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State of Play
If you have a 401(k), there is a good chance you have invested in Collective Investment Trusts (“CITs”) without knowing it. And there is an even better chance you have never heard of the PE-owned company that dominates the CIT market.
Source: P&I, Sway Research
With $302.8 billion in assets under administration (“AUA”), Great Gray is the largest pure-play independent CIT trustee in the U.S. And under Madison Dearborn Partners (“MDP”), they’ve vertically integrated to completely dominate this market.
Today we’re taking a break from roll-up stories to dive into niche private equity investing. Let’s dig in.