Portfolio Construction Principles for GP Stakes

How do you build trust in an industry that’s built on auctions and price maximization? In this episode, I speak with Melvin Hibberd, Chief Investment Officer of Hunter Point Capital, about how the firm is redefining GP stakes investing through proprietary partnerships, structural creativity, and long-term alignment. Melvin takes us inside the evolution of GP stakes—from his pioneering work at Blackstone Strategic Partners to launching Hunter Point—and shares how he avoids auction dynamics that distort relationships, what truly drives alignment between investors and GPs, and why patience, not speed, builds lasting value. We cover everything from bespoke deal structuring and evergreen capital to portfolio construction, procurement savings, and the next phase of mid-market growth. This conversation is a masterclass in how to partner with GPs the right way.

Disclaimer: This podcast is provided for general and educational purposes only and is not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation. All opinions and views constitute our judgments as of the date of production and are subject to change at any time without notice. This information is provided for illustrative purposes only and is not a prediction, projection or guarantee of future performance. All investing is subject to market risk, including the loss of principal.

Highlights:

• How Hunter Point entered the GP-stakes market nearly a decade after the first movers—and why timing still mattered
• Why auctions distort alignment and how proprietary relationships build long-term trust
• How Hunter Point targets 10–25% ownership stakes while keeping founders in control
• Why independence and focus on GP stakes (not competing asset classes) create cleaner alignment
• How bespoke structures—carry attachments, earn-outs, and yield features—bridge valuation gaps
• Why evergreen capital matches the long-term nature of GP partnerships
• How proprietary origination becomes a flywheel of trust, referrals, and inbound deal flow
• Why procurement platforms, credit solutions, and strategic advice create measurable LP value
• How Hunter Point defines “mid-market” GPs and why sector specialists are the next alpha engines
• What causes GP-stake deals to fail—and how to avoid misalignment and mediocre partnerships
• Why patience, education, and “strategic patience” are the rarest skills in private markets

Guest Bio:

Mr. Hibberd is a Managing Director and serves as Chief Investment Officer at Hunter Point Capital.

Prior to joining HPC, Mr. Hibberd served as a Managing Director and Member of the Investment Committee within The Blackstone Group’s (“Blackstone”) GP stakes business, Strategic Capital Holdings. During his seven years at Blackstone, Mr. Hibberd facilitated key transactions and was responsible for deal team coordination, due diligence, term negotiation, and execution.

He also supported the Group’s origination effort, helping to source proprietary investment opportunities for the firm. Prior to Blackstone, Mr. Hibberd was an Associate in KKR & Co.’s North American Private Equity Group and an Associate in Goldman Sachs’ Global Natural Resources Group.

Mr. Hibberd earned his M.B.A. from Harvard Business School and his degree in Engineering from Cambridge University.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

Stay Connected:

X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Melvin Hibberd: https://www.linkedin.com/in/melvin-hibberd-bab4b018b/

Links Hunter Point Capital: https://www.hunterpointcapital.com/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

(0:00) Preview (0:50) Welcome and Guest Introduction: Melvin Hibberd (0:58) Hunter Point's Market Entry, Strategy, and Competitive Edge (7:24) Structuring Deals, Aligning Interests, and Evergreen vs Fixed Term Funds (14:40) Proprietary Deal Sourcing, Portfolio Impact, and Differentiation Strategies (20:24) Portfolio Construction, Mid Market Significance, and LP Concerns (28:39) Benefits of GP Stakes, Investment Types, and Failure Reasons (36:53) Key Man Risk, Alignment, and LP-Driven Sourcing (43:27) Lessons from Launching Hunter Point and Ideal Deal Characteristics (48:23) Timeless Advice for Young Professionals (50:09) Closing remarks