April 28, 2025
As part of ION Analytics’ Influencer Fireside Chat series, Kelly Barofsky, a Director in GEM’s Investment Research Group, sat down with Giovanni Amodeo for an in-depth discussion on how GEM defines, sources, and selects investment opportunities in the lower mid-market. Kelly begins by outlining her journey to investment management before elaborating on the attributes that make the lower mid-market an attractive market segment. They then discussed why GEM believes sector specialization is an advantage for managers, the implications of growing a fund slowly vs. scaling more quickly, and how we assess a manager’s ability to translate their strategy into true value creation for their portfolio companies. Kelly concludes by providing an outlook for the market, noting the resilience of GEM’s buyout portfolio while also acknowledging a challenging IPO environment and ongoing investor concerns related to tariffs, recession risk, and the broader macroeconomic landscape.
Watch the full conversation below.
Strong returns from leading university endowments have reignited discussion about how institutions can sustain performance in a shifting market environment. In commentary for The Wall Street Journal, GEM’s Co-CIO, Matt Bank, reflects on how endowment leaders are preparing for more uncertain conditions ahead.
In a recent Q&A with Buyouts’ Chris Witowsky, GEM’s Caroline Dallas, a Director in our Investment Research Group, shared her perspective on how recent private equity market shifts are influencing talent dynamics, emerging manager activity, and LP appetite across the lower mid-market.
Sourcing and manager selection typically get top billing in conversations around private investments, but one underappreciated aspect of a successful private allocation—explored in our recent whitepaper—is the art of pacing commitments to ensure appropriate portfolio allocation.
Let’s start a conversation about how we can help.
