GP Investing: The Next Frontier in Private Markets

Why Now: Catalysts Driving GP Investing

• Defined Contribution Access: With 401(k)s and other retirement plans opening to private assets, GPs are poised to see steadier, larger inflows—stabilizing and expanding fee streams.
• Fundraising Shifts: Traditional LP fundraising has slowed, but GPs are turning to strategic equity sales, creating attractive entry points for GP stake investors.
• Secondary Market Surge: Record volumes in GP-led continuation vehicles and secondaries provide enhanced liquidity and valuation transparency for GP investments.
• Succession & Professionalization: Mid- and large-sized GPs increasingly need permanent capital for generational transitions and platform expansion, fueling deal flow.
• Secular Growth of Alternatives: Institutional and retail demand for private markets remains robust, underpinning long-duration revenue growth for management companies.

As private markets expand their reach into new investor channels and develop more flexible liquidity solutions, GP investing offers a rare chance to participate in both the resilience and upside of this evolution. It is a timely, strategic way to gain exposure to the growth engine of alternatives themselves. For those seeking the next frontier in portfolio construction, this is an opportunity not to miss.

MODERATOR

 Sarah Jiang | Sarah is a Portfolio Manager at CAIS Advisors, overseeing portfolio construction and liquidity management. She has over 17 years of experience in portfolio management and risk oversight across both public and private market strategies.

Previously, Sarah was a Managing Director on Blackstone’s Credit and Insurance team, where she built risk and liquidity frameworks for private credit funds and developed multi-asset credit solutions for institutional and wealth clients. Earlier in her career, she was a Managing Director at AQR Capital Management, serving as a Portfolio Manager on liquid alternative strategies across private and registered funds.

Sarah graduated from the University of Pennsylvania’s Jerome Fisher Program in Management & Technology, earning a B.S. in Economics and a B.S.E. in Computer Science. She has also published in the Journal of Portfolio Management. Back To Top ^^

SPEAKERS

 Stephan Connelly, CFA | Stephan Connelly, Star Mountain Capital Managing Director, is involved in all aspects of the firm’s investment and portfolio management activities in addition to business development and investor relations efforts. Previously, Mr. Connelly was a Senior Associate on the investment team with Newbury Partners, and an Associate in the Financial Instruments, Structured Products, and Real Estate Group (“FSR”) at PricewaterhouseCoopers.

Mr. Connelly graduated with a MAcc from Villanova University and a BS in Finance from The McDonough School of Business at Georgetown University. Mr. Connelly is the Chairman of the Alternatives Investment Group at the CFA Society of New York. Back To Top ^^

 Joseph Corcoran  | Joseph M. Corcoran is a Managing Director at Arctos Partners. In addition to his investment responsibilities, Mr. Corcoran is responsible for sourcing, evaluation and management of investments for the Keystone strategy.

Prior to joining Arctos Partners, Mr. Corcoran was a member of the founding team at Stonyrock Partners, a joint venture with Leucadia Asset Management, making direct equity investments in middle market alternative asset management firms. He was responsible for all aspects of the investment process, including sourcing, evaluating, structuring and monitoring the firm’s $250 million of committed private equity investments.

Prior to Stonyrock, Mr. Corcoran was a Vice President at Blackstone, where he was an investment team member of the firm’s inaugural GP Stakes private equity fund, supporting $1.5 billion of common- and structured-equity investments, including the fund’s first-ever investments into private equity, real estate and growth equity businesses. Mr. Corcoran helped lead the fund’s portfolio-wide liquidity initiative and partnered with portfolio management teams on value creation and product development efforts. Prior to Blackstone, Mr. Corcoran was an investment banking associate in the Mergers and Acquisitions Department of Morgan Stanley, where he supported $173 billion of announced transactions in the technology, healthcare, retail, transportation and industrials verticals. He began his career at Citigroup in New York and in London, where he focused on firm strategy, mergers & acquisitions in Africa, the Middle East and Europe. Mr. Corcoran received his BA with honors from Georgetown University and his MBA with honors from Columbia Business School. Back To Top ^^

 Alexander Olsen | Alexander Olsen is a Managing Director at Blue Owl and member of the GP Strategic Capital Investment Team. In his role, he shares broad responsibilities across the investment team, focusing much of his time managing GP and LP relationships along with co-investment activities.

Before joining Blue Owl, Alexander worked at Bloomberg LP, where he helped build Bloomberg’s alternative investment data offering. Before Bloomberg Alexander worked at The Mount Vernon Group. He began his career at RedPoint Capital.

Alexander received a BA from Villanova University.  Back To Top ^^