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2015 Edition

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Guide to the Secondary Market

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Guide to the Secondary Market2015 Edition

Guide to the Secondary Market [ 3 ]

I. IntroductionPreface 4 By Laura Kreutzer, Assistant Managing Editor, Private Equity

Secondary Market Goes Mainstream, as Deal Volume Hits New High 6 By Hillary Canada

Strong Pricing Brings Sellers to the Table, but Will the Market Overheat? 16 By Laura Kreutzer

Secondary Market Posts Record Year in 2014, Although Estimates Vary 22 By Laura Kreutzer

Secondary Market Timeline 24 Deal Volume and Fundraising, 2002-2014

Real Estate Secondary Volume Continues Growth Trajectory 26 By Hillary Canada

Secondary Buyers Prepare for Wave of Energy Fund Sales 27 By Alec Macfarlane

Buy-Side Broker Boom Brings Risks and Rewards to Secondary Market 28 By Laura Kreutzer

Secondary Market Offers Seed Funds an Exit Option but Few May Use It 29 By Yuliya Chernova

Secondary Funds Continue to Reap Rewards of Strong Exit Market 30 By David Smagalla

II. Sponsored ArticleThe Rise of Real Estate Secondaries 33 By Andrei Brougham of Greenhill Cogent

III. Firm ListingsSecondary Market Buyer Listings 34

Secondary Direct Manager Listings 58

Intermediary Firm Listings 62

IV. AppendixesA. Investors That Have Backed Secondary Funds 70

B. Secondary Market Buyer, Interests Sought 74

C. Secondary Market Buyer & Direct Manager, Geographic Preferences 76

D. Secondary Market Intermediary, Types of Clients Represented 78

E. Secondary Market Intermediary, Average Size of Deals Represented 79

V. IndexesCompany Name 80

Contact Name 83

Roughly two out of three survey respondents said they anticipated 2015 to be a record year for volume...But other respondents saw the blockbuster year in 2014 as an outlier, driven by those large portfolios, and didn’t expect the same dynamics to materialize during 2015.

”Secondary Market Goes Mainstream, as Deal Volume Hits New High,” p.6

Table of Contents

Guide to the Secondary Market[ 4 ]

When we last published this report a year ago,

we marveled at how the secondary industry had taken on many of the same characteristics seen in the industry back in 2007. Pricing for certain portfolios, particularly buyout funds, had once again approached aggressive levels, in some cases even hitting 100% of a portfolio’s underlying net asset value. At the same time, an abundance of capital available for secondary deals and free-flowing cheap debt to finance them drove an abundance of deal volume.

It was hard to imagine the market could get any more ebullient. Yet, a year later, that’s exactly what has happened. As 2015 progresses, however, the forces that helped drive secondary deal volume to record levels in 2014 also appear to be raising concerns among some buyers that the market is getting overheated. For the first time in a long time, more secondary buyers have begun to question whether the market has entered a bubble, particularly for what they commonly refer to as “flow funds,” or stakes in megabuyout funds.

In this edition of the Dow Jones Guide to the Secondary Market, our survey results illustrate some of those emerging concerns, with some 94% of buyers surveyed characterizing the current

market as a “seller’s market.” At the same time, more than three-quarters of buyers in this year’s survey say they feel pricing is too high.

However, as the secondary market has diversified, buyers still point to pockets of deal flow where pricing is often less efficient, such as in general partner restructurings and in more complex transactions involving portfolios of direct stakes in companies or groups spinning out of large financial institutions. They also acknowledge that although strong pricing puts pressure on future returns, it also attracts more sellers to the market. Even a bubble may have its benefits.

We hope that this edition of our secondary guide will help illuminate emerging trends in the market and also provide a useful resource for prospective sellers and GPs who want to identify possible buyers for certain types of assets.

As always, we welcome your feedback on how we can improve the content for future editions.

Sincerely, Laura Kreutzer Assistant Managing Editor, Private Equity Dow Jones & Co. [email protected] @LauraKreutzer

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Roughly two out of three survey respondents said they anticipated 2015 to be a record year for volume as well, citing good pricing for sellers, more opportunities for GP restructurings and an aging set of funds in Asia potentially fueling supply. The survey reflected responses from 57 buyers, including some of the industry’s largest players.

Other respondents saw the blockbuster year in 2014 as an outlier, driven by those large portfolios, and didn’t expect the same dynamics to materialize during 2015.

Eric Zoller, partner and co-founder of secondary adviser Sixpoint Partners, said he was skeptical 2015 would be marked by the same amount of big ticket transactions. The exception may be in real estate secondaries, where Mr. Zoller and others said they anticipated increased activity and larger portfolios to manifest.

Pent-Up DemandThe prevalence of large transactions meant that a handful of buyers accounted for a disproportionate percentage of deal volume, according to Mathieu Dréan, a managing partner at placement agent Triago.

“Other players were equally eager to get deals done,” said Mr. Dréan, adding those buyers in the market who didn’t deploy as much capital as they would have liked in 2014 have greater incentive to make investments in 2015.

By HILLARY CANADA

In addition to being a record year for secondary volume, 2014 may be

the year that finally smashed some lingering myths about the secondary market.

The idea that the market would attract forced sellers has been fading for years, and all but completely disappeared during 2014 as limited partners, flush with cash from the record distributions of their general partners, shopped portfolios large and small as a way to refine their holdings.

Meanwhile, the dynamics surrounding a nascent part of the market, general partner restructurings, slowly have started to shift. No longer the exclusive province of the lumbering zombie fund, restructurings and the selling of tail-end assets are slowly becoming more commonplace among well-performing GPs, said industry experts.

Those two trends, of portfolio management and of GPs seeking solutions for aging funds, are expected to drive deal flow in 2015, but secondary buyers polled by Dow Jones in our annual secondary survey were divided over whether secondary volume in 2015 would match or exceed 2014 levels.

Deal value, which hit record levels in 2014 (see page 22 for the various volume estimates), was driven partly by roughly a dozen billion-dollar-plus transactions that came to market, including portfolios from General Electric Co.’s GE Capital, Pennsylvania Public School Employees’ Retirement System and J.P. Morgan Chase & Co.

Secondary Market Goes Mainstream, as Deal Volume Hits New High

What Percentage of Secondary Deals You Do is Due to:

Source: Guide to the Secondary Market, 2015 edition

8%0

10

20

30

40

50%

MedianMean

OtherGPrecapitalizations

(or fundrestructurings)

Their use asa portfolio

management tool

Regulatorychanges

Economicconcerns of

inexperiencedinvestors/distressed

24% 23%25%

46% 45%

20%

15%18%

20%

29%

Do You Expect This Year to Be a Record Year for Secondary Deal Volume?


8%0

100%

NoYes

201320142015

32%

68%

34%

66%53%

47%


Roughly two out of three survey respondents said they anticipated 2015 to be a record year for volume...But other respondents saw the blockbuster year in 2014 as an outlier, driven by those large portfolios, and didn’t expect the same dynamics to materialize during 2015.


“No sophisticated institutional investor today thinks about private equity commitments as just ‘buy and hold,’” Wilson Warren, a partner at New York-based Lexington Partners told Private Equity Analyst in April. “They know that they will have to do something actively with their portfolio over time, or the portfolio will end up being too disparate.”

Don’t Bank On Financial InstitutionsRegulatory changes in the U.S. and Europe drove an average of about 29% of transactions, according to survey respondents, in line with last year’s figures. But industry experts predict that well is close to running dry, as those financial institutions that continue to hold private equity assets on their balance sheets cling tightly to those investments.

