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Buying the Fee Stream: What GP Stakes Investing Really Means for Allocators
In this episode of Dakota Insights, Chris and Alex unpack GP stakes investing — buying minority equity interests in the management companies that run alternative asset funds, rather than in the funds themselves, and what that means for both allocators and fund managers.
They cover how a typical deal is structured (10–30% stakes, priced at 10–15x management company EBITDA), the market's evolution from Petershill and Dyal's early days through Blue Owl's rise to a $75 billion platform, and why the center of gravity has shifted decisively toward middle-market managers since 2022. They walk…
The skinny
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