general partner
also referred to as: general partners · gp · gps
102 statements across 50 episodes · 26 bullish · 32 bearish · 46 people on the record · first statement Sep 18, 2017 by Scott Malpass · said 2 times in 2 episodes since 2022 · across every show →
Mentions by year
brought up most by Josh Wolfe (1), Ashby Monk (1)
tap a year for its mentions
2026 1 mention in 1 episode
Everything said about general partner, oldest first
Sep 18, 2017 positive
Apr 30, 2018 neutral
Limited partners must require GP financial alignment because GPs know more
“We will never know as much as a GP does. You just have to accept that about anything you underwrite. You do not know as much as a GP. So there needs to be a pretty strong alignment of interest. A knowledge that the GP is putting some of their own money in this…”
Jan 21, 2019 neutral
Jan 21, 2019 neutral
Biscardi: Context Capital structures partnerships via joint ventures or revenue shares
“In some cases, we've actually co-owned the GP and the management company, and it is a legitimate joint venture. And in other situations, we've done it as more of a revenue share and then provided those services back.”
Jan 21, 2019 bullish
Biscardi: Context Capital researching structured products to buy GP carry risk
“So one of the ideas is to do deals with GPs to In essence, trade fixed for variable. You know, they have this variable risk. We would do a trade with them where we would, in essence, buy that cash flow stream and take the risk of the carry, not entirely, but t…”
Jul 29, 2019 negative
Jul 29, 2019 negative
Limited partners are not forced to accept GP-friendly subscription terms
“Nobody is forcing limited partners to sign these sub docs. Nobody's forcing them to wire the money in, so it really was written with calling out limited partners, and there's a number of things that you've seen, as you always do in the cycle, which have become…”
Dec 16, 2019 negative
Jan 20, 2020
Jan 20, 2020
Clarkson: Venture halts if tech workers and founders lack financial rewards
“If the entrepreneurs and the employees are not getting the rewards that they need to stay in the business, then this whole business stops. Like GPs and LPs can't make this business go. It is a hundred percent the people making the companies go.”
Jan 20, 2020 positive
Clarkson: LaunchCenter 39 GPs returned uncalled capital to LPs post-2001
“Come 2001, The world went belly up in tech, and to their credit, back then, GPs gave the money back to LPs. I know, shocking, right? Can you believe it? And so they did well by their LPs, and they gave the money back that wasn't invested, and they basically sh…”
Jan 20, 2020 negative
Clarkson: Claiming a fund has no competitors rarely resonates with LPs
“Same thing with the competitor landscape. So coming in and saying there are no competitors, there might be very corner cases where that's still true, but it's tricky, and so that just as guidance to GPs, that doesn't usually resonate super well.”
Jan 20, 2020 neutral
Clarkson: LPs have no legal right to see GP management company documents
“Painful secret if people don't know this, so LPs don't see the management company docs. The document that gets shared between the LPs and the GPs is the LPA. So if you ask to see the management company documents, I would be surprised on the GP that will share …”
Jan 20, 2020 positive
Clarkson: Series A venture investors are demanding to see startup revenue metrics
“Listening to the number of managers, like GPs now talk about revenue, and that happening, and the folks at Series A looking to see more revenue metrics, it actually feels, I know it's a bit of a, like, return to an old new thing, but it's a bit of a new new th…”
Mar 9, 2020 positive
Hamilton: Staying on LPACs impacts energy companies more than divestment
“The way I look at it is if you truly want to make an impact on that industry, why would you leave the table? You have such a louder and more impactful position to a GP of a fund or to a portfolio company As a member of their ELPAC. Because frankly, once you're…”
Apr 9, 2020 bearish
ILPA's Nelson: Private equity playing field has long favored GPs in negotiations
“I think for a number of years now, the playing field has been tilted for a whole host of reasons, and it's been difficult for LPs in terms of terms negotiations, frankly, in some of the core aspects of the LP-GP relation.”