“Banks and insurance companies … have been creative in delaying sales in hopes that regulation would change,” said Mr. Zoller.

A two-year extension that gives banks until 2017 to comply with the Volcker rule in the U.S. means that such

For its part, Triago estimates transaction volume in 2015 will reach between $35 and $40 billion, but predicts fewer large transactions and a wider diversification of buyers.

Roughly 44% of survey participants said they saw new competition for deals during 2014, from limited partners including family offices, endowments and foundations. The massive wave of distributions that has washed over LPs’ portfolios may serve to accelerate secondary buying among LPs as they seek to invest capital quickly.

Through the first quarter, Mr. Dréan said Triago already had transacted with between 12 and 14 unique buyers – a much higher figure than usual.

“In a given year, we usually end up transacting with 22 to 25 distinct buyers,” he said, adding that interested buyers run the gamut from dedicated secondary funds, funds of funds, insurance companies, private offices and others.

“The big theme for all LPs these days is to try to optimize the deployment rate,” said Mr. Dréan. “They’re eager to do secondary deals. They’re clearing the deck of massive amounts of money.” He added those types of buyers would stick primarily to simpler and smaller transactions.

As it did in last year’s survey, portfolio management remains the primary driver of secondary deal volume, accounting for an average of 46% of deal flow among this year’s survey respondents, up from an average of 40% in a similar survey conducted last year.

“Many sellers are working on portfolio solutions, but are waiting for the year-end numbers or even the March 31 numbers to come through,” said Benoît Verbrugghe, head of the U.S. office at Ardian. “We think that [in] the second quarter, you will start to see new transactions coming in the market.”

Shifts in strategy, staffing changes and an overall appetite to rebalance were among the underlying motivators for some sellers in 2014, said Mr. Zoller. As these types of pruning transactions have become more commonplace, Triago calculated that the average portion of a portfolio that will end up in secondaries is close to 20%.

Do You See Competition From New Sources for Deals?


Yes

No56%

44%

Did You Participate in Any GP or Fund Restructuring Deals Over the Past Year?


Yes

No

40%

60%

Percentage of Funds Going to Small/Large Deals


8%0

20

40

60

80

100%

Prior FundCurrent Fund

Stakes With NAVsLarger Than $15M in Size

Stakes With NAVsLess Than $15M in Size

50%

70%

55%

75%

Median Percentage

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LGT Capital PartnersSecondaries House of the Year 2014


Select Secondary Funds in the Market or Recently Closed

Fund Name Investing Firm Name Fund Region Target (M) Total Amt. Closed (M)

LP Secondaries

Adams Street 2013 Energy Fund LP Adams Street Partners U.S. $500.0 N/A

Ant No. 2 Greater China Secondary Fund Ant Capital Partners Co. Asia/Pacific $150.0 N/A

Ardian Secondary Fund VII LP Ardian Global $9,000.0 N/A

AXA Secondary Fund VI LP Ardian Global $4,000.0 $6,000.0

Bowside Capital Fund III LP* Bowside Capital U.S. $35.0 $37.7

Capital Dynamics Secondaries Fund IV LP Capital Dynamics U.S. $500.0 $107.0

Coller International Partners VII LP Coller Capital Global N/A N/A

European Secondary Development Fund V LP Arcis Group Western Europe $478.8 N/A

DB Secondary Opportunities Fund III LP Deutsche Asset & Wealth Management Global N/A $1,650.0

Euro Choice Secondary Fund Akina Partners Europe €200.0 €224.0

Fort Washington Private Equity Opportunities Fund III LP*

Fort Washington Investment Advisors U.S. $150.0 $150.0

Global Market Fonds Secondary V RWB PrivateCapital Emissionshaus AG Global N/A N/A

Greenspring Secondaries Fund I LP* Greenspring Associates Global N/A $87.0

Idinvest Secondary Fund II* Idinvest Partners Western Europe $258.8 $283.9

Industry Ventures Partnership Holdings III LP* Industry Ventures U.S. $100.0 $170.0

Landmark Equity Partners XV LP* Landmark Partners Global $2,500.0 $3,250.0

Lexington Capital Partners VIII LP Lexington Partners Global $8,000.0 $10,100.0

Lexington Middle Market Investors III LP* Lexington Partners U.S. $750.0 $1,070.0

Mantra Secondary Opportunities Mantra Gestion Global $55.8 $59.2

Montauk TriGuard Fund VI LP* Montauk TriGuard U.S. $500.0 $500.0

Pantheon Global Infrastructure Fund II LP* Pantheon U.S. $700.0 $1,000.0

Pantheon Global Secondary Fund V LP Pantheon Global N/A $1,118.7

Partners Group Real Estate Secondary 2009 (Euro) SCA SICAR*

Partners Group Western Europe $750.0 N/A

Partners Group Secondary 2015 LP Partners Group Global $3,024.8 N/A

Permal Private Equity Opportunities V Permal Group U.S. $500.0 $178.2

Pomona Capital VIII LP* Pomona Capital Global $1,300.0 $1,750.0

Segregated Fund I* Northleaf Capital Partners Global N/A $150.0

SL Capital Secondary Opportunities Fund II SL Capital Partners U.S. $200.0 $171.0

Stockwell Secondary Holdings LP* Stockwell Secondary Holdings LP U.S. $364.1 $364.1

Strategic Partners VI LP* Blackstone Group Global $3,500.0 $4,400.0

Unigestion Secondary Opportunity III Unigestion Global $340.2 N/A

Secondary Direct/Portfolio

17Capital Fund 3 LP* 17Capital Western Europe €450.0 €500.0

ACG European Secondary Fund ACG Capital Eastern Europe/CIS $206.6 N/A

Akkadian Ventures Annex III LP* Akkadian Ventures U.S. N/A $5.6

Akkadian Ventures III LP* Akkadian Ventures U.S. $35.0 $69.0

Azini 3 LLP* Azini Capital Partners U.S. N/A $100.0

Cipio Partners Fund VII Cipio Partners Western Europe $224.0 N/A

Core Capital I LP* Core Capital Partners Western Europe $76.9 N/A

European Secondary Opportunities II LP Seligman Private Equity Western Europe $103.2 $36.3

continued on next page >


Partners and AlpInvest Partners. J.P. Morgan had said its plan to spin off One Equity wasn’t in response to regulatory pressure, but rather was a reflection of the firm’s uneven returns and uncertainty over where the unit fit within the bank, The Wall Street Journal reported.

Lexington also was behind a deal to buy a substantial portion of a $1.5 billion commitment Citigroup Inc. made to a fund managed by Metalmark Capital. Citigroup moved to shed its ownership stake in Metalmark in late 2013.

One secondary buyer estimated the remaining value of bank-held private equity assets in the U.S. and Europe at roughly $50 billion. That has dwindled from 2014, when professionals estimated that there were between $60 billion and $85 billion of assets left to sell. “Clearly a lot of banks have sold at this point,” said Stephen Sloan, a managing partner at secondary intermediary Greenhill Cogent. “We don’t expect them to be a growing part of the market, though they do still have assets to sell.”

institutions have even more runway to delay a sale. Meanwhile, in early 2015, bank regulators issued guidance on the Volcker rule that appears to allow foreign banks operating in the U.S. more leeway to hold onto certain types of private equity investments.

That said, banks that have held onto assets may have an incentive to sell that’s driven more by the generous pricing available than by looming regulatory threats, said Mr. Dréan. “It’s a good time to rationalize assets and cash out,” he said.

A group of European lenders, including Standard Chartered PLC, HSBC Holdings PLC and Unicredit SpA, were among those who sold large private equity fund portfolios or initiated plans to do so last year.

