![[Exclusive First Look] Houlihan Lokey Releases Summer Asset Management Snapshot Including GP Stakes Data](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,width=720,onerror=redirect/uploads/asset/file/fa549f5d-a603-415d-a5be-94842cc9fa27/GP_Stakes_News_-_1200_x_630.jpg?t=1746204097)
Hi {{First name | there}},
GP Stakes News received an exclusive first look at Houlihan Lokey's Summer Asset Management Snapshot which shares insights on the GP Stakes market and the publicly-traded alternative asset managers. Some of the big takeaways include:
Public market GP valuations' broad decline in 1H 2026 has not directly translated to the private GP Stakes deal and valuation environment
Privately owned GPs were generally well-insulated from market decline if they had (a) limited near-term fundraising risk and (b) a lack of exposure to private credit and software
GP Stakes buyers remain focused on the fundamentals of a GP (i.e. valuing them via a 10-year DCF) vs relying on the public comp multiples for valuation
Recently, 25 GPs with a 49% average long-term NFRE margin sold 4-25% of their NFRE and carry for $411 million in average deal proceeds with 51% received as primary proceeds resulting in a $2.6 billion average pre-money valuation representing $10 billion in total deal volume
Best,
Max
