Separately Managed Accounts: A Structural Shift in the LP–GP Relationship?
• Structural shift or fad? Will the growth of SMAs continue, or are current levels of demand likely to moderate?
• Institutional investor perspective: What benefits are driving investor demand for SMAs, and what features and capabilities do investors value most?
• Manager considerations: What do managers need to consider when entering discussions with investors about establishing and operating SMAs?
• Manager agency: How much influence do managers retain over the process? What can they control, where can they push back, and where are investor requirements increasingly non-negotiable?
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