Perhaps the highest-profile transaction in the bank space last year came as J.P. Morgan agreed to sell roughly half its stake in buyout arm One Equity Partners to Lexington

Fund Name Investing Firm Name Fund Region Target (M) Total Amt. Closed (M)

Secondary Direct/Portfolio (cont.)

Founders Circle Capital I LLC* Founders Circle U.S. N/A $160.0

Founders Circle Capital Opportunity Fund I LLC* Founders Circle U.S. N/A $35.0

Headlands Capital Secondary Fund II Headlands Capital Global N/A $80.0

Inveni Secondaries Fund II Follow On Ky* Inveni Capital Western Europe $12.5 N/A

Inveni Secondaries Fund II Ky* Inveni Capital Western Europe $81.9 N/A

Inveni Secondaries Fund III Ky* Inveni Capital Western Europe $77.5 N/A

Jasper Ridge Private Opportunities LP* Jasper Ridge Partners U.S. $177.5 $177.5

JDPT Partners Group (Secondary) LP* Partners Group Western Europe $100.0 N/A

Leerink Revelation Healthcare Fund I Leerink Revelation Partners U.S. $175.0 $167.7

Lombard Odier Secondary Fund II Lombard Odier Darier Hentsch & Cie Western Europe $25.0 N/A

*Fund held final closing. Sources: Dow Jones LP Source, Guide to the Secondary Market, 2015 edition

Select Secondary Funds in the Market or Recently Closed (cont.)

“BANKS AND INSURANCE COMPANIES … HAVE BEEN CREATIVE IN DELAYING SALES IN HOPES THAT REGULATION WOULD CHANGE.” –Eric Zoller, partner and co-founder of secondaries adviser Sixpoint Partners


Restructurings Gain PopularityDespite challenges posed by trying to engineer a fund restructuring, the number of such transactions and the number of buyers willing to attempt them continue to increase.

Landmark Partners estimates that the number of restructurings increased 35% year-over-year in 2014, with the dollar volume of those transactions rising by 140%, according to Partner Ian Charles.

Although GP restructurings accounted for an average of 20% of deal volume among this year’s survey respondents, some 60% of our survey respondents said they had participated in a general partner or fund restructuring in 2014.

So-called zombie funds are becoming a smaller part of the market, said Mr. Charles. “Funds with brand-name GPs are now being restructured to provide early, attractive liquidity for LPs who want it, and better alignment and incentives for LPs that want to stay in the fund and GPs that want to improve dynamics around a predecessor fund,” he said.

Landmark led one such deal for a 2006-vintage fund managed by Intermediate Capital Group, a credit specialist that focuses on North America and Europe. A portion of the fund’s existing investors opted to roll over proceeds into the deal, which was financed in part by a small syndicate of investors Landmark assembled. ICG is in the market seeking €2.5 billion for a new mezzanine fund, Private Equity Analyst reported in January.

HarbourVest, Morgan Stanley Alternative Investment Partners and Coller Capital are among the other investors which tackled restructurings and financed spinouts during the past 24 months, according to data provider Preqin Ltd.

Yann Robard, who heads secondaries and co-investments at the Canada Pension Plan Investment Board, said these types of deals, which he calls “GP solutions,” carry some of the same myths and stigmas the traditional secondary market battled in the 1990s.

Buyers Become SellersPremium pricing also inspired some historical buyers, including funds of funds, to sell portfolios, allowing them to return cash more expediently to their own limited partners. Private Advisors, Adams Street Partners, HarbourVest Partners and Pantheon were among the funds of funds that opted to explore options on the secondary market during the past 18 months.

“[Funds of funds] have a view on pricing for most assets they own, and if someone in the market is pricing it materially higher, they’re willing to sell,” said Greenhill Cogent Managing Director Brian Mooney.

Canada Pension Plan Investment Board, one of the industry’s most prominent secondary buyers, is among those taking advantage of favorable pricing, exploring the potential sale of a portfolio of stakes valued at between $1 billion and $1.5 billion, Private Equity Analyst reported in April.

What Percentage of Secondary Assets Purchased Last Year Fell Outside of Traditional PE or VC?

Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition

None

1% to 10%

11% to 20%

21% to 30%

31% to 40%

41% to 50%

More Than 50%201320142015

57%

3%

9%

6%3%3%

20%

59%

16%

6%

9%

9%

62%

4%8%

4%

23%

Percentage of Funds Going to U.S./Non-U.S. Deals


8%0

20

40

60

80

100%

Prior FundCurrent Fund

Non-U.S. DealsU.S. Deals

70%

35%

70%

35%

Median Percentage


with right kind of manager who has a good relationship with LPs and can balance the needs and objectives of everyone involved,” said Mr. Charles.

“There’s still a lot of adverse selection in the market,” said Mr. Mooney of Greenhill Cogent. “The deals are complex and there’s a lot of conflict involved, but if you can construct a solution that allows the LPs to have an option that’s better than the status quo, then it can be a win for everyone.”

Additionally, it would appear that in complicated transactions such as restructurings, size matters. In smaller restructurings, “people are hesitant to get involved. It’s the same amount of work, the execution risk is higher, and the payoff isn’t as great,” said Mr. Zoller.

“The overall percentage of deals being evaluated is higher, but the overall number of deals being executed is probably low,” Mr. Zoller added. “More and more are getting done, but the amount is less than people think.”

“There was skepticism, and it was vulture-like from time to time, but that has completely disappeared now,” he said, adding that as more these transactions take place, the industry will get more comfortable with them.

Although restructurings are becoming more commonplace, industry experts agreed their complexity can be off-putting and such deals can still take unexpected turns.

HarbourVest, for example, agreed earlier this year to buy stakes in two Doughty Hanson funds, committing an additional €65 million to a planned fund. Doughty Hanson, plagued by departures and meager returns, announced in April it was abandoning efforts to raise a new fund and would focus solely on managing out its remaining assets, Dow Jones sister publication Private Equity News reported.

“For anyone to be successful in the fund restructuring space, they’ve got to have creativity, flexibility and partner

Brian Mooney, managing director at Greenhill Cogent

“THERE’S STILL A LOT OF ADVERSE SELECTION IN THE MARKET...The deals are

complex and there’s a lot of conflict involved, but if you can construct a solution that allows the LPs to have an option that’s better than the

status quo, then it can be a win for everyone.”


Respondents were nearly equally divided over whether volume would increase, decrease or stay the same in Eastern Europe and Russia, which has been plagued by low oil prices and sanctions stemming from its conflict with Ukraine.

Nearly a third of investors expected some increase in activity in the Middle East. Abu Dhabi Investment Authority reportedly was shopping a portfolio valued at roughly $2 billion in 2014, Bloomberg Businessweek reported.

A Fundraising BonanzaSecondary buyers are well capitalized to take advantage of portfolios coming to market, after a robust year for fundraising.

Lexington recently wrapped up its latest core secondary fund with $10.1 billion, ranking it as the largest such fund ever raised. In 2014, meanwhile, several of the industry’s biggest names, including Ardian, Blackstone Group’s Strategic

Deals From Further AfieldEven as secondary buyers vie for more typical fund portfolios, they are looking increasingly beyond traditional private equity to pick up interests in other asset classes, including infrastructure, credit, natural resources and real estate. This year, 21% of survey respondents saw more than one-fifth of the assets they purchased last year fall outside of typical private equity or venture capital, up from 15% of survey respondents the previous year and 12% of respondents to a similar survey in 2013.

