Personally love GP co-investing but it reflects the increased commoditisation of investing and liquidation of illiquid markets. The risk-shifting between groups of investors breaks the linkage between the risk of the underlying asset and the responsibility from the original group of investors to prudently invest. To whit the best comparison is the securitisation of mortgages (risk shifting) creating an origination to distribute model that incentivised one group (originators) to make loans even though the mortgage market was functionally insane because their returns were predicted on the volume of loans not the quality of those loans.

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