CAZ GP Stake Vehicles
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. The information and statistical data contained herein have been obtained from sources that we believe to be reliable but in no way are warranted by us as to accuracy or completeness. Performance information is preliminary only and subject to confirmation by an audit. Performance shown is for all GP stakes investments that were made available to investors as a standalone investment vehicle. Offshore vehicles that are substantially similar to vehicles above are not shown. Investments made that were not available as a standalone vehicle are not included. Final close dates listed reference the closing of the CAZ vehicles, and do not match exactly with the closing of the actual transactions with underlying firms. Distributions to Paid-In Capital, Net MOIC and Net IRR utilize 9/30/24 valuations and cash flows through 2/6/25. ‘AUM at Transaction’ and ‘AUM at 9/30/24’ refer to the total Assets Under Management of underlying investment managers in each vehicle. N/A = Not Applicable, N/M = Not Meaningful, if vehicle closed too recently.
*On May 19, 2021, Dyal Capital Partners, which was a business unit of Neuberger Berman Group LLC, combined with Owl Rock Capital Partners and certain of its affiliates (collectively, “Owl Rock”) and Altimar Acquisition Corporation, a publicly-traded special purpose acquisition company sponsored by an entity affiliated with HPS Investments Partners, LLC, to form Blue Owl Capital, Inc (“Blue Owl”).
General Partner
Ownership Fund
Prepared for:
SUMMARY
Trillions of investable dollars have been flowing into Private Equity, Private Credit and Private Real Estate for the past 4 decades.
There is currently over $10 trillion in assets being managed, and this number is expected to grow to over $18 trillion by 2027 (according to Preqin).
While investors will certainly benefit, the greatest beneficiaries are the asset managers themselves. These alternative investment managers receive handsome compensation in the form of management fees and performance fees, making the asset management business a very lucrative one.
The answer is simple: we seek to own a minority stake in the actual business of high quality, profitable asset management firms.
This is called a “GP Stake,” as we become an owner of the General Partnership itself. This means we sit shoulder-to-shoulder with the existing owners and management teams of these firms so that we too are the beneficiaries of the fees they collect and the overall growth of their businesses.
THE FUND
The CAZ General Partner Ownership Fund (“GPO”)
-
1
Attractive current income (paid monthly) that is created by robust cash flow generation from management fees, carried interest and balance sheet profits of the underlying firms
-
3
Substantial diversification across the types of firms we own (Private Equity, Private Credit, Private Real Estate, etc.), the size, sector, style, geography and vintage exposure of each firm
-
2
Upside optionality from the increase in enterprise value, as private managers continue to grow their businesses
-
4
Downside protection and consistent revenue generation from contractually-obligated management fees
FUND FACTS
The Firms We Own by the Numbers
-
0
Underlying private market partner managers
-
$0B
Average assets under management
-
$0T+
Total assets under
management -
$0B+
Locked-in management fees over next 12 years
Offers of a limited partnership interest in the CAZ General Partner Ownership Fund, LP will be offered only to qualified investors pursuant to a Private Placement Memorandum. This summary does not contain a description of the risks of an investment in the Partnership.
Firms We Own a Minority Stake In
Partial List
Historical Performance
-
Unlevered Class:
-
+8.71%
Annualized Return Since Inception (1/1/2022)
-
+3.52%
Quarter to Date (Q3 of 2024)
-
1.5x Levered Class:
-
+11.64%
Annualized Return Since Inception (1/1/2022)
-
+4.50%
Quarter to Date (Q3 of 2024)
-
2x Levered Class:
-
+16.64%
Annualized Return Since Inception (1/1/2022)
-
+6.27%
Quarter to Date (Q3 of 2024)
GP stakes vehicles