The Distribution by Juniper Square

LinkedIn Live: Inside the GP Stakes Boom: What Managers & Allocators Need to Know - Jennifer Stevens - Co-Founder & Managing Partner - Alliance Global Advisors

Apr 25, 2025

In this discussion, Jennifer Stevens, co-founder of Alliance Global Advisors, shares her insights into the booming landscape of GP stakes and entity-level investing. With years of advisory experience, she emphasizes the shift from taboo to mainstream, reflecting on strategic partnerships and the importance of cultural fit. The conversation delves into the nuances of succession planning, the challenges of fundraising credibility, and how GPs can attract capital. Listeners gain valuable perspectives on navigating this evolving market and the demand for alignment between managers and investors.

46:11

Episode guests

Jennifer Stevens

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Episode notes

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Quick takeaways

Entity-level investing is transitioning from taboo to mainstream, driven by the need for alignment between investors and managers as GPs seek strategic partnerships.

Success in attracting strategic capital hinges on GPs demonstrating growth potential, sound governance, and the ability to retain top talent amidst evolving investment landscapes.

Deep dives

Importance of Scaling for Liquidity

Scaling an open-end commingled fund is crucial for providing investors with the liquidity they expect. If a fund cannot grow sufficiently to offer liquidity during pressing times, it compromises the benefits promised to investors. Achieving the necessary scale requires diversified product lines and possibly strategic maneuvers such as mergers and acquisitions. This approach not only helps in managing assets efficiently but also ensures that managers aren't just focused on asset accumulation for fees.

Intro

2min

Understanding Entity-Level Investing and GP Stakes

4min

The Evolving Landscape of GP Stakes and Investment Strategies

4min

Navigating GP Stakes and Investment Complexities

19min

Exploring Recent Market Trends in Investment Transactions

2min

Niche Investment Strategies in Real Estate

13min

In this episode of The Distribution, host Brandon Sedloff welcomes Jennifer Stevens, co-founder of Alliance Global Advisors, for a deep dive into one of the fastest-evolving areas in private markets: entity-level investing and GP stakes. With decades of experience advising both allocators and investment managers, Jen brings a unique perspective on how this corner of the market has moved from niche to mainstream—and what GPs need to know as they explore strategic capital partnerships.

They unpack the structure of GP stakes and platform-level investments, the rise of co-GP and hybrid models, and why this trend is accelerating in real estate investment management. Jen explains the growing demand for alignment between investors and managers, the increasing focus on succession planning, and the role of distribution in scaling investment platforms. She also outlines the critical importance of cultural fit, cash flow stability, and growth potential when attracting capital at the entity level.

Key themes include:

Why entity-level capital is no longer taboo—and what’s driving its growth
The tradeoffs between strategic support and ceding economics or control
How credibility, due diligence, and investor signaling impact fundraising
Lessons from recent transactions across real estate, private equity, and alternatives
How GPs can position their firms to be attractive to strategic capital partners

Whether you're an emerging manager, an allocator exploring GP stakes, or an established firm thinking about long-term growth, this episode offers a rare, detailed look at what it takes to succeed in today’s evolving investment landscape.

Links:

Alliance Global Advisors - https://alliance-globaladvisors.com/

Jennifer on LinkedIn - https://www.linkedin.com/in/jenniferyoungstevens/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:31) - Jen’s background and career

(00:02:36) - How are investors and sponsors accessing entity-level capital?

(00:06:38) - How have you seen GP stakes evolve?

(00:11:11) - Why is there a gap between distribution channels and the offerings from GP stakes investors?

(00:15:18) - Inferring credibility