In the latest episode of the ION Influencers Fireside Chats, host Giovanni Amodeo sat down with Fraser van Rensburg, Founder and Managing Partner at Asante, to discuss the evolution of private capital, the challenges in today’s fundraising environment, and the outlook for private equity, M&A, and secondaries.

Key Topics Discussed

1. Asante’s Growth Story

   • Founded in 2010 after leaving Envision Private Equity Advisors.

   • Expanded from London to New York and Asia, with five global offices and 75 professionals.

   • Services now include both primary fundraising and GP-led solutions.

2. Evolution of Private Equity

   • Initial focus on primary capital raising.

   • Expansion into GP-led secondaries around 2018, now one of the fastest-growing parts of the firm.

   • Industry innovation continues to reshape opportunities.

3. State of the M&A Market

   • Despite expectations of a rebound, activity remains muted.

   • Key challenges: high interest rates, valuation gaps between buyers and sellers, and geopolitical uncertainty.

   • Short-term outlook remains subdued.

4. Fundraising Challenges for GPs

   • Timing is critical; the most common mistake is launching too early.

   • Success requires portfolio uplift, visible exits, and full deployment.

   • Average fundraising cycles now stretch to 24–30 months.

   • Strong placement advisers can ease the burden and improve efficiency.

5. LP Priorities in Today’s Market

   • Top focus on DPI (Distributions to Paid-In Capital) due to liquidity constraints.

   • Demand for consistency in performance, strategy, and team stability.

   • Increasing diligence on succession planning and the “next bench” of talent.

6. The Rise of the Secondaries Market

   • Transactions more than doubled recently, though still a small share of overall exits.

   • Discounts remain steep, especially in growth and venture funds.

   • Mid-market buyouts with predictable cash flows fare best.

7. Consolidation Among GPs

   • Full acquisitions are rare but happening selectively.

   • Large firms target niche specialists (credit, biotech, structured capital) to expand capabilities.

   • Broad consolidation across the 15,000 global managers is unlikely.

8. Future of Placement Agents

   • Role is broadening beyond fundraising.

   • Agents increasingly act as trusted advisers, supporting GP-led deals, GP stakes, and strategic decisions.

   • Expect greater involvement in advisory and intermediary functions over the next decade.

Key timestamps:

00:07 Introduction to the Fireside Chats
01:45 Evolution of Asante’s Business Model
04:34 Market Trends Post-COVID
06:52 Challenges in Fundraising
08:46 Preparing for Fund Launch
09:59 Time Management in Fundraising
13:18 Understanding LP Expectations
15:36 LPs’ Key Questions for GPs
17:29 Due Diligence on Team Dynamics
18:47 Current Trends in the Secondary Market
20:28 Market Bias and Pricing Dynamics
21:12 Consolidation Trends Among General Partners
24:11 The Evolving Role of Placement Agents