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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


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


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

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

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

The estimated addressable market size is $134 billion

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