Description
As the investment management industry has become institutionalized, an ecosystem of “GP seeder” investors have emerged who anchor-invest in emerging managers sometimes before their first close, in exchange for preferential terms. We’ve also seen the emergence of “GP stakes” investors, who buy stakes in established firms, typically once they are at least a decade old. Over $60 billion has been raised to date to acquire GP stakes of established private equity firms, with recent high-profile examples including Vista, Vistria, Clearlake, Dragoneer, TSG Consumer, Veritas, H.I.G., and L Catterton.
Among the topics we’ll discuss:
- How do you attract the interest of GP seeders and stakers for your investment management firm?
- How do you mitigate the challenge of negotiating with professional investment negotiators?
- How do you gain liquidity?
- What are the typical structures and terms?
Program:
6:00-6:30 Registration and Appetizers
6:30-7:15 Panel Discussion
7:15-7:45 Audience Questions
7:45-9:00 Informal Dinner/Mingling
10:00 Room Closes
This is a three-part HBSCNY series with backing from Proskauer on Investing in General Partnerships of Investment Management Firms:
Pre-registration is required and will close at Noon on October 8th, 2024.
Please note that no refunds will be issued.
By registering for this event you agree to abide by the HBSCNY Code of Conduct for yourself and your guests (read here).
Bios
Speaker
Andrew Coren
CFO & CCO, Gatewood Capital
Andrew Coren is the Chief Financial Officer and Chief Compliance Officer of Gatewood, a firm focused on investments in emerging managers pursuing alternative investment strategies. Prior to this role, he was a Director at Duff & Phelps in their Alternative Asset Advisory practice. Prior to joining Duff & Phelps, Andrew was a Vice President at CCMP Capital Advisors, a middle-market buyout and growth equity investor and spinout from JPMorgan Partners’ (JPMorgan Chase’s heritage alternative asset arm). He began his career as an Analyst at JPMorgan Chase. Andrew graduated from Cornell University with a B.A. in Economics and Computer and Information Science.
Speaker
Scott Sherman
Co-Founder and Managing Partner of Mesa Lane Capital Partners, LLC
Scott Sherman is a Co-Founder and Managing Partner of
Mesa Lane Capital Partners, LLC, which provides seed capital to early-stage VC funds. Prior to Mesa Lane, Scott served as Chief Legal Officer and a Member of Management Committee at Tiger Management L.L.C., Julian Robertson’s family office, from 2016 to 2023. Tiger managed an endowment style portfolio with a focus on providing seed capital to newly formed investment entities across asset classes. While at Tiger, in addition to performing due diligence on and structuring in excess of 80 investments across asset classes, including over 20 “seeding” transactions, Scott served on numerous LPAC’s, formed a venture capital studio (Tiger Gene L.L.C.) and three related portfolio companies (NanoMosaic Inc. BrickBio Inc. and Encapsid Therapeutics Inc.), and served on Board of Directors of each Tiger Gene portfolio company. Before Tiger, Scott was a Managing Director at the Blackstone Group, where he worked from 2003-2016, overseeing due diligence and structuring for the firm’s multi-manager investment portfolios, in addition to helping form the firm’s mutual fund and seeding platforms. Scott began his career in the corporate department of Willkie Farr & Gallagher from 2001-2003 after obtaining his JD and MBA from Columbia University. Scott currently serves on the Board of Directors of Feeding Westchester, Purchase Community House and the Old Oaks Foundation.
Speaker
David Teten, MBA 1998
Partner, Coolwater Capital
David Teten is a Partner with
Coolwater Capital, known as “Y Combinator for emerging VCs”. Coolwater runs an accelerator for emerging VC fund managers and invests as a limited partner, into general partnerships, in fund management companies, and also directly into startups. David is Founder of
Versatile VC, backing early-stage “investment tech” companies which help investors generate alpha and succeed. He is Chair of
PEVCTech, a community of investors in private companies using technology and analytics to generate alpha, and
Founders’ Next Move, a community and set of resources for founders exploring new ideas. He was previously a Managing Partner with HOF Capital; Partner with ff Venture Capital; and Founder of
Harvard Business School Alumni Angels of NY.
Moderator
Jennifer E. Crystal
Partner, Proskauer
Jen Crystal is a partner in Proskauer’s Corporate Department and a member of its Private Funds Group. Her practice focuses on representing private fund sponsors across asset classes, including credit, venture, and private equity. She advises on a wide range of matters, including fund formation and fundraising, firm operations, internal structuring and regulatory compliance. Prior to joining Proskauer, Jen was a Partner and General Counsel at technology focused venture capital firm WndrCo, and previously was the lead lawyer for PineBridge Investments’ U.S. Alternatives platform.