Adam Turtle: DPI Is Valuation Proof, Not a Liquidity Crunch
Rede Partners' Adam Turtle explains why LPs demand DPI: not because they lack cash, but to verify that GP paper valuations reflect reality.
The Great Private Equity Pivot | Adam Turtle, Rede Partners
With Ross Butler, Adam Turtle · Sunday, November 1, 2026
Adam Turtle, co-founder of Rede Partners, joins host Ross Butler to break down the realities of the prolonged private equity fundraising slowdown. Rather than a pure liquidity crisis or denominator effect, Turtle explains how institutional LPs are executing a strategic realignment away from previous orthodoxies like SaaS and towards AI-resilient sectors, defence, and middle-market funds. They examine fund structuring, GP selection, the risks of elevated hurdle rates, GP stakes, and how fundraising advisory has evolved from rolodex sales into strategic storytelling.
Key takeaways
- Institutional LPs are not pinned against hard allocation caps; Adam Turtle of Rede Partners reports that most investors sit squarely in the middle of their target bands. Read more →
- Only one European buyout firm, EQT, ranks among the global top 10 mega-managers, leading critics to claim European private equity lacks ambition compared to American giants. Read more →
- Host Ross Butler points to five consecutive down years in global private capital fundraising, but Rede Partners co-founder Adam Turtle rejects the popular excuse that LPs lack cash. Read more →
- Raising private equity hurdle rates from 8% to 12% risks leaving carried interest completely out of the money across normal market vintages. Read more →
- Adam Turtle of Rede Partners argues that taking check-writers indiscriminately creates structural bottlenecks when managers try to scale past €1 billion. Read more →
- Rede Partners co-founder Adam Turtle reports closing funds in as little as three months from first to final close, marking some of the firm's fastest fundraisings in twelve months. Read more →
6 articles from this episode
Why European Private Equity Avoids Mega-Fund Bloat
Adam Turtle explains why European PE managers pick fund outperformance and GP stakes over US-style asset accumulation.
Adam Turtle on Why Private Equity Capital Isn't Squeezed
Adam Turtle explains why five down years in private equity fundraising stem from LP sector realignment, not a lack of capital.
Why Adam Turtle Warns Against 12 Percent Hurdle Rates
Rede Partners co-founder Adam Turtle warns that a 12% hurdle rate breaks GP carry alignment and leaves managers chasing management fees.
Adam Turtle on Why Top GPs Turn Away LP Capital
Rede Partners co-founder Adam Turtle explains why taking every LP check creates long-term structural traps for private equity GPs.
Adam Turtle: Private Equity Has Split Into Three Speeds
Rede Partners co-founder Adam Turtle explains how private equity fundraising divided into three distinct speeds and why zombie funds are the last to know.
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