How the Manager Selection Game Changes When Liquidity Tightens
Over the past decade, private markets benefited from abundant capital, rising valuations, and steady exits. Manager selection often looked easier than it actually was.
That environment has changed.
With liquidity slowing, distributions declining, and fundraising becoming more competitive, the criteria for selecting GPs is shifting in real time.
In this conversation with Leyla Kunimoto, we’ll explore:
What allocator behavior looks like when capital tightens
Which GP qualities matter more in constrained environments
Why some strong managers struggle to raise
What risks only become visible when DPI slows
How institutional LPs adapt pacing and portfolio construction
This is not a checklist session.
It’s a conversation about structural shifts in private markets and how disciplined investors adjust their filters accordingly.
No slides. No pitches. Just clearer thinking.