One asset class that experienced growth in secondary volume last year was real estate, which accounted for an estimated 10% of total secondary deal volume for the year, according to a report by Greenhill Cogent. (For more on the environment for real estate secondaries, see the article on page 26.)

Although the locales of sellers and fund stakes are slowly widening, survey respondents predicted a majority of their fund would be used to purchase U.S. stakes.

Respondents predicted they would invest a median of 35% of their current fund in non-U.S. deals, roughly the same percent-age as their prior funds, according to the survey data. That fig-ure also is in line with the results from last year’s survey.

Industry participants largely expect volume in the U.K., Japan, Brazil, Latin America and Australia to stay the same year over year.

Japan was home to one of the dozen giant portfolios that hit the market in 2015, as Mizuho Financial Group agreed to sell a portfolio of about $1 billion worth of stakes to Lexington Partners.

Select Secondary Deals, 2014-2015 Transaction Selling Institution Type Size (M) StatusAberdeen International Inc. Direct Portfolio $29 Landmark Partners bought the portfolio in 2014California Public Employees’ Fund Portfolio N/A The pension system hired UBS AG to help sell fund stakes as Retirement System it seeks to reduce the number of relationships in its portfolioCanada Pension Plan Investment Board Fund Portfolio $1,500 Recently came to marketCitigroup Inc. Fund Portfolio $1,200 Bank sold remaining stakes in funds managed by Metalmark Capital to Lexington PartnersDiamond Castle Holdings Restructuring/ N/A Goldman Sachs Asset Management and Intermediate Capital Group Stapled Secondary funded a restructuring of the Diamond Castle Partners IV LP in late 2014Fleming Family & Partners Fund Portfolio $140 Coller Capital purchased the portfolio in early 2015GE Capital Fund Portfolio $1,300 Ardian purchased the portfolio in 2014Magnum Capital LPs Restructuring/ N/A In 2014, HarbourVest Partners and five others bought stakes in the Stapled Secondary firm’s 2007-vintage fund and pledged fresh capital to its new fundMizuho Financial Group Fund Portfolio $1,000 Lexington Partners purchased the portfolio in late 2014Montana Board of Investments Fund Portfolio approx. $126 Pension system disclosed it had sold eight fund stakes but did not reveal the identity of the buyersNew Mexico State Fund Portfolio N/A In late 2014, the council said it was considering the sale of stakes Investment Council in 25 funds managed by 15 different GP Pennsylvania Public School Fund Portfolio $1,750 Ardian purchased the portfolio in late 2014 Employees’ Retirement System State of Wisconsin Investment Board Fund Portfolio $203 In 2014, the board said it was considering the sale of some $203 million in legacy fund stakesSources: Dow Jones Private Equity Analyst, Dow Jones Private Equity News

0-1 year

1 year

1-2 years

2 years

20142015*

How Long Did It Take You to Raise Your Last Fund?

*Numbers do not add to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition

32%

41%23%

33%

5%

19%

5%

43%


Partners unit and Landmark Partners, built up large war chests, driving total secondary fundraising to $23.91 billion for the year, up nearly 38% from $17.30 billion a year earlier, according to data provider Dow Jones LP Source, which, like the publisher of this supplement, is owned by Dow Jones.

Strong performance generated by private equity has helped create a welcoming environment for those secondary firms pitching new funds. Roughly 70% of respondents to our survey described their most recent fundraising as “very easy” or “fairly easy,” with around the same percentage completing their funds in about a year or less.

As more large players, including Ardian, Coller Capital and Partners Group, seek capital in 2015, however, some industry professionals have expressed doubts about the ability of firms to buy quality assets at competitive prices.

Others argue the amount of capital available to buy secondary stakes is still a fraction of the overall amount of assets available for purchase.

“There’s only two years of buying power held by secondary buyers,” said an executive at one large secondary firm. n

–Laura Kreutzer contributed to this report.

Very Easy

Fairly Easy

Somewhat Dif�cult

Very Dif�cult

20142015

Raising Your Last Fund Was:


57%

13%

27%38%

3%

52%

10%

How Do You Expect Secondary Deal Volume to Trend in the Following Regions?


8%0

100%

Stay the SameDecreaseIncrease

AfricaMiddle EastLatin America(Ex. Brazil)

BrazilAustralia/New Zealand

Asia(Ex. Japan)

JapanEasternEurope/Russia

ContinentalEurope

UnitedKingdom

39%

61%50%

50%

39%

35%

26%

70%

30%

46%

54%

74%

26%

74%

26%

83%

17%

59%

32%

59%

36%

9% 5%


their equity by adding debt to their deals or layering it onto their funds. In addition, secondary buyers have more money than ever to spend, thanks to several consecutive years of robust fundraising.

In 2014, secondary buyers raised a total of $23.91 billion for new funds, surpassing the $17.30 billion raised a year earlier but falling short of the $26.33 billion record amount raised in 2012, according to Dow Jones LP Source, a data provider that, like this publication, is owned by Dow Jones. At the same time, institutional investors, including pension funds such as the Canada Pension Plan Investment Board and sovereign wealth funds such as the Abu Dhabi Investment Authority, have stepped up their secondary buying activity.

The confluence of strong performance, cheap debt and ample capital has helped create one of the strongest seller’s markets the secondary industry has ever seen, according to the latest Dow Jones survey of secondary buyers. Among this year’s survey respondents, 94% characterized the current market as a seller’s market, roughly in line with buyer sentiment in 2007.

“There’s nobody that needs to sell, so there’s no pressure for transactions to happen,” said Brian Mooney, a managing director with intermediary Greenhill Cogent. “Buyers have to price to a level where they can convince people to sell.”

The lack of distressed sellers in the market and competition among buyers for deals has driven pricing to a level that concerns many buyers. Overall, 78% of buyers in our survey feel that pricing is too high in the current market, the highest percentage of buyers that felt that way about pricing in at least the past five years of this survey.

By LAURA KREUTZER

Secondary deal volume hit a record level for the second

year in a row in 2014 as strong pricing brought more sellers to the negotiating table. And while secondary buyers and intermediaries expect strong pricing will continue to drive deal flow in 2015, many say they will tread carefully.

”You’ve got to be very disciplined and like what you see and, even then, you have to lean into it a little bit,” said a senior executive at one large secondary investor.

Many of the forces that helped drive pricing and deal volume in 2014 remain in place as 2015 unfolds. Favorable exit conditions, including strong public-market performance, have helped private equity and venture capital funds generate strong returns over the past 12 months. An abundance of cheap debt has also given secondary buyers more firepower and boosted returns on

Strong Pricing Brings Sellers to the Table, but Will the Market Overheat?

How Would You Classify the Current Market?


0

100%

A Seller’s MarketA Buyer’s Market

20072013201420156%

17%

47%

8%

94%83%

53%

92%

At Ardian, we strive to deliver quality investment performance from the $50bn of assets we manage or advise for clients.We do this with a relentless focus on generating returns that are durable and sustainable in the long term. The value created and results achieved is shared with our investors, but also our partners, investee companies and their employees.That makes a difference.

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JUST WHAT YOU DO, BUT

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Public pension funds were the most likely to walk away from a deal over pricing, with 38% of survey respondents indicating they lost deals from public pensions over pricing, followed closely by endowments and foundations at 35%. Banks and insurance companies were the least likely in our survey to walk away from a deal with secondary buyers over pricing.

“The public pension plans wanted to test the pricing in the market to see how much they could get from the positions, but they were also loath to take a loss,” said Mr. DePonte of Probitas Partners. “They weren’t necessarily committed. They were price shopping.”

