Key Takeaways
- • LGT warns that limited partners without venture capital allocations could be overexposed to the past, as their private equity portfolios remain tilted toward legacy holdings rather than newer growth companies.
- • KKR's Arctos is capitalising on general partner illiquidity, positioning its secondaries strategy to acquire stakes from GPs facing liquidity pressure.
- • An anticipated IPO bonanza could improve venture capital exit prospects, potentially returning capital to VC-backed funds that have faced prolonged exit drought.
Summary
PEI Private Equity's Side Letter newsletter for 8 July 2026 highlights three developments across private markets, with a focus on allocation strategy, secondaries and venture exits.
LGT, the Liechtenstein-based private bank and asset manager, argues that limited partners without venture capital allocations risk being overexposed to the past. According to the newsletter, LGT's view is that portfolios built around buyout and legacy private equity holdings may lack exposure to the companies driving the next cycle of growth, leaving investors with a return profile anchored to earlier market conditions.
In secondaries, KKR's Arctos is capitalising on general partner illiquidity. The newsletter characterises the opportunity as GPs seeking liquidity for older assets or fund positions, which creates buying opportunities for secondary investors able to deploy capital into discounted interests.
On venture exits, the newsletter notes that an IPO bonanza could spell good news for VC-backed companies and their investors, potentially improving distributions after a period in which exit activity has lagged. The piece is part of PEI's regular coverage of deals, managers, Asia-Pacific activity and venture capital.
LGT, the Liechtenstein-based private bank and asset manager, argues that limited partners without venture capital allocations risk being overexposed to the past. According to the newsletter, LGT's view is that portfolios built around buyout and legacy private equity holdings may lack exposure to the companies driving the next cycle of growth, leaving investors with a return profile anchored to earlier market conditions.
In secondaries, KKR's Arctos is capitalising on general partner illiquidity. The newsletter characterises the opportunity as GPs seeking liquidity for older assets or fund positions, which creates buying opportunities for secondary investors able to deploy capital into discounted interests.
On venture exits, the newsletter notes that an IPO bonanza could spell good news for VC-backed companies and their investors, potentially improving distributions after a period in which exit activity has lagged. The piece is part of PEI's regular coverage of deals, managers, Asia-Pacific activity and venture capital.
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