Andres Saenz, whom EY just named global head of its PE business, sees a blurring of the lines between LPs and GPs and wants to position the firm to take advantage.

“We are already seeing tighter collaboration between our GPs and LPs,” Saenz said. “You look at pension funds getting involved in direct investing. You see corporates with their own captive investment arm, in a way mirroring what a private equity firm does. We think of them as people we can potentially help and advise.”

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