Kline Hill Partners founder Michael Bego sees ample opportunities in 2021 after the firm deployed about a quarter of its latest flagship secondary fund during the Covid lockdown last year.

The first half of this year saw LP portfolios of various sizes return – slowly – to the market. It’s unlikely, however, that the short term will see a return to more of the traditional split where LP-led deals dominate activity in the industry.

In formalizing the GP-led strategy, Kline Hill joins several other firms like TPG, Blackstone Group and Partners Group.