GP stake strategy represents the best of both worlds, says HPC’s Conway Bate

PE Hub ’s ongoing series of Q&As with private equity thought leaders continues here with Conway Bate , managing director, global head of capital formation, Hunter Point Capital LP .

HPC was founded in 2020 by Avshalom Kalichstein (formerly a JC Flowers & Co managing director) and Bennett Goodman (cofounder of GSO Capital Partners, now called Blackstone Credit). The New York firm was named by affiliate Buyouts one of 10 emerging managers to keep your eye on in 2023.?HPC invests in “best-in-class investment managers at an inflection point in their growth,” according to its website. Through GP stakes investments, HPC seeks to accelerate the continued development of the firms through capital introduction, strategic advisory and other value-added services. Its debut GP stakes fund closed at $3.3 billion in 2024.

HPC has bought stakes in a wide array of mid-market PE firms, which it says have been historically underserved. In 2024, the firm invested in Pretium Partners. In 2023, it bought stakes in Coller Capital, Inflexion and L Catterton. In 2022, it invested in The Vistria Group, SLR Capital Partners and Iron Park Capital (acquired by General Atlantic in 2023). And in 2021, the firm invested in MidOcean Partners.

Bate joined HPC in 2022. Previously, she was a managing director at Onex, where she was responsible for business development in the US. Prior to Onex, she spent 10 years at KKR in the client and partner group.

Read the full interview here.