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...work in other parts of the market.

"People are starting to rethink their allocations. For example, we invested US$130m in the secondaries market in the first half of 2007 and in the second half we invested US$1bn in secondaries. Flexibility between investment segments such as primaries versus secondaries, various geographic regions or investment stages offers significant return opportunities," says Fredy Gantner, executive chairman of Partners Group in Zug, Switzerland.

"If your private equity allocation remains too static then you are going to miss out on opportunities. You can only have more flexible approach if you have the resources such as outsourced comprehensive asset management services or you are able to manage your own secondaries business," he says.

Partners Group takes the view that firms need to have a global footprint as well as a regional focus to be able to succeed. "You can't operate successfully out of three offices, so that's why we have 10 offices," says Gantner.

"Asset allocation is going to get more dynamic and fund of funds managers will need to build their portfolios around the globe through primaries, secondaries and direct investments. I think smaller groups with up to 20 fund managers will be squeezed out of the business," says Gantner.

For those fund-of-funds managers that disclose the split-out of their private equity allocations, it is not uncommon to see half or more of a portfolio focusing on mid-market deals, about 30% on large buyouts and possibly as much as much as 10% on venture. The big question is whether this kind of allocation split is going...

NOTE: All illustrations and photos have been removed from this article.



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