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By Yannick ARBAUT, Partner and Romain BAU, Associate, Allen Overy
Private equity consists of buying and seeking ownership stakes in various types of companies, yet one sometimes tends to forget that this includes private equity firms and fund managers themselves. These investments are sometimes referred to as GP stakes.
Over the past few years, GP stake deals have become quite common, although often as direct GP stakes. More recently, this has translated into investment funds (GP Stake Funds) being established specifically with the investment objective of acquiring minority equity interests in fund managers, investment advisers or managing general partners of fund structures (we will refer to them as GPs for the purpose of this article,...
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