage has been done, investors say, but a possible silver lining? The growing acceptance that uncertainty is here to stay. |
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Keep an eye out for these insights and research reports coming out this week:
- Q3 2025 Agtech VC Trends
- Q3 2025 Healthtech VC Trends
- Q3 2025 European VC Valuations Report
- Q3 2025 Healthcare Services PE Update
- Analyst Note: Five Takeaways From the SuperReturn Secondaries North America Conference
- Q3 2025 Construction & Engineering Report
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Answer: A.
According to PitchBook data PE investments in Europe's energy sector hit €38.6 billion (about $44.7 billion) in deal value across 245 deals. If activity continues at this pace, investment could surpass last year’s total of €42 billion. Read more about what's driving the growing activity by reading Andrea Gaini’s latest analysis here. |
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This edition of The Weekend Pitch was written by Emily Lai and Jacob Robbins. It was edited by Andrew Woodman and Michael Bruning.
Were you forwarded The Weekend Pitch? Sign up at pitchbook.com/subscribe. |
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