Chris Witkowsky

Sousou’s retirement comes as TowerBrook, formed in 2005, raises its sixth fund, targeting $4bn.

Maintaining a relationship between two private equity professionals can be a challenge, as work and travel take up most of their time. 'It forces us to be intentional about how we spend time together.'

As the continuation fund market evolves and expands, it’s inevitable that some of the assets would fall into bankruptcy.

Any hint of drift, or hiccup in performance, or even drama in the ranks, could be a reason for an LP to skip out on the next fund. It’s a precarious environment right now.

As part of the process, the firm is letting go of some staff, including managing directors Helen Chiang and Loren Easton, who have moved into senior adviser roles.

GP-led deal volume reached an estimated $28bn in the first half, a 56% increase from the same period last year, according to Jefferies’ first-half volume report.

Instead of a flood of LPs backing away from the asset class, there appears to be some tactical maneuvering to help institutional portfolios stay in balance.

The firm was best positioned to know the asset well, which helped inform its ability to set an appropriate price, Kian managing partner Kevin McCarthy said in an interview.

Some private equity-backed assets have grown so large that only a handful of other sponsors or strategic buyers could acquire them outright.

Clearlake’s deal, one of a string of such transactions put together by the firm, is part of a wave of GP-led secondaries keeping the market busy.