Bonaccord Capital Partners, a division of alternative asset manager P10, has successfully closed its second general partner (GP) stakes fund at $1.6bn, exceeding its original $1.25bn target and significantly ahead of its $740m predecessor fund, according to a report by Bloomberg.
The fund focuses on acquiring stakes in private markets firms with $1bn to $10bn in fee-paying assets across private equity, private credit, real estate, and real assets. Bonaccord has already deployed about 60% of the fund, backing firms such as Kayne Anderson Private Credit, VMG Partners, Lead Edge Capital, Park Square Capital, Trivest Partners, Shamrock Capital Advisors, Synova Capital, and Revelstoke Capital Partners.
GP stakes investing has gained traction among institutional investors, who are increasingly confident in the profitability and growth potential of private markets firms, according to Bonaccord Managing Partner Ajay Chitkara. “Amid potential consolidation and the recognition of these firms’ profitability, GP stakes have become an exciting investment strategy,” he said.
The rise of GP stakes is accompanied by an evolving private markets landscape, with more firms pursuing initial public offerings and consolidations. This trend has been especially pronounced among private credit managers and may extend to sectors like infrastructure and private equity, Chitkara noted.
Bonaccord’s partner, Bradford Pilcher, highlighted the versatility of GP stakes capital, which is being used for portfolio financings, dividend recapitalisations, continuation vehicles, and strip sales. He added that acquisitions and potential IPOs of alternative asset managers are likely to continue as single-investment realisations.
Bonaccord, which manages around $5bn in total assets, made headlines in October 2024 when it agreed to sell a 25% stake in private credit lender Monroe Capital to French investment firm Wendel.