Secondary buyers in our survey were more likely to pay up for buyout funds than venture funds, keeping with a trend also seen in last year’s survey. Among survey respondents, 62% said they paid more on average for buyout funds than they did the previous year, compared with 42% of respondents that paid more on average for venture funds. Both fund types saw a higher percentage of survey respondents pay more this year than those buyers responding to a similar survey last year.

Average high bids for buyout funds hit 95% of a fund’s underlying net asset value during the second half of 2014, according to a pricing analysis from Greenhill Cogent. That is down slightly from the 100% of NAV that average high bids hit during the first half of 2014 but still below the premiums to NAV that average high bids for buyout funds hit in 2007. By contrast, average high bids for venture funds were only 80% of NAV during the second half of 2014, compared with 82% of NAV during the first half.

On average, 24% of survey respondents in our survey paid prices for buyout funds that were equal to those funds’ underlying NAV, compared with only 11% of respondents that paid par for buyout fund interests in last year’s survey.

As this report was going to press, buyers were pricing assets off of valuations as of either Sept. 30 or 2014 year-end, with the anticipation that March 31 valuations would be higher, according to buyers and intermediaries.

“When the market turns, then you’ll assume that the NAVs will be lower,” said Kelly DePonte, a managing director at placement agent Probitas Partners. “If you’re a secondary player that’s investing to make a profit, you’ve got to be getting a bit more gun-shy right now.”

Because of the lack of distressed-driven transactions, sellers have no problem walking away from deals if buyers can’t match their price expectations. Among this year’s survey respondents, 79% said a seller had walked away from a deal over price concerns, a drop from the 88% of respondents to last year’s survey that saw a seller walk away.

Percentage of Sellers That Walked Away Over Pricing, by Seller Type

*Includes family of�ces, funds of funds, general partners and high-net-worth individuals. Source: Guide to the Secondary Market, 2015 edition

8%0

100%

NoYes

Other*PublicPensions

CorporatePensions

InsuranceCos.

Banks/Financial

Institutions

Endowments/Foundations

65%77%

35%23%

77% 73%

62%

73%

23% 27%38%

27%

Has a Seller Walked Away From a Deal Over Price Concerns?


8%0

100%

NoYes

201320142015

21%

79%

12%

88% 86%

14%

Secondary Transactions Are Priced:

*Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition

8%0

100%

On Average, About RightToo LowToo High

20132014*2015

22%

78%

3%

29%

69%

55%

45%


lower than their prior fund, while 86% projected that the IRR would be roughly the same. Among participants in last year’s survey, 22% said they anticipated lower returns from their current fund.

The average expected return from secondary funds across all survey respondents remains fairly high at 20%,

Among this year’s survey respondents, 11% said they paid prices for venture funds that were equal to or above the underlying NAVs for those funds. By contrast, all of the buyers that responded to a similar survey last year said they paid less than NAV for venture fund stakes.

Secondary buyers and intermediaries say improved perfor-mance among venture capital funds over the past 18 months, thanks partly to large infusions of capital from late-stage investors and a favorable environment for venture-backed IPOs, has helped lure some buyers back to the space. For the 12 months through Sept. 30, venture funds generated a 24.5% pooled end-to-end net return, outpacing the 18.1% produced by private equity funds over the same period, according to data from consultant Cambridge Associates.

“Now that prices are higher on the buyout side, you see more secondary buyers try to tap into new markets, so more are looking into venture to stay away from high pricing in the buyout markets,” said the head of secondary investments at one global fund of funds.

High Prices Lower Return ExpectationsStiff competition and high pricing for deals has forced some buyers to lower their future return expectations, although perhaps not as much as buyers did in last year’s survey.

Among this year’s survey respondents, 14% said they expect the internal rate of return of their current fund to be

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In the Past Year, on Average Did You Pay More for Secondary Deals?

*Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition

0

100%

NoYes

201420152014*2015

62%56%

42% 37%

38%45%

58%63%

LBO VC


“We’ve seen leverage at the smaller end of the market – not just the 50-to-100 fund portfolios but the five-to-20 fund portfolios,” he said.

Secondary buyers can employ leverage in several different ways. Some may borrow from a third-party lender to help fund the purchase of a secondary portfolio, much in the way a buyout firm may use debt to help finance the purchase of a portfolio company. The debt helps enhance the return on the secondary buyer’s equity investment in a deal, although early cash flows generated by the portfolio often end up servicing the debt before they get distributed back to the secondary fund and its investors. Adding debt to a transaction can also enhance a firm’s buying power, allowing it to fund a deal on its own rather than having to split a transaction among multiple buyers, according to intermediaries. Among respondents in this year’s survey, 9% said they had employed debt in transactions.

Far more of the buyers in our survey, 31%, employed debt at the fund level as a cash management tool. Blackstone Group’s Strategic Partners Fund Solutions unit and Lexington Partners both have used debt at the fund level to manage cash flows.

Layering debt onto a secondary fund allows a firm to finance early deals outside of a fund’s balance sheet so that investors that commit to later closings of a fund don’t benefit from early deals at the expense of investors that signed on earlier in the fund’s life. Debt facilities at the fund level tend to have lower interest rates than those that are placed on individual portfolios because they are typically perceived as less risky.

compared with a 19% average expected return among buyers who responded to last year’s survey.

Continued high exit volume, combined with an abundance of cheap debt allowing buyers to enhance the returns on their equity investments, may be boosting more buyers’ confidence that they can still meet return expectations, even in a pricey market environment.

Others, however, are taking steps to adapt to what they expect will be a more challenging return environment going forward.

SL Capital Partners, for one, recently lowered the proposed hurdle rate, the return threshold a fund must reach before a sponsoring firm can start pocketing profits from the fund, for its newest secondary pool to 12%, according to a recent report from sister publication Private Equity Analyst. Although 12% is still relatively high, it is modestly lower than the 14% hurdle the firm set on its first secondary fund, a $146 million vehicle closed in 2014.

Debt Goes MainstreamBuyers and intermediaries say more secondary buyers than ever are turning to the debt markets in their quest to maintain high returns in a competitive pricing environment.

“Leverage is very much a strategic decision at the moment,” said Gregg Kantor, who works on the fund finance team at Investec Bank PLC, adding that even secondary firms that haven’t previously used leverage have started to educate themselves and their senior partners about its use. “There’s a mindset shift.”

He added that secondary buyers and the limited partners that back them have become more comfortable with the use of leverage in secondary deals and funds, even in smaller transactions.

0

5

10

15

20%

Median (%)Mean (%)

Net IRR Expected From Future Funds


17%8%

20% 20%

Is This IRR Higher, Lower or the Same as That of Past Funds, on Average?

Same

Lower

Higher14%

86%

In the Past Year, Did You Pay Below, Equal or Above NAV for Deals?


0

100%

AboveEqualBelow

2014201520142015

76%

89% 89% 100%

24%11% 7%

LBO VC4%


deals typically provide capital for new deals or a new fund in addition to purchasing stakes in older portfolios.

Stapled secondaries can be risky, however, since it is often harder to determine how well the general partner will do with future investments than it is to assess a portfolio of deals the firm has already backed. But so far, it is a risk that many buyers seem willing to take.

A More Rational Mindset?Although pricing has remained strong into 2015, buyers and intermediaries say a softening in the U.S. economy or a public market correction could prompt buyers to price bids more conservatively and potentially take some momentum out of the market.

“One of the reasons pricing is so high is that people anticipate that distributions and values will continue to go up,” said Brent Nicklas, managing partner and chief executive of Lexington Partners, which in April wrapped up its eighth fund at its $10.1 billion cap. “The moment that changes, you’re going to see the bid-ask gap open up.”

