Amid the ongoing growth of the GP stake industry, much attention has been focused on where and how investors are sourcing opportunities to invest in fund managers. The other side of that coin, however, involves the target fund managers tasked with reviewing and vetting the merits of the plethora of new players in the market, including middle-market managers and family offices. That can be a particularly trying process as each GP stake investor branches out to offer its own version of ancillary, non-financial resources (e.g., fundraising, back-office support, etc.) to gain an edge. An expert in asset management M&A transactions, including GP stake transactions, Bradley M. Friedman recently joined Kirkland & Ellis as a partner in the firm’s New York office. The Private Equity Law Report recently spoke with Friedman about his move to the firm; the focus of his practice; and in light of his expertise, the state of the GP stake industry. Specifically, Friedman described recent developments in minority stake transactions and criteria target managers should consider when deciding among prospective GP stake investors (e.g., diligence efforts from reference calls, etc.). For additional insights from Kirkland attorneys, see “How Sponsors Can Structure and Document Captive Debt or Equity Investments to Reduce Inherent Conflicts (Part Two of Two)” (Mar. 9, 2021); and “A Comparison Between Two Liquidity Solution Tools: Preferred Equity and NAV Facilities” (Oct. 13, 2020).