Secondary advisory
on both sides of the table
Buy-side work for investors entering secondary positions: sourcing through GP relationships, pricing against secondary clearing levels, commercial diligence and investment memoranda written for the committee, and structuring of the acquisition vehicle.
Single-asset and direct secondaries
Sale of minority positions in sponsored venture and buyout companies, including late-stage unicorn stakes. We manage transfer restrictions, ROFR and co-investor dynamics, and run competitive processes against a global buyer base to clear at the highest achievable price.
Sale of fund-interest portfolios from mandate to closing. We set reservation pricing, define the buyer universe, prepare the information package, manage GP consents and transfer restrictions, run the data room and NDA process, and negotiate bids through to the purchase and sale agreement.
Wind-down of mature funds through portfolio sale or continuation vehicle. Scope covers portfolio evaluation, process design, portfolio-company communication, data room and NDA management, bid negotiation and PSA support.
Quarterly and annual marks reflecting secondary-market clearing levels rather than reported NAV, across core and non-core holdings. One-off pricing opinions support internal transfers, sale or purchase decisions and audit review.
Tender offers and large LP replacements for managers seeking to give investors an exit without selling the fund. We establish the clearing price and select buyers prepared to back the incumbent manager over the long term on aligned terms.
Structuring and sourcing of NAV-based facilities against private equity portfolios. Used by buyers to sharpen bids and by holders to generate interim liquidity or lift returns without a sale.
Debt and equity for managers requiring follow-on capital or a distribution to investors: annex funds, NAV facilities and hybrid structures, sourced on competitive terms from a broad base of lenders and capital providers.
Alternatives to an outright sale where price, timing or tax make a clean exit inefficient: preferred equity, deferred consideration, risk-sharing arrangements, SPV wrappers and synthetic transfers.