LP-GP dynamics: How is it changing during turbulent times?

  • Carl Rodrigues, Private Equity Partnership Investments, Member of Management, Partners Group
  • Goh Hui Yang, Head of Alternative Investments Asia, Pictet Wealth Management
  • Audrey The-Dumas, Managing Director, Cambridge Associates
  • Dr. Thomas Lanyi, Chief Executive Officer (Singapore), Head Southeast Asia & Co-Head Global Crossborder Transactions, CDH Investment Advisory Pte Ltd
  • Joji Thomas Philip, Founder & Editor-in-Chief, DealStreetAsia (Moderator)

The LP-GP relationship is constantly evolving with the changing landscape and mandates. With LPs coming to the forefront with direct investment and co-investment strategies, they are increasingly operating in the territory of fund managers. The rising trend of co-investments, secondaries, and continuation funds, especially in the post-pandemic period, is also seen to be altering the LP-GP dynamics. Furthermore, LPs are seen to be pushing for better governance practices and ESG-based investing principles.
What are the short-term and long-term impacts of the changing LP-GP dynamics? Will LPs be more choosy in selecting fund managers? Will prolonged exits make it harder for fund managers to raise successor vehicles? Are LPs bullish on first-time managers, specialist funds, or niche market-focused funds?