Others, however, say they see little chance of a market correction anytime soon.

“Financial markets have very short memories, and the only way they move is because there’s something big happening,” said Mr. Moerel of AlpInvest. “Are people going to be become more rational? I think something big needs to happen, and right now there’s nothing on the horizon.” n

“The risk the bank is taking is that the [limited partners] do not comply with capital calls,” said Pierre-Antoine de Selancy, a managing partner at 17Capital, which raised some €500 million for its third fund in late 2014. “It’s a very different risk from lending to someone for a portfolio and using that portfolio as collateral.”

But firms that don’t use leverage say all this debt could come back to haunt buyers in the event of a market downturn.

“If the exit market becomes more difficult, you have fewer distributions and your net asset values correct because they’re linked to the public markets,” said Wouter Moerel, head of secondaries at AlpInvest Partners. “Then you could get into covenant issues with your debt.”

One final form of leverage used in secondary transactions comes in the form of deferred payments or seller financing. Secondary buyers may agree to pay a portion of the portfolio sale up front and defer the remainder of the payment one or even two years later. Doing so often helps buyers bid more for a portfolio when the seller is particularly sensitive to pricing, especially if the buyer expects the portfolio to generate distributions in the near term. Distributions can be used to help fund the deferred portion of the payment for the deal.

GPs Flex Their MusclesAs more limited partners turn to the secondary market to actively shed certain fund relationships in their portfolios, general partners managing those funds are demanding a greater say over who buys into their funds. Amid stiff competition for deals, some GPs may even demand prospective buyers of their fund stakes pony up additional capital to back a new fund or new investments, often called a stapled secondary transaction.

Among this year’s survey respondents, 31% backed at least one stapled secondary deal in 2014, including 8% that invested in two or more stapled secondary deals. By contrast, only 16% of those same buyers had backed at least one stapled secondary in 2013.

The growing popularity of general partner or fund restructurings may also be driving growth of stapled secondary deals, as secondary investors in restructuring

Do You Use Debt to Finance Secondary Deals?


Yes

No

91%

9%

Do You Use Debt at the Fund Level ?


Yes

No

69%

31%

How Many Stapled Secondaries Did You Do?


0

1

2

3

More Than Three

In 2013In 2014

69%

4%

23%

12%4%

84%

4%


By LAURA KREUTZER

Although many intermediaries and secondary buyers

agreed that 2014 was a record year for deal volume, they disagreed over the size of that volume.

Historically, tracking secondary deal volume has been tricky, given that investors and the general partners they backed often want to keep the fact they are selling stakes on the secondary market out of the public eye. Although still an imperfect science, secondary deals are shedding the stigma once attached to them and more sellers are bringing portfolios, particularly large ones, to market, which means measuring deal volume has gotten easier.

Estimates of total transaction volume in 2014 among some half-dozen firms ranged from a little more than $35 billion made by New York-based Lexington Partners to north of $49 billion by Toronto-based intermediary Setter Capital.

Methodologies for capturing and measuring data differ, with some organizations tracking deals they observe in the market, including deals that they are aware of, even if they aren’t directly connected to them. Others may use a combination of buyer surveys, observed transactions and their own analysis. For example, Setter Capital bases its volume numbers largely on a regular survey of secondary buyers and makes estimates based on the firm’s own analysis of buyers and sellers in the market.

Even these estimates, however, leave some types of transactions underrepresented, including the volume of private securities of venture-backed companies trading on

platforms, such as those owned by SharesPost Inc. and SecondMarket Inc., or trades between two institutional limited partners that involve only a single fund stake.

As more investors turn to the secondary market to manage their portfolios, and as firms that track the market continue to hone their data gathering techniques, deal volume estimates ultimately may start to converge around a slightly narrower band of numbers, according to intermediaries. n

Secondary Market Posts Record Year in 2014, Although Estimates Vary

Select Estimates of Secondary Deal Volume, 2014 vs. 2013

Source: Dow Jones Private Equity Analyst

$42.00

$35.14

$49.30

$36.00$36.50

$27.50$23.35 $24.50

$36.00

$22.00

N/A0

10

20

30

40

$50B

20132014

UBS AGTriagoSetter CapitalNYPPEX Inc.Lexington PartnersGreenhill Cogent

$37.50

This announcement appears as a matter of record only

We are pleased to announce the closing of

Landmark Equity Partners XV

$3,250,000,000

Formed to acquire interests in established private equity funds through secondary market transactions.

Landmark specializes in secondary market transactions of private equity, real estate and real asset investments. Since 1989 Landmark has completed over 460 transactions and acquired interests in over 1,700 partnerships managed by over 670 general partners. In excess of $14.9 billion has been committed to the

Landmark Funds.

Landmark Partners

Landmark Partners Europe

52 Jermyn Street London, SW1 6lX

+44 (0)20 7343 4450

Landmark Partners Europe is authorized and regulated by the Financial Conduct Authority

www.landmarkpartners.com

This is not an offer to sell or a solicitation of an offer to purchase interests of any investment vehicle managed or advised by Landmark or any of its affiliates (a “Fund”) or any other

security. Any such offer or solicitation shall be made only pursuant to a final confidential private placement memorandum relating to such Fund (as amended or supplemented from time to time, a “Memorandum”) and such Fund’s subscription documents. This document is qualified in its entirety by all of the information set forth in the Memorandum, including without

limitation all of the cautionary statements set forth in the front of the Memorandum and the “Risk Factors” section of the Memorandum.

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+1 860 651 9760 265 Franklin Street, 18th Floor

Boston, MA 02110 +1 617 556 3910

681 Fifth Avenue New York, NY 10022

+1 212 858 9760


ROW HQ Firms

U.S. HQ Firms

$1,961

$131($2,092)

$951

$2,952

($3,903)

($13,365)

($10,275)

($7,468)($8,380)

($7,029)

($13,932)

($17,847)

($6,609)

($8,380)($8,422)($9,172)

($16,363)

($10,816)

($11,921) ($11,516)

($20,928)

($24,781)

($18,252)

($25,950)($26,333)

($23,345)

($17,304)

($35,137)

($23,911)

$6,675 $6,977 $6,735$7,920

$11,430

$13,709

$18,241

$8,598

$23,170 $24,815

$16,697

$29,970

$354$1,403

$733

$2,355

$1,935

$2,654

$574

$2,687

$1,611

$1,135

$6,648

$5,167

$3,133$4,204 $4,590

$9,383

$6,310

$1,596

$13,414$13,929

$8,095

$5,289$4,175

$2,019

$8,464

$7,622

$10,326

$12,404

$2,721

$4,839

$5,498

$4,552

$6,018

$12,751

$16,878

$7,033

Rest of World

U.S. Totals

(Yearly totals)

SECONDARY FUNDRAISING* (M)

Secondary Directs

Secondary Partnerships

(Yearly totals)

SECONDARY DEAL VOLUME (M)

Sources: Lexington Partners, Dow Jones LP Source, Dow Jones Private Equity AnalystTotals rounded up to nearest million. *Includes only dedicated secondary funds.

082002 2003 2004 2005 2006 2007 20 2009 2010 2011 2012 2013 2014

Secondary Market Timeline 2002-2014

2007California Public Employees’ Retirement System sells a legacy portfolio of fund stakes on the secondary market for about $1.5 billion to a syndicate that includes Lexington Partners, HarbourVest Partners, Pantheon and Oak Hill Investment Management.

2006-2007Stapled secondaries become a commonplace occurrence in the secondary industry.

