Institutional investors in real estate are becoming increasingly informed on the benefits of manager-led secondary deals in particular, writes Lazard's James Jacobs.
Some public pensions appear to think any sunlight allowed on their private equity decision-making processes would cause irreparable damage to their ability to continue investing in the asset class.
While GP-led clauses in fund agreements are not a silver bullet, certain LPA provisions could help GPs and LPs better navigate these transactions should they arise.