How are top GPs winning in a tough fundraising market? With Mina Nazemi, Barings

The fundraising environment in 2024 has been challenging, but the best-performing GPs are finding ways to succeed. At SuperReturn North America, Mina Nazemi, Head of Diversified Alternative Equity at Barings, shared her insights on how market conditions have shaped fundraising strategies and what LPs should prioritize for 2025.

Key takeaways:

🔹 Performance over promises: GPs with a strong track record of value creation, capital returns, and disciplined execution are standing out, even in a tight fundraising market.

🔹 NAV lending & GP-led secondaries: These tools have helped accelerate DPI, making fundraising more attractive to LPs by offering liquidity.

🔹 Emerging managers on the rise: Teams spinning out of established firms and betting on themselves are gaining traction, with strong GP commitments of 3-5% demonstrating alignment.

🔹 Infrastructure growth: The demand for managers in the lower end of the market is increasing as larger GPs continue to move up-market.

🔹 Co-investment matters: LPs are looking for GPs who not only deliver returns but also offer valuable co-investment opportunities and long-term partnerships. As LPs plan for 2025, the focus remains on backing managers who create lasting value beyond financial engineering.