Private equity is increasingly a game for specialist fund managers. In our latest research note on manager style, PitchBook analysts break down the evolution of the specialized GP. Highlights include:
- The overarching trend in PE is for managers to specialize and focus on certain sectors, with the proportion of specialist firms in the US up 50% over the past decade.
- Established firms have tended toward specialization, a trend that is here to stay.
In recent years, nearly half of all newly formed managers were specialists—more than twice the rate from one decade ago.