E232: The CIO of Hunter Point Explains the New Era of GP Stakes Investing

Oct 29, 2025

In this engaging discussion, Melvin Hibberd, Chief Investment Officer of Hunter Point Capital and former Blackstone expert, delves into the evolving landscape of GP stakes investing. He highlights the importance of trust, avoiding auction-driven dynamics, and crafting bespoke deals that prioritize long-term partnerships. Melvin shares insights on the strategic advantages of evergreen funds, proprietary deal flow, and how careful portfolio construction improves returns. His emphasis on patience and thoughtful structuring offers valuable lessons for aspiring investors.

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INSIGHT

Auctions Distort Long-Term Alignment

Auctions prioritize price but often prevent deeper partnership design and long-term alignment.
Melvin Hibberd argues proprietary deals let parties co-design structures and build trust from day one.

ADVICE

Buy Relevant Minority Stakes

Target meaningful minority stakes (roughly 10–25%) to be relevant but keep founders in control.
Use independence and focused thesis to avoid conflicts and create clearer alignment with GPs.

INSIGHT

Structure Trumps Price To Bridge Gaps

Bespoke structures bridge valuation gaps by changing attachments, yields, or earn-outs rather than just raising price.
Melvin emphasizes co-designing economics to set the partnership up to survive long-term shifts.

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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