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Investors should consider an investment structure that provides the flexibility to shift allocations from one GP to another. This cannot be achieved with investments in funds but requires a Separately Managed Account (SMA) with individually negotiated terms. The need for flexibility may be driven by return, risk, regional focus or capital deployment considerations.

Investing through a flexible SMA platform on which LPs’ commitments can be shifted between GPs allows investors to manage their portfolio based on exposure rather than commitments. By targeting an optimal deployment level, investors can avoid opportunity costs faced in a traditional fund rollover strategy across vintages, as demonstrated in exhibit 7.