Core Insights - GTCR, a Chicago-based private equity firm, achieved a significant exit by selling Worldpay for $24.25 billion, marking the largest private equity exit of 2025 so far [2][3] - The firm has managed to navigate a challenging market environment, completing notable transactions while many in the industry struggle to find buyers for their businesses [4][5] Group 1: Company Performance - GTCR manages $45 billion in assets, which is relatively small compared to major players like Blackstone and KKR, yet it has executed a remarkable transaction [3] - The firm sold Worldpay less than two years after acquiring a 55% stake from FIS for $18.5 billion, effectively doubling its investment [3] - GTCR is expected to return over $5 billion to investors this year, continuing a strong performance record for its flagship funds [4][5] Group 2: Historical Context and Leadership - Founded in 1980, GTCR has a long history in the private equity sector, with its founders being pioneers in the industry [5] - The current co-CEOs, Collin Roche and Dean Mihas, represent the second generation of leadership, with Roche having joined in 1996 and Mihas in 2001 [6] Group 3: Recent Transactions - Prior to the Worldpay sale, GTCR sold AssuredPartners for $13.45 billion and has also divested smaller companies like Antylia Scientific and Itel for over $1 billion each [4][5] - The Worldpay deal involved a complex asset swap with Global Payments, which acquired Worldpay while selling its card issuing solutions to FIS for $13.5 billion [7] Group 4: Future Strategy - GTCR is focusing on identifying new acquisition opportunities, having raised a new flagship fund of $11.5 billion and a strategic growth fund of $3.6 billion [8] - The firm currently has over $10 billion available for deployment, indicating a strong position to capitalize on market uncertainties [8]

在交易流程、估值定价、信息对称等方面面临诸多挑战。 "S交易将是解决私募股权基金退出难题的重要工具。"孚腾资本总经理费飞认为，IPO可消化的资金体 量对退出市场有限，S市场和并购市场消化大量的退出资金将是必然；另一方面，LP通过S交易和并购 直接实现退出或者缓解当下流动性，也是十分健康且有效的手段。 但目前，S基金在我国仍处于发展阶段，市场在交易流程、估值定价、信息对称等方面面临着诸多挑 战。 近日，由上海市委金融办、浦东新区人民政府指导，陆家嘴金融沙龙秘书处主办的第九期沙龙举行。来 自头部投资机构与专业服务机构的代表汇聚一堂，聚焦"S基金赋能股权投资新生态"这一关键主题展开 探讨，深入分析了S基金的优势以及面临的挑战，如何在激活市场流动性、助力产业升级中发挥关键作 用，并展望S基金未来发展趋势。 破解私募股权退出难题 S基金，即PE二手份额基金（PE Secondary Fund），其主要投资策略是从已经存在的LP手中购买相应的 私募股权权益，也包括从GP手中购买私募股权基金中部分或所有的投资组合。 S基金的交易主要分为三类，第一类是直接做LP份额的转让；第二类是基金持有的底层资产的直接出 售，可以把一个基 ...