Chris Witkowsky

There appears to be a disconnect between critical commentary in the mainstream press and private debt’s enduring appeal to investors. PDI gauges LP opinion.

The sale is expected to be the first in what could be a series of fund stakes offerings by the sovereign fund as it works to manage its portfolio.

The subject has taken priority at recent meetings of trade group Institutional Limited Partners Association, sources tell affiliate Private Equity International.

Flannery, who took over leadership of Vista’s credit platform in 2018, will be succeeded by two co-heads: Greg Galligan and Pete Fisher.

Contrary to a report in the Financial Times earlier in the week stating that the turmoil is spurring large institutional investors to explore selling out of private market positions, most LPs are not likely to make such reactionary decisions to sell at steep discounts.

NYC’s pension system is preparing to deploy $7bn-$8bn into private equity, a signal that despite setbacks and what many LPs consider underperformance of late, a top investor is fully on board with the asset class.

A disconnect exists in the industry between GPs who view continuation funds as a desirable way to hold certain assets beyond the limits of a traditional private equity fund, and LPs who generally would prefer a regular exit.

In the wake of the most sweeping regulations since the financial crisis, Gensler was grilled this week by members of the Senate’s Banking, Housing and Urban Development committee about the new private fund rules.

The new group is among a handful of competitors vying for business from private markets GPs finding it difficult to raise funds. 

For GPs with funds in market, any extended fundraising delay could cause headaches, as they have deadlines to meet, deals to close and employees to pay.