Apr 9, 2020 positive
ILPA: LPs Favor Monthly Over Biweekly GP Crisis Updates
“What we heard from our LP members last week is that monthly is probably a reasonable expectation. I mean, as long as there is the opportunity to have conversations in the interim. We talked about the notion of biweekly that felt to most involved to be too much…”
Apr 9, 2020 neutral
ILPA's Nelson: LPs must prioritize high-impact governance terms over exhaustive negotiations
“Many LPs have taken is to be targeted in terms of what they care about and really go to their GPs with as strong a message as possible on fiduciary duty or reporting or LPAC rights and try and make sure that what they're asking for is what they see as being mo…”
Apr 9, 2020 negative
Nelson: Aggressive GP subscription line usage poses material risk in crisis
“There are a whole host of GPs and funds that have been much more aggressive with sublines in terms of size. In terms of duration and in terms of usage. And so there are a material number of cases where those sublines really should be front and center as part o…”
May 4, 2020
May 4, 2020 positive
Adamson: GPs with $3B AUM still seek catalytic sovereign wealth backing
“First, we've noticed that slightly more mature GPs that might have two or three billion in AUM are still interested in this value proposition because if they can get a catalytic investment from their ideal client base, which is large pensions and sovereigns gl…”
Jun 29, 2020 positive
Multiple fund products create revenue stability to fund infrastructure and talent
“Our approach was to say, really focus on the customer, the client. What do they want? What of their needs are we solving and design products around that have multiple products so that it creates some stability of revenues to the GP and management company and a…”
Jul 9, 2020 neutral
Mizuno: Active Outperformance With Negative Externalities Harms Universal Owners
“Even if the other one of our active managers build the portfolio, which perform the better short term, but those companies in their portfolio is actually producing a lot of negative externality, which damage the long-term sustainability of the environmental so…”
Sep 28, 2020 neutral
Oct 12, 2020 bullish
Jan 18, 2021 neutral
May 3, 2021 negative
Moseley: LP and GP contract negotiations should not be viewed as zero-sum pendulums
“The metaphor that comes up endlessly is that it's a pendulum. Every time I work with a different lawyer, they'll say something about how the pendulum has now swung a little bit more to the GPs or a little more to the LPs, And the reason I hate that metaphor is…”
May 3, 2021 positive
May 10, 2021 neutral
May 24, 2021 negative
Monk: Unifying institutional portfolio data across custodians and GPs takes months
“What was really hard to do was to get all the data unified, to get it into the system. It could take six months. It's like when you said at Yale we had all this data. It's a huge lift to get this stuff out of
The custodians, out of the general partners, out of…”
Jun 21, 2021
Toomey: HarbourVest commits to giving GPs a 24-hour co-investment response
“On the co-investment side, what we found they value the most is, frankly, a quick no is always better than an elongated no. And so we just have this commitment, you know, 24 hour period, we will get back to the manager with a quick read.”
Jun 21, 2021 neutral
LPs demand co-investments to blend down overall private equity management fees
“The other reason the co-investment markets exist today is general partners know and limited partners demand that, hey, look, this is just part of our relationship, and I'm going to invest X into your fund, and I'm going to pay one and a half and 20, and on the…”
Aug 13, 2021 neutral
Oct 18, 2021 negative
Berntsen: Established Asset Managers Are Inherently Misaligned With LPs
“What I found on the investing side was on top of those challenges that come with growth, I felt the structure as it related to their investors was fundamentally misaligned from day one. I think that's no secret. There's dynamics that over time make the GP and …”
Oct 28, 2021 positive
Jun 13, 2022 neutral
Veremis: Fund managers' character is tested in crisis and windfall success
“It is my general belief that you truly understand people in two situations. In crisis and when things are really good, you see the sides of the people. In crisis, you see, you know, whether they have the grit and the persistence and the stamina... Now with big…”
Jun 13, 2022 positive
Jul 4, 2022 negative
Jul 4, 2022 neutral
Chhabra: Private equity and hedge funds are aspirational for GPs, not LPs
“A hedge fund is not an aspirational investment for the LP. It is definitely an aspirational investment for a GP. Similarly, private equity, it's definitely aspirational for the people who own the firm. That's a mathematically correct statement.”
Jul 18, 2022 bearish
Giannini: LP Overallocation and GP Fund Expansion Will Cause an Inevitable Shakeout
“It's kind of this two forces colliding, and I think it's going to lead to a reasonable shakeout under any market scenario. I don't care if the market Flattens out here, goes up here a little. It will take a market going up 50% for some of this to ease, and tha…”
Jul 18, 2022 negative
Jul 18, 2022
Giannini: GPs change deal risk profiles between fund start and fund end
“General partners will do different deals at the beginning of their fund than they will do at the end of their fund, and how does that work for you? If it's at the end of their fund and they want a very low risk, but lower return deal, they're looking for more …”
Jul 18, 2022 negative
Aug 1, 2022
Nov 28, 2022 negative
Van Vleet: Large co-invest capacity drags mid-market GPs into unnatural deals
“So they're kind of forced into what is perhaps an unnatural part of their cap space because they, they'd love to spend the 500 in coinvest. And that coinvest that I'm subsidizing and is being a distraction to, and perhaps dragging that Five hundred million GP …”
Nov 28, 2022 negative
Full-Fee LPs Subsidize Large Institutional Investors Taking Free Co-Investments
“Because of that, I'm not real thrilled when our GPs will raise five hundred million and then raise five hundred million worth of opportunity for direct co-invest. And my pushback on that is, well, so I'm really just subsidizing the other guy who's taking the c…”
Feb 27, 2023 positive
Apr 17, 2023 neutral
Giannini: Middle East capital is concentrated but insufficient to fund all GPs
“So there is probably more capital available in the Middle East today than there are in other parts of the world, just in terms of concentration. So yes, there is more. Is it unlimited? Is it enough to fund all the general partners? Absolutely not.”