2005Secondary sales of fund interests remain near the record highs set in 2004, thanks in part to large sales by Merrill Lynch, DPL and Dresdner Bank

2004State of Connecticut Retirement Plans and Trust Funds becomes one of the first pension funds to sell fund interests. The buyer is Coller Capital.

2002Coller Capital raises the largest secondary fund as of that date, with $2.6 billion in commitments.

2007Coller Capital raises a $4.5 billion fund, reclaiming the record for the largest fund that Lexington Partners took away from Coller in 2006 with its $3.8 billion vehicle.


ROW HQ Firms

U.S. HQ Firms

$1,961

$131($2,092)

$951

$2,952

($3,903)

($13,365)

($10,275)

($7,468)($8,380)

($7,029)

($13,932)

($17,847)

($6,609)

($8,380)($8,422)($9,172)

($16,363)

($10,816)

($11,921) ($11,516)

($20,928)

($24,781)

($18,252)

($25,950)($26,333)

($23,345)

($17,304)

($35,137)

($23,911)

$6,675 $6,977 $6,735$7,920

$11,430

$13,709

$18,241

$8,598

$23,170 $24,815

$16,697

$29,970

$354$1,403

$733

$2,355

$1,935

$2,654

$574

$2,687

$1,611

$1,135

$6,648

$5,167

$3,133$4,204 $4,590

$9,383

$6,310

$1,596

$13,414$13,929

$8,095

$5,289$4,175

$2,019

$8,464

$7,622

$10,326

$12,404

$2,721

$4,839

$5,498

$4,552

$6,018

$12,751

$16,878

$7,033

Rest of World

U.S. Totals

(Yearly totals)

SECONDARY FUNDRAISING* (M)

Secondary Directs

Secondary Partnerships

(Yearly totals)

SECONDARY DEAL VOLUME (M)

Sources: Lexington Partners, Dow Jones LP Source, Dow Jones Private Equity AnalystTotals rounded up to nearest million. *Includes only dedicated secondary funds.

082002 2003 2004 2005 2006 2007 20 2009 2010 2011 2012 2013 2014

Secondary Market Timeline 2002-2014

2011Lexington Partners breaks Goldman Sachs’ $5.5 billion fundraising record when it wraps up a $7 billion pool of capital for secondary deals.

2010 AXA Private Equity announces the purchase of a $1.9 billion portfolio from Bank of America, in a signal that the floodgates have finally opened for large portfolio transactions.

2012Older funds approaching the end of their lives increasingly are in need of fresh capital to sustain investment, as evidenced by Behrman Capital and Willis Stein & Partners turning to the secondary markets to capitalize funds raised in 2000 and 2001.

2009 An expected surge in secondary deal flow following the late 2008 economic downturn is slow to materialize due to a wide price gap between buyers and sellers.

2013Regulators release the final draft of the Volcker rule, spawning a fresh wave of portfolio sales from banks.

2014Twelve deals of more than $1 billion close in 2014, according to data from Greenhill Cogent.


was raised by four funds, and a multifold increase from the $100 million raised in 2013.

Some larger portfolios have started to trickle onto the market. New Jersey Division of Investment, for instance, sold a portfolio of 25 stakes for $925 million to NorthStar Realty Finance Corp. and Goldman Sachs Asset Management. According to a memo about the transaction, New Jersey was able to sell the portfolio, which included funds from managers including BlackRock Inc., CBRE Inc., TA Associates Realty and others, at par to the portfolio’s underlying net asset value.

After trading at an average discount of nearly 30% of net asset value in the years following the collapse of the housing market in 2008, real estate fund stakes were attracting much richer bids in 2014, according to data from intermediary Greenhill Cogent. During the first half of the year, real estate fund stakes attracted average high bids of 92% of NAV, according to the data.

“Discounts are falling,” said Fabian Neuenschwander, vice president of the real estate secondaries business at Partners Group. “A lot of people are taking the opportunity to sell interests into this market.”

Mr. Neuenschwander added, however, that buyers can still find good deals. “You’re buying into improving fundamentals,” he said.

U.S.- and European-focused funds continue to be the most heavily traded, making up a combined 85% of the market, but Asian real estate partnerships made up 11% of activity in 2014, up from 4% a year earlier, according to Landmark’s data.

Partners Group struck one of the largest deals in the region when it agreed to buy the interests of more than 30 LPs in a $1 billion China-focused fund. That deal involved shifting management of the vehicle, known as the Trophy Fund, from Winnington Capital to Venator Real Estate Capital Partners, Private Equity Analyst reported at the time. The deal bought extra time for the fund, the life span of which has been extended to 2017, and provided liquidity to LPs who had yet to see any returns prior to the deal.

In a first quarter briefing, Greenhill Cogent predicted that 2015 real estate secondary volume is “on a trajectory to easily eclipse” 2014 volume as interest in selling fund stakes continues to grow. This will likely be prompted in part by a diversification of LPs eager to cull their portfolios.

“Over the last two to three years, the seller base has greatly expanded from the financial crisis,” said Mr. Neuenschwander. “More and more people see it as an option to get liquidity.” n

By HILLARY CANADA

The real estate secondary market continued its exponential

growth during 2014 as generous pricing drew sellers to the marketplace.

The number of real estate secondary transactions grew to 92 in 2014, a 60% increase from the 57 deals tracked in 2013, according to data from secondary firm Landmark Partners. Similarly, the value of transactions in the sector grew by 30% during 2014 to $4.8 billion from $3.69 billion a year earlier.

“Real estate secondaries have been a laggard as it compares to private equity,” said Landmark Partner Jamie Sunday. But he added that a “growth spurt” among private equity real estate funds starting around 2005 has helped expand the underlying asset base.

And just as they do with private equity, limited partners turn to the secondary market to prune their portfolios. LPs may have questioned whether enough buyer’s capital existed to justify bringing large portfolios to market, said Mr. Sunday.

That attitude may be gradually changing – in part because more capital is slowly making its way into the space.

Strategic Partners Fund Solutions, the secondary platform Blackstone Group bought from Credit Suisse Group, as well as Carlyle Group’s fund-of-funds Metropolitan Real Estate and Morgan Stanley Alternative Investment Partners were said to be raising or considering raising dedicated secondary pools, Private Equity News reported in 2014.

Last year was a record year for real estate secondary fundraising, with three vehicles closing on a combined $2.3 billion, according to data provider Preqin Ltd. That was the highest annual total since 2010, when $2.2 billion

Real Estate Secondary Volume Continues Growth Trajectory

Real Estate Secondary Deal Volume, 2005-2014

Source: Landmark Partners

8%

$349.9

$961.8$590.1

$1,247.3

0

1,000

2,000

3,000

4,000

$5,000M

2014201320122011201020092008200720062005

$2,166.3$2,599.2

$3,691.5

$4,800.6

$1,810.4

$855.1


By ALEC MACFARLANE

A handful of fund managers are looking to raise money to buy

secondhand interests in energy-focused private equity funds, as a maturing of the market and a slide in oil prices creates attractive opportunities in the sector.

AlpInvest Partners, Adams Street Partners and HarbourVest Partners have each launched or are in the process of launching offerings that include secondary purchases of energy funds or assets as part of their investment strategies.

“We do [think it is an interesting time to invest],” said Brett Gordon, a managing director at HarbourVest. “If you think about what makes for attractive secondaries, first you need a lot of inventory, and there’s been a lot of money raised in dedicated energy funds. With that inventory and the volatility, it’s really created an interesting time for people who are considering investing and for people to bring deals to the marketplace.”

