Asset Management Finance makes its first minority investment in Rigel Capital
Apollo receives outside investment from both the Abu Dhabi Investment Authority and CalPERS
Affiliated Managers Group (AMG) makes its first minority investment, buying a stake in AQR Capital Management
CalPERS acquires a minority stake in the Carlyle Group for $175 million
2007
2007
2004
2001
Single investors (large LPs, later followed by asset managers) begin directly investing in management companies that they have had longstanding relationships with, paving the way for institutional capital.
2001 – 2007
Phase I
GS AIMS’ Petershill II closes at $1.5 billion
Dyal Capital Partners II closes at $1.8 billion, exceeding its targeted size of $1.5 billion
Blackstone Alternative Asset Management launches its initial Strategic Capital Holdings fund, going on to raise $3.5 billion
Dyal Capital Partners is formed from Neuberger Berman, subsequently raising $1.3 billion for their debut fund (closed 2012)
Goldman Sachs’ AIMS Group raises $1 billion for its inaugural GP stakes vehicle, Petershill fund
2016
2014
2013
2011
2007
Specialized teams spun out of larger, highly diversified asset management companies with deep relationships and experience begin forming and solidifying their approaches to GP stakes investing. Goldman Sachs’ Alternative Investments & Manager Selection (AIMS) Group establishes its Petershill fund and Neuberger Berman creates Dyal Capital Partners, both being new units made to specifically execute GP stakes deals.
2007 – 2016
Phase II
GS AIMS’ Petershill fund struck a deal to sell its remaining holdings to AMG for $800 million
Dyal Capital Partners III closes at $5.3 billion
Aberdeen Asset Management forms Bonaccord Capital Partners to pursue a GP stake strategy with an initial $1 billion debut fund
GS AIMS closes Petershill Private Equity at $2.5 billion
Meteor5 Capital Advisers forms, targeting emerging and future leaders with a debut $125 million fund
Dyal Capital Partners IV is expected to close at $7 billion+*
2016 (June)
2016 (Dec)
2018 (Feb)
2018 (May)
2019
2017
This deal provided a proof of concept for an exit, showing that the strategy could deliver liquidity, encouraging further participation (though many remain wary). With renewed optimism, Goldman Sachs and Dyal begin investing more heavily in this area (raising multiple new funds), while a number of new players are encouraged to join in.
As leading GP stakes firms like GS AIMS Group and Dyal continue to raise more capital and further pursue deals, investors start to see more promising results. A significant milestone was reached in 2016 as Petershill sold its remaining holdings directly to publicly-traded Affiliated Managers Group (AMG). The sale reportedly provided a 22% premium to Petershill’s investors, resulting in a 15% annualized return over the fund’s life (Source: Wall Street Journal).
2016 – Today
Phase III
*Source: Private Equity International