Underwriting Base and Return Expectations

What makes a GP interest valuable — and how do you evaluate a manager beyond the fund they’re raising today? In this episode, I talk with Mark Wade, CAIA, Partner at CAZ Investments, about how his team assesses GP interests, private-market managers, partnership structures, and long-term durability. We discuss why GP transactions have evolved, why some firms seek outside capital, and the practical differences between investing as a GP versus an LP. We also touch on evaluating leadership succession, LP base diversification, liquidity considerations, and why sports franchises continue to attract investor interest.

Highlights:

• How GP interest transactions have changed over the past decade.
• Why private-market firms seek external capital to support growth.
• Key differences in evaluating a GP interest versus an LP fund commitment.
• What CAZ looks for in partnership stability and leadership succession.
• How LP base diversification factors into long-term durability.
• Liquidity considerations and how secondary/tender processes work.
• Why sports franchises attract investor attention and how league structures differ.

Guest Bio:

Mark Wade is a Partner at CAZ Investments, where he leads investment strategy and firm initiatives. Since joining CAZ in 2013, Mark has helped the firm expand its presence across asset classes, with a particular focus on GP stakes, energy, and professional sports. Prior to CAZ, Mark earned his MBA from the University of Chicago Booth School of Business. CAZ is known for its alignment-first model—deploying more than $700 million of insider capital alongside its LPs across a range of alternative investments.

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Links CAZ Investments: https://cazinvestments.com/

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(0:00) Introduction (0:14) Mark Wade's background and focus on private markets (2:14) Structuring and capital needs in GP stakes investments (7:15) Key considerations and differences in GP stakes vs LP investments (11:24) Downside protection and alignment of interests in GP stakes (15:01) Base case expectations and liquidity concerns in GP stakes (19:39) Sports investments discussion and value growth (24:15) Comparing sports investments to Bitcoin and impact of AI (25:07) Future trends and investing focus in sports entertainment (26:08) Closing remarks