• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deal search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
      • Deals search
      • Exits search
      • Funds search
      • Sponsors search
      • Advisers search
      • LPs search
      • League tables
      • Reports
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
UNQUOTE
  • GPs

Kudu to step up boutique GP stake deals in Europe

  • Rachel Lewis
  • 09 August 2023
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

GP stakes investor Kudu is looking to build up its nascent European portfolio as the evergreen investor scouts for boutique asset managers across private markets, CEO Rob Jakacki told this news service.

The evergreen investor, which typically makes three to five deals per year, wants to add more infrastructure and specialised equity managers, while also expanding its more traditional private equity, private credit and real estate portfolio.

It is focused on mid-market asset managers with around EUR 5m-EUR 20m of EBITDA in the local currency and typically managing around USD 500m-USD 1bn of assets, although it can invest at up to USD 5bn AUM.

In addition to its European focus, Kudu is also reviewing a strong pipeline of UK-based, Canadian and Australian GPs as it seeks to expand beyond its US-weighted portfolio. The sponsor recently made its third deal in the UK with direct lender Apera and has also backed an undisclosed Germany-based private credit manager.

Alongside private credit and infrastructure, Kudu is also keen to assess deals for specialised equity GPs in sectors like healthcare, following a deal for San Francisco-based Martis Capital, which closed a USD 779m fund to target the North American mid-market healthcare companies in June 2023.

The firm does not operate via a fund structure, differentiating it from other GP stakes investors, including Blue Owl and Europe-focused firm Armen, but is rather backed by insurance firm MassMutual. Jakacki sees a benefit in this, saying that Kudu never underwrites with a goal to exit and that "the rest of the movie hasn't been written" when it comes to how fund-based GP stakes investors will return capital to their LPs.

Kudu typically sees the GPs that it backs use its capital to help launch new strategies, back up bigger GP commitments, or to help with succession. However, it often sees an interesting inflection point when a GP reaches its third or fourth fund, because a significant portion of wealth is still tied up in the first two vehicles.

The role of the GP stake is also changing, Jakacki said. While many GP stakers remain passive, non-voting investors, they also need to think about the value-add beyond capital, he added. That can entail distribution strategies, inorganic growth and the use of human capital.

Kudu also takes stakes in wealth managers, which form around 20%-25% of its portfolio, as they have different risk-reward models.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • GPs
  • Financials
  • DACH
  • UK / Ireland
  • United Kingdom
  • Exclusive

More on GPs

IPO offers CVC chance to become multi-asset consolidator
IPO offers CVC chance to become multi-asset consolidator

Potential IPO also offers monetisation solution for founders and GP stakes investor Blue Owl

  • GPs
  • 25 August 2023
VC Profile: Possible Ventures lines up frontier tech deals halfway through fresh EUR 60m fundraise
VC Profile: Possible Ventures lines up frontier tech deals halfway through fresh EUR 60m fundraise

Germany-based pre-seed investor is set to hold a first close for its third fund in mid-September

  • GPs
  • 25 August 2023
GP Profile: Apheon builds on family roots, mulls exits and reinvestment opportunities
GP Profile: Apheon builds on family roots, mulls exits and reinvestment opportunities

Belgian GP, formerly known as Ergon, to continue to target family- and entrepreneur-owned European businesses

  • GPs
  • 18 August 2023
Kudu to step up boutique GP stake deals in Europe
Kudu to step up boutique GP stake deals in Europe

MassMutual-backed investor aims to add more infrastructure and specialised equity GPs to its portfolio

  • GPs
  • 09 August 2023

Latest News

Partners Group to release IMs for Civica sale in mid-September
  • Exits
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
BHM Group builds on PE strategy, eyes European medtech and renewable energy acquisitions
  • Investments
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Czech Republic-headquartered family office is targeting DACH and CEE region deals

  • 01 September 2023
Redalpine expands leadership team amid CHF 1bn-plus fundraise
  • Venture
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO

  • 31 August 2023
Change Ventures aims to hold final close for EUR 20m third fund by mid-2024
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds

  • 31 August 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013