GP-led restructurings price on a fine line
Greenhill Cogent managing director Brian Mooney tells the Private Fund Restructuring book launch hosted by Citco that pricing at 90% of NAV is the key to success.
17Capital co-founder and managing partner Augustin Duhamel, speaking at the launch, noted that “GPs are becoming more proactive in managing their liquidity, going to LPs to offer, rather than being reactive when LPs come to them when they want to sell.”
Duhamel said that he expected that in future GPs will “integrate liquidity management into their offering. Those transactions, more and more are not so much to solve a difficult situation but to give some optionality to investors.”GP-led restructurings are increasingly part of “the service” and a way to provide options to LPs that they are not obliged to take, Duhamel said.
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