Activities

Transaction Advisory Services

Full-service secondary solutions for LPs and GPs

LP Portfolios

Tail-end portfolios: Aged assets with a multitude of complexities

Portfolios in the final of phases of dissolution
In-kind distributions of fledgling VC-backed companies
Funds and equity interests with little to no supporting documentation

Non-core portfolios associated with rebalancing
"Aged primaries" with less than 30% drawn
Seasoned fund-of-funds LP interests
Co-investments in a wide range of structures (SPVs, direct holdings, private and public shares controlled by GPs)

GP-Led Secondaries

Single asset and multi-asset continuation funds
LP tender offers
Fund strip sales
Fund level financings

Debt and/or preferred equity tranches

Refinancings for holding companies on behalf of family offices and independent sponsors
Secondary direct sales

On behalf of sponsors or individual shareholders
Liquidity for founder shares

Dissolution of fund-of-funds and SMAs on behalf of vehicle managers
GP liquidity including carried interest shares

Areas of focus

Buyouts, growth equity, venture capital, private credit, infrastructure, energy, and other real assets

Investment Management

Complex secondary transactions Across the Middle Market

GP-led Secondaries

Single Assets (both debt and equity)
Growth capital for add-on transactions or capital initiatives
Focus on independent sponsors and lower middle market managers
Capable of serving as replacement GP or co-control manager of portfolio

Structured Investments

Capital oriented to unlock value for GPs or LPs
Achieve an appropriate risk structure for specific investment
Include refinancings, follow-on investments, shareholder consolidation and LP liquidity

Special Situations

Capacity to assess and manage underperforming assets
Includes optimizing value in specialized funds (i.e. BDCs and SBICs)
Network of operating executives to support underwriting and active portfolio management

Strategies

Buyouts, growth equity, venture capital, private credit, infrastructure, energy, and other real assets

Industries

Financial Services, Healthcare, Business Services, Agriculture, Sports & Entertainment, Consumer

Portfolio Solutions & Investment Advisory

Investment Evaluation

Comprehensive company underwriting

Evaluation of management team
Financial performance analysis
Business strategy review
Bottom-up and industry comparables valuation exercise

Understanding key factors for successful GP-led and LP portfolio sales

Analysis of various forms of continuation vehicles
Forecast cash flows & appreciation of underlying assets
Determine appropriate investment structure (equity or debt)
Negotiate well-aligned terms (economics + governance)

Evaluating new fund investments

Performance benchmarking and attribution
Analysis of portfolio companies
Assessment of manager stability and strategy, including value-creation capabilities

Active Management

Execute on approved action plan
Focus on reducing fees and unfunded commitments as appropriate
Initiate active cash management to minimize ongoing expenses
Engage in portfolio company restructurings as needed
Focus on timely and prudent execution of liquidity events
Engage with auditor and fund admin to produce required reporting
Quarterly updates to LPs

Differentiation

The Principals have cumulatively overseen over $50 billion in global private equity commitments and have successfully managed over $5 billion in legacy, tail-end commitments, transfers and workouts for leading institutional investors.

Frequently Asked Questions

What is a continuation vehicle?

The sale of single or multiple assets from a fund into an SPV to extend the investment horizon for GPs

How liquid is the private secondary market?

The estimated addressable market size is $134 billion

Are secondary sales only for PE funds or do you consider the sale of singles assets?

Yes, we would consider the execution of either to be a secondary sale

Do older funds i.e. (tail-end) under perform newer vintage private equity funds?

Yes, check out our research on tail-end funds