ARE GP STAKES THE WAGYU OF PRIVATE CAPITAL?

The panel discusses GP stakes and secondaries, featuring Maurizio Tammagnini from FSI, Jérôme de Bottin from Capricorn Investment Group, and Yalda Okar from Rocket Capital. Jérôme shares Capricorn's history, stemming from eBay founder Jeff Skoll's philanthropy and early investments in Tesla and SpaceX. Maurizio explains FSI's focus on European technology and life science companies, emphasizing strategic GP investments for know-how, succession, and diversification. He distinguishes between strategic and financial GP investments. The panelists explore the potential for GP stakes to drive consolidation, a topic not yet widely pursued. Yalda highlights Bracket Capital's focus on VC-led secondaries, addressing structural issues in the VC industry and providing liquidity to early employees and LPs. AI's role in standardizing secondary market transactions is discussed, along with the potential for tokenization. The panel also touches on the quality of DPI (hard vs. soft) and the impact of continuation funds. Panelists share insights on pricing discipline and valuation approaches in the private equity market.