Key Takeaways
- • Investcorp Strategic Capital Group and Ownership Works have co-authored a white paper introducing shared ownership models as a differentiation strategy for middle-market private equity GPs, leveraging structures previously popularized by large-cap PE firms.
- • The shared ownership framework is positioned to deliver competitive advantages across the investment lifecycle, including improved deal sourcing, enhanced portfolio company performance, and stronger value creation metrics for smaller GPs.
- • The initiative targets middle-market private equity operators seeking to adopt institutional-grade ownership structures traditionally accessible only to mega-fund managers, expanding the playbook to smaller investment vehicles.
- • Investcorp's Strategic Capital Group—led by authors including COO & GP Development Partner Ravi Thakur, Investment Partner Tim Osnabrug (formerly of Bridgepoint), and VP Amanda Milunovich (formerly of Permira)—brings significant middle-market and healthcare/business services PE expertise to the framework.
Summary
Investcorp Strategic Capital Group has partnered with Ownership Works to publish a white paper in November 2025 addressing a structural gap in middle-market private equity: the absence of accessible shared ownership models that have proven effective at larger scale. The publication, "The Ownership Advantage: Bringing Shared Ownership to the Middle Market," serves as a practical roadmap for smaller general partners to implement shared equity structures historically confined to large-cap PE operations.
The white paper argues that shared ownership models provide differentiated value across multiple points in the investment cycle. For middle-market GPs, the framework promises tangible benefits including superior deal sourcing—potentially providing access to proprietary transactions—stronger portfolio company operational performance through aligned incentive structures, and enhanced overall value creation. By democratizing ownership structures that mega-fund managers have leveraged for years, the authors position shared ownership as a competitive lever for smaller fund managers operating in an increasingly crowded middle market.
The authorship team reflects deep institutional expertise across the PE ecosystem. Ravi Thakur, COO & GP Development Partner at SCG, previously led U.S. GP activities for over a decade at B-Flexion, the strategic investment arm of billionaire Ernesto Bertarelli. Tim Osnabrug, an Investment Partner at SCG and member of the investment committee, brings hands-on experience from Bridgepoint, where he directed U.S. healthcare and business services middle-market investments. Amanda Milunovich, Vice President at SCG, previously made buyout and growth equity investments at Permira focused on software and tech-enabled services companies. This combination of operational, sector-specific, and fund-manager experience lends credibility to the framework's middle-market applicability.
The initiative reflects a broader market shift toward operational alignment and governance transparency in mid-market PE, where traditional founder-led or single-sponsor structures are increasingly viewed as suboptimal. By translating large-cap PE best practices into a scalable model for smaller firms, Investcorp positions shared ownership as a tool for GPs to differentiate fundraising, improve portfolio outcomes, and compete more effectively for talent and deal flow in the middle market.
The white paper argues that shared ownership models provide differentiated value across multiple points in the investment cycle. For middle-market GPs, the framework promises tangible benefits including superior deal sourcing—potentially providing access to proprietary transactions—stronger portfolio company operational performance through aligned incentive structures, and enhanced overall value creation. By democratizing ownership structures that mega-fund managers have leveraged for years, the authors position shared ownership as a competitive lever for smaller fund managers operating in an increasingly crowded middle market.
The authorship team reflects deep institutional expertise across the PE ecosystem. Ravi Thakur, COO & GP Development Partner at SCG, previously led U.S. GP activities for over a decade at B-Flexion, the strategic investment arm of billionaire Ernesto Bertarelli. Tim Osnabrug, an Investment Partner at SCG and member of the investment committee, brings hands-on experience from Bridgepoint, where he directed U.S. healthcare and business services middle-market investments. Amanda Milunovich, Vice President at SCG, previously made buyout and growth equity investments at Permira focused on software and tech-enabled services companies. This combination of operational, sector-specific, and fund-manager experience lends credibility to the framework's middle-market applicability.
The initiative reflects a broader market shift toward operational alignment and governance transparency in mid-market PE, where traditional founder-led or single-sponsor structures are increasingly viewed as suboptimal. By translating large-cap PE best practices into a scalable model for smaller firms, Investcorp positions shared ownership as a tool for GPs to differentiate fundraising, improve portfolio outcomes, and compete more effectively for talent and deal flow in the middle market.
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