The Distribution by Juniper Square The Evolution of GP Stakes and GP Solutions - Drew Murphy - Head of Private Markets Advisory @ Berkshire Global Advisors
Mar 31, 2026
Drew Murphy, Partner and Head of Private Markets Advisory at Berkshire Global Advisors, brings decades of GP advisory experience across real estate, PE, credit, and infrastructure. He traces how GP solutions expanded from hedge fund stakes to a broad set of financing and control options. Conversations cover valuation components, growth-driven transactions, operational readiness, and what separates top-performing firms.
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Buyers Follow Expected Capital Flows
- Investor appetite shifts by asset class; 2023–2025 favored credit and secondaries, early 2026 saw renewed interest in real estate equity.
- Buyers follow where allocators expect flows over the next 18–24 months.
Private Credit Is A Road Bump Not A Cliff
- Private credit is a durable, scaled asset class despite short‑term liquidity headlines; issues are portfolio‑level not necessarily structural.
- Expect temporary repricing and a pause in some transactions, not a long‑term collapse.
Multiples Mirror Expected Growth
- Multiples reflect expected growth so higher NFRE multiples require demonstrable forward growth.
- Carry valuation needs granular timing; near-term realizations use lower discount rates than distant ones.