Apr 17, 2023 bearish
Giannini: Private Equity Has Outgrown LP Capacity to Fund GP Ambitions
“The industry has simply outgrown both in terms of its size and its desire for more size. Has outgrown the limited partner capacity to fund it for a period of time. There's just not enough money in the world to give GPs everything that they want, whether it's a…”
May 1, 2023 bullish
May 1, 2023 bullish
Monk: Portfolio data infra will spawn tech verticals like GPS did
“We've built a lot of different businesses on GPS. There's Lyft, Uber, there's Amazon, there's DoorDash, there's all this stuff that exists as a function of GPS. And I think we're going to get a lot of those verticals coming in the investment sphere in the next…”
Jul 13, 2023
Oct 14, 2023 neutral
Oct 14, 2023 bearish
Jan 8, 2024
Jan 8, 2024 neutral
Marshall: Allocators face hand-to-hand combat for top-tier GP allocations
“Well, I think one of the biggest things is that there is so much money trying to invest in this endowment model, yet there's only so much capital allocation within these firms, especially the top tier firms. And so in some ways, yes, we'd love to collaborate w…”
Jan 8, 2024
Marshall: Allocators must separate opportunity set analysis from manager selection
“It's key, and it's a great bridge to manager selection, is to separate the opportunity set. Because I think sometimes we pull together manager selection and opportunity set, and I think you have to separate those out between the GP quality, which we can get in…”
Apr 8, 2024 neutral
Dawn: Early LP secondary sale requests felt like asking for a divorce
“Most LPs were very concerned about asking the GP for the right to sell, because every transaction, you require the consent of the GP. And often then, less so now, that was in the GP's sole discretion. In some ways, it was considered similar to asking a spouse …”
Apr 8, 2024 positive
Apr 8, 2024 positive
Dawn: GP-led continuation funds now retain trophy assets, not liquidate zombies
“These are the best GPs with their best assets, leveraging the secondary market for a number of reasons. Often it's a single company continuation. This is often their crown jewel, trophy asset, where in the past, a managing partner may have to sell their best a…”
Apr 8, 2024 bullish
Dawn: Single-asset continuation fund syndication market will grow rapidly by 2029
“Plus, I think when the new entrants I've just identified, the types of group that start their secondary funds just focused on single asset continuation funds, then we anticipate the syndicate market for these transactions will grow rapidly, because you'll have…”
Jul 15, 2024 bullish
Prosek: LinkedIn Shifted From Job Board to Thought Leadership for PE
“One thing that has happened since the pandemic, for instance, is that LinkedIn went from being perceived as a job seekers space to a real thought leadership news breaking platform to serious business people, partially because the pandemic forced us all to find…”
Jul 15, 2024
LPs Claim to Ignore GP Brand but Heavily Reward Brand Proxies
“Now, if you asked an LP, do you care about the GP's brand? They'll say no, but when you unpack it, do you care that they have a great culture? Do you care that they have distinct advantages? Do you care that so-and-so wrote this amazing op-ed piece that you to…”
Jul 15, 2024
Prosek: LPs now require years of relationship building before writing checks
“And one thing that has definitely changed a lot is the math is all that counted in the past. Meaning if you were performing, you didn't even have to really talk to your LPs. They were writing checks. Now I interview LPs on panels and I ask them for the GPs in …”
Nov 25, 2024 negative
Feb 10, 2025 neutral
Feb 10, 2025 neutral
Charles: Private equity GPs ignore broad market data outside of fundraising
“When you go talk to a GP, they are so hyper focused on their business, on their strategy, on their team. Very rarely do they have a perspective on the broader market. They tend to pop their head up every three or four years. And go ask for money. They're not i…”
Mar 24, 2025 negative
Grefenstette is skeptical of LP claims that co-investments beat underlying funds
“So I'm skeptical of those who have large co-investment programs who claim they're outperforming the underlying fund managers, because it's hard, and if they're doing a better job than their GPs, they should bring their GPs in and give them some instruction.”
