September 12, 2016
Brian Gallagher discusses how permanent capital structures have evolved.
He said, "Investors are pretty reluctant to do very long-term commitments without a way to get to redemptions and liquidity. GPs also have issues. If you have longer-term vehicles, it is not easy to pay carried interest to your investment team without monetization. None of these issues is insurmountable, but they've led to not too many firms trying to solve the riddle in the middle market."