Private Equity Spotlight How an LP and a GP are approaching the slower exit environment
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Feb 20, 2026 Steven Batchelor, Co-CEO of Hg Capital, a European B2B software investor, and Yangge Seaman, Head of Private Investments for Children’s Health, discuss how slower exits reshape liquidity. They cover realisation committees, secondary sales, continuation vehicles, NAV loans, and how LPs and GPs adapt governance and partnership to manage distributions and alignment through cycles.
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Slower Exits May Be Structural
- Yangge says slower exits are likely structural, not just cyclical, and will force changes in LP behaviour.
- She views current distribution levels as acceptable for a young, growing program but warns mature LPs will feel strain.
Differentiate GPs By Exit Capability
- Yangge Seaman advises LPs to differentiate GPs by their exit capability and use of alternative liquidity tools.
- She says LPs must proactively manage their own liquidity because a multifaceted liquidity ecosystem is here to stay.
Cash Returns Are The True Proof
- Steven Batchelor says returning cash is the ultimate proof of a GP's strategy and validates performance.
- Hg created a realisation committee to prioritise cash returns and counter deal-biases within the firm.