Mar 24, 2025
Mar 24, 2025 negative
Mar 31, 2025
Mar 31, 2025 neutral
May 29, 2025 positive
Madorsky: Multi-asset GP-leds enable early exits for weaker assets
“In a multi-asset GP-led transaction, we afford the availability and we push GPs to get rid of those
Weaker performing assets. Because all of the assets are getting reset at a price, and all of the economics are getting reset, if the GP sells their underperform…”
Jun 9, 2025 neutral
Jun 23, 2025 neutral
MacArthur: GPs are finally selling assets below target valuations to return capital
“We're starting to see for the first time things being sold at numbers that are probably below the targets where the GPs wanted to sell the asset at because they know at some point in time they're going to be back out on the road raising their flagship buyout f…”
Jun 23, 2025
MacArthur: LPs seeking co-investments must abandon monthly investment committee cadences
“If the LP is asking for co-investment and the GP providing it and saying, I've just got this deal. Here's co-investment for you. I need an answer in a week. And you're an LP and you say, my investment committee meets once a month. It's next three weeks. That's…”
Jun 23, 2025 bearish
Jun 23, 2025
Jun 23, 2025 negative
Jul 14, 2025 negative
Sullivan: Institutional LPs playing 'gotcha' with GPs is counterproductive
“One problem a lot of institutions fall into is thinking, I'm just as smart as these guys. Why are they so much richer than I am? I'm on this side of the table, but I could easily be on that side of the table, and they make things confrontational, especially if…”
Jul 14, 2025 negative
Jul 14, 2025 negative
Sullivan: Private equity sells winners in 4 years and holds losers for 12
“What winds up happening is the good businesses get sold in three or four years. The bad businesses hang around for 10 or 12 years. The GPs just think, well, I can fix this, and two years from now it'll be better, and a lot of times when an asset isn't performi…”
Jul 14, 2025
Oct 6, 2025 neutral
Spielman: LPs Celebrate Talent Poaching as a Badge of Honor Unlike GPs
“That promotion, developing people, yes, for your organization, of course, but also seeing the people who are on your team grow to such a point where they're hired away. To a bigger opportunity. That's like a badge of honor versus on the GP side viewed as a sca…”
Oct 13, 2025 neutral
Dec 22, 2025 negative
Seides: GPs Delay Exits and Extend Hold Times to Protect Future Fundraising
“You could say that private equity is frozen because of fear. It's fear on the GP side of, you If they sell, returns aren't what their LPs would have thought. They're afraid they're not going to be able to raise their next fund. So rather than say, we'll just t…”
Jan 12, 2026 positive
Jan 26, 2026 bearish
Jan 26, 2026 positive
Jan 26, 2026 negative
Jan 26, 2026 positive
MacDonald: Capacity constraints force better LP allocation decisions
“What you want is a capacity constrained environment for investing. I want it with my GPs. I want it for us, where you're having to make hard decisions about what GPs you're backing in the equity long short space, private space, co-investment space. The only wa…”
Jan 26, 2026 neutral
MacDonald: Five-Million-Dollar LP Commitments Struggle to Be Meaningful to GPs
“When times are a little bit tough, you lean in and you understand things, but you also show up with a real check. You have to be a meaningful investor. If you're a five million dollar investor, it's hard to be meaningful.”
Feb 23, 2026 negative
Feb 23, 2026 negative
Feb 23, 2026 positive
Grefenstette: Dietrich Foundation re-backs returning venture GPs who autopsy past mistakes
“Some LPs won't give them a second chance. We have done that where we have said to a GP, okay, we all know this is what went wrong here, and we can do the autopsy. And then we still supported them when they came back to the market because we think they're going…”
Feb 23, 2026 neutral
Dietrich Foundation pairs established core venture GPs with independent satellite managers
“We also try to have a core venture portfolio exposure through some of our more established and broader mandated GPs, and then look to have some satellite opportunities around that, that we also put into that category, like Sean, they're a little higher risk, h…”
Feb 23, 2026 positive
Grefenstette: Peak 2021 market behavior data helps LPs distinguish skill from luck
“It's hard to distinguish luck from skill when everything is up and to the right. But now you can look back and say, okay, what did you do in 20 and 21 and 22? How sensitive were you to these really high valuations? How disciplined were you in deploying the cap…”
May 25, 2026 negative
Kim: Treating IR as second-class citizens breeds victimhood and industry dystopia
“The whole idea of ego deprivation, of walking around being a second-class citizen in a job, that creates a dystopia. That creates a victimhood for a lot of people in the industry. If I actually think about the A thing that people complain about most in the job…”
May 25, 2026
Kim: No fundraiser can save a fund lacking differentiation and track record
“If the product is not worth raising money for, no matter how good you are, you can't raise money. In other words, if you have no differentiation, your track record's bad, it's a really complicated story, you're out of business. The general partners in that sit…”
May 25, 2026 negative
May 25, 2026 neutral
Kim: Junior IR professionals out-earn deal peers; IR partners earn less
“So what's kind of interesting is that the younger you are in their career, actually the more money you make relative to your peers because the younger professional gets to do some of the selling. Occasionally actually gets to advise the GP because you're trave…”