Chris Witkowsky

GPs with funds in the portfolio include Altman Capital, an early-stage firm led by Jack Altman, the younger brother of OpenAI chief executive Sam Altman.

In a conversation with Warburg Pincus CEO Chip Kaye, Eneasz Kadziela, the head of private equity with the New York City comptroller, said the frantic fundraising pace of 2021 was something of a burden for LPs.

David Berry has launched Bedford Bridge with his brother, entrepreneur Eric Berry, to invest in healthcare technology start-ups, including those focused on artificial intelligence, longevity, deep technology and data-driven care.

'Given that we don’t think the fundraising pace is going to pick up dramatically in 2024, then we will continue to take our time to ensure we’re backing the right partners while getting appropriate terms – and we’ll weigh our options if that’s what is required.'

The deal, which hit the market in November, could total more than $1 billion depending on its final structure, sources say.

Opinions vary, and the real-world impacts of the rules are uncertain – lawyers are up in arms, while GPs are worried and dreaming of money flowing out of firms like a homeowner with a plumbing issue. 

The new group is among a handful of competitors vying for business from private markets GPs finding it difficult to raise funds. 

Realizations are key this year, even for funds seeking re-ups, according to a recent survey of limited partners.

The deal is related to newer early-stage venture funds backed by individual Tiger Global partners, who reportedly committed to funds from Better Tomorrow Ventures, Chapter One Ventures, Maple VC and Moxxie Ventures, among others.

LP turnover has long been a challenge for many institutions, especially on the public side, as the loss of a veteran leader can disrupt the knowledge and plans of the portfolio built under his or her tenure.