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      "text": "The alternative funds industry's roots are entrepreneurial, with firms owned and controlled by their founders. However, with many managers maturing and the next generation of leadership looking for opportunities, there needs to be a changeover of ownership and control if the industry is to thrive in the future.",
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      "text": "The industry is attractive as an investment opportunity, as many mature managers have relatively stable and strong cash flows that are causing external stakeholders to place significant valuations on them. Strategic transactions often allow managers to access resources that provide a short-term buffer in this uncertain economic climate, while also strategically benefiting the long-term growth of the firm via broader relationships and product offerings, as well as distribution channels. During 2022 we continued to see a rise in the number of managers pursuing strategic transactions, as many managers reported having engaged or considered engaging in strategic transactions such as initial public offerings (IPOs), sales (partial or full) or merger and acquisition (M&A) activity. Deal value is always a key consideration, but the top factor identified by 51% of managers considering potential transactions is aligning with a partner who will be additive to the business moving forward. This may come in the form of supplying financing to allow the business to pursue long-term growth objectives, providing relationships the partner may make available to the firm or dispensing strategic insights and advice the partner may be able to lend to the business. Also significant is ensuring that the firm culture remains intact, and that employees continue to have opportunities.",
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