The Mack Podcast GP Stakes: Structuring Partnerships and Navigating the Next Phase of Private Capital
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Feb 26, 2026 Chris Brimsek, managing partner advising firms on strategy and succession. David Sawyer, founder specializing in GP-stakes underwriting and AI for alternatives. John Lueken, multifamily office executive focused on partnership structuring. They discuss GP stakes versus LP investments, underwriting signals and valuation, governance and key-person risk, direct versus fund access, and sizing GP-stakes within private equity allocations.
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Start With Funds Or CoInvests Before Direct Stakes
- If new to the space, gain exposure via GP stakes funds or co-invest programs before direct GP investments.
- David Sawyer warns direct GP stakes need sophistication; placement agents help source managers that fit your strategy.
How GP Stakes Looked A Decade Ago
- A decade ago GP stakes were tiny with high minima and few players, forcing education and feeder vehicles for family offices.
- David Sawyer recalls early days when funds had $10m minimums and he aggregated family capital through feeders to access deals.
Value Stakes By Fee Stream PV And Return Hurdle
- Value GP stakes by forecasting present value of management fees and modest returns; target net returns in mid-teens for illiquid capital.
- John Lueken suggests backing into valuation using fee streams and a 12–17% net return hurdle given liquidity sacrifice.