Acquiring minority stakes in the management companies and GPs of PE firms remains a hot niche market in the PE industry. Investors eyeing stable fee streams and target PE firms looking at infusions of cash find themselves aligned on a strategy that supports growth and expansion without interference in the daily operations of the target PE firm. Strong demand for minority stakes has pushed the market beyond simply desiring large PE firms, as mid-sized firms are increasingly being targeted as a new realm for potential investment opportunities. Reasons for continuing interest in minority stake transactions, trends in the market, due diligence priorities and exit options were addressed in a recent Clifford Chance webinar. Moderated by partner Michael Sabin, the webinar featured Chloe Cheng, attorney at Clifford Chance; Charles A. Ruffel, managing partner/chairman of Kudu Investment Management; and Anthony Maniscalco, managing partner and head of the strategic capital group at Investcorp. See our two-part interview series on selling minority stakes in PE firms: “Recent Trends and Structural Considerations” (Apr. 2, 2019); and “The Appeal of Stable and Early Income Streams” (Apr. 9, 2019).