Evolution and Growth in the GP Stakes Market

Cleary Gottlieb partners Ken Blazejewski and Florence Zhang were featured in the keynote interview, “Evolution and Growth in the GP Stakes Market,” published in the December 2025/January 2026 issue of Buyouts.

The article examines how the GP stakes market is maturing as an asset class, highlighting how firms are turning to employee ownership and succession planning as tools for value creation and risk mitigation. It also explores a diversifying investor base, from sovereign wealth funds to insurance companies, reflecting widening interest in the strategy. The article further outlines the evolving exit strategies, including increasing interest in secondaries and continuation vehicles, and anticipates the growing role of AI in helping investors analyze and underwrite GP stakes investments.

Cleary’s Sponsor Solutions Group is a multidisciplinary global practice integrating the firm’s private funds, M&A, finance, real estate, tax, regulatory, and executive compensation capabilities. The group represents sponsors and lead investors in a wide range of liquidity and strategic transactions, including GP-led secondaries, continuation funds, NAV facilities, GP stakes, seeding, succession planning, and fund restructurings.

Read the article.