Mr. Gordon declined to comment on HarbourVest’s fundraising. AlpInvest and Adams Street also declined to comment on fundraising.

Secondary investors seek to capitalize on the huge amounts of money raised over the past decade by energy-focused private equity firms. About $276 billion was raised by 417 energy-focused private equity funds between 2005 and 2014, according to data provider Preqin Ltd., creating large amounts of future inventory for secondary buyers.

The recent slide in oil prices is also expected to create opportunities for secondary managers, as investors that are overexposed to energy-focused funds and have seen their valuations suffer look to shed assets as part of efforts to rebalance their portfolios. So far, however, buyers have been in a “wait and see” mode, according to several industry participants. “We have seen an uptick in sellers asking for pricing on energy funds, but few deals are getting inked,” Robert McGrath, co-founder of Toronto-based intermediary Setter Capital, said in an email.

Research conducted earlier this year by consultancy Wood Mackenzie said lower oil prices pose the biggest threat to oil and gas industry earnings and financial solidity since the financial crash of 2008, with Brent crude trading at around 30% below the 2014 average of $99 a barrel as of early May. Industry figures said the slide is likely to have a big impact on the valuations of private equity funds heavily invested in oil and gas services businesses, as clients pressured by pricing look to cut costs and reduce services.

“We are also seeing sellers looking at selling generalist private equity funds that have energy exposure such as

Blackstone [Group] and Warburg Pincus,” wrote Setter Capital’s Mr. McGrath. “Buyers are still very keen to buy these types of funds, and aside from marked-to-market movements in the funds’ public holdings, pricing remains very full.”

Despite the opportunity, some industry figures have cautioned that while it may be a good time to invest in energy secondary deals, it could be a challenging time to raise energy-focused secondary funds.

“There are definitely some attractive opportunities in the oil and gas space because of the oil price and its impact on valuations of companies and assets, which have been otherwise quite high in the last couple of years,” said Thomas Liaudet, a partner at secondary intermediary Campbell Lutyens. “On the other hand, it might be more challenging for those managers raising capital because some [investors] might see this space as being slightly less attractive at the moment, and also might feel they’re quite overweight to energy in general, given that they have invested a lot in the space in the past few years.” n

–Laura Kreutzer contributed to this article.

Secondary Buyers Prepare for Wave of Energy Fund Sales

Fueling Up for Energy Secondaries

Adams Street PartnersFundraising Plans: Adams Street is marketing an energy-focused fund of funds that will also target secondary deals as part of its strategy.

AlpInvest PartnersFundraising Plans: AlpInvest is targeting $500 million for an energy-focused secondary fund and aims to hold a first closing by this summer, according to people familiar with the fund. Justine Gordon, who joined the firm in September from Guggenheim Partners, leads the new effort.

HarbourVest PartnersFundraising Plans: HarbourVest hired Kevin Warn Schindel from OPTrust Private Markets Group to lead its real assets program. The firm expects to launch a real assets offering later this year with a large allocation to energy secondaries, according to a person familiar with the offering.

Source: Dow Jones Private Equity News


By LAURA KREUTZER

Secondary deal volume hit record levels in 2014 – and more secondary

intermediaries than ever want a piece of the action.

Secondary buyers and sellers said that in recent years they have seen explosive growth in the number of buy-side bro-kers, or intermediaries that act as guns for hire trying to drum up deals for private equity buyers. Thanks partly to lower bar-riers to entry, the proliferation of such groups has presented buyers and sellers with a fresh set of opportunities and risks.

Unlike sell-side intermediaries, which typically get hired and compensated by sellers in a secondary transaction, buy-side brokers tend to operate more like free agents. They may approach buyers to gauge their interest in specific fund names and then reach out to investors they know that have backed those funds to see if they are willing to sell.

Firms such as Setter Capital, River Street Capital and Scalar Capital have engaged in buy-side broker activities. Some traditional sell-side brokers or advisers have brokered buy-side deals or are considering doing so. Setter said more than 300 individual agents have registered with the firm’s SecondaryLink website, an online platform connecting potential buyers and sellers.

Growth in the intermediary industry, including that of buyers’ brokers, has helped drive more secondary deal flow, said Peter McGrath, co-founder of Setter. The Toronto firm estimates about 57% of all secondary deal flow, which includes private equity, hedge funds, real estate and natural resource plays, that took place in 2014 involved an intermediary of some kind, according to the firm’s midyear secondary deal report.

“People are being pinged with so many different ideas that they’re thinking about it more often,” said Mr. McGrath.

Setter, which got its start primarily as a buy-side broker, helped intermediate a sale of a portfolio of fund stakes by HarbourVest Partners to Goldman Sachs Group Inc., said people familiar with that deal. These days, the firm is involved in both buy-side and sell-side activities.

The large number of intermediaries out there pitching prospective deals can sometimes confuse potential buyers, said an executive at one midsize secondary buyer.

“We’ll get calls from four or five different buy-side brokers telling me that they have an exclusive relationship with a seller, and often they obscure what the interests are, so I can’t piece together that it’s the exact same portfolio that another buy-side broker pitched me,” this executive said. “I may be talking to four buy-side brokers bidding against myself and have all four of them telling me that I owe them.”

The number of brokers pitching deals can also present complications for sellers, according to Benoît Verbrugghe, who heads the U.S. operations for French firm Ardian.

“If the seller gives the same portfolio to too many brokers, the process could be difficult to manage,” said Mr. Verbrugghe. “In the end, you still have to manage confidentiality and information about the funds and the GPs, so you need to make sure this type of approach is well managed.”

Buyers and sellers aren’t the only ones taking risks, however. Newer buy-side brokers also can find themselves at the mercy of less scrupulous sellers, particularly if they don’t negotiate a contract upfront.

“You definitely have more risk there because you don’t have anyone that’s mandated you,” said Mr. McGrath. “You run the risk of making nothing at the end of the day, even if you do connect the dots.”

Mr. McGrath added that as the market continues to mature, it will differentiate between established players and less experienced ones.

A senior executive at one large secondary buyer said the recent growth of buy-side intermediaries has been driven in large part by ebullient returns from underlying private equity portfolios, which will not continue indefinitely.

“When there’s a downturn, no one will return their phone calls and many of these guys will go away,” the senior executive said. n

Buy-Side Broker Boom Brings Risks and Rewards to Secondary Market


The proportion of secondary sales volume done by investors rather than employees is hovering at low-single-digit percent-ages on SecondMarket, a platform that facilitates large sec-ondary transactions, according to Anil Sharma, spokesman for the company. SecondMarket Holdings Inc. facilitated about $1.4 billion in secondary transactions last year, with most of the shares being sold by startup employees.

Seed funds can see nice upticks in paper valuations as late-stage rounds get done at stratospheric valuations. Those that hold onto shares hope that future rounds or initial public offerings would increase the value of their shares even more.

But there are many reasons to sell at least some of the shares now, Mr. Kim said. On the one hand, it’s unclear when some companies plan to reach an exit. There’s more talk in the market about staying private longer or even indefinitely, raising questions as to when seed investors would see a return if they don’t cash out in private rounds.

The median time it took venture-backed companies to go from an initial venture capital round to IPO was 6.94 years in 2014, compared to just 5.6 years in 2005, according to Dow Jones VentureSource. Private companies that reached a valuation of greater than $1 billion in their most recent private rounds are even older than those that went public. The median time frame between this group’s initial venture round and valuations topping the $1 billion mark hit 7.7 years as of April 1, according to Dow Jones VentureSource.

As timelines stretch, seed investors risk both greