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TPG Insights: Private Markets: Tectonic Shifts

As private markets come of age, several tectonic shifts are reshaping the alternatives industry, with impacts that will be felt for decades to come. While the move from public to private markets continues apace, GPs are increasingly diversifying across asset classes and geographies, finding new ways to deepen and expand their LP partnerships, and introducing innovative product offerings to expand market access.

Against this backdrop, in this issue of TPG Insights, we speak with three industry veterans—TPG CEO Jon Winkelried, Alberta Investment Management Corporation (AIMCo) CIO Dr. Marlene Puffer, and former McAfee CEO Peter Leav—to get their unique perspectives on these tectonic shifts and what they mean for the evolution of private markets. Winkelried and Puffer both emphasize a trend towards the greater consolidation of GP-LP relationships, which they suggest are becoming true partnerships spanning multiple asset classes, strategies, and geographies. From her vantage point as CIO, Puffer believes that external partnerships are particularly critical today when it comes to innovating into new areas, such as transition finance, or geographies, such as Asia, because you have to “learn to walk before you can run.” Amid heightened competition across alternatives markets, Leav—who has worked with 11 different PE sponsors as CEO—argues that the ability of a sponsor to establish trust, transparency, and clear alignment with management teams has never been more important for delivering successful transactions for all stakeholders.

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