The negotiating dynamics around GP stakes transactions – also known as minority stake transactions – have become more complicated as the asset class has matured. Minority investors have always needed to ensure there is adequate alignment with GPs’ founders through, among others, compensation guardrails and restrictive covenants. GPs have been increasingly keen, however, to promptly enter into control transactions, which can threaten a minority investor’s economic interests and influence if those issues are not thoughtfully considered at the time of the initial minority stake investment. Those dynamics and more were explored in a panel at the Practising Law Institute’s program on Advanced Issues in Private Funds 2025. The panel was moderated by Paul Weiss partner Matthew B. Collin and featured Jennifer Beal, director at Hunter Point Capital LP; Emily Clarice Ho Matthews, managing director at The Blackstone Group and GC for Blackstone Strategic Partners; and Sumana Setty, managing director at Blue Owl Capital. This article summarizes key takeaways from the discussion. See “Maturing GP Stakes Market Brings New Exit Options and Deal Dynamics” (May 15, 2025).