Debt dynasty
In a competitive atmosphere, LPs seem to like their GPs well enough that four-fifths would commit to a successor fund if the right chance presents itself.
Despite the plethora of upstart private credit managers that have rolled out in recent years, it is still better to be an incumbent fund manager than a first-time manager.
Some 80 percent of North American limited partners said in Private Debt Investor’s recent LP survey that they planned to make fresh commitments to their existing managers or would do so opportunistically. By comparison 57 percent said they would invest in debut vehicles opportunistically or planned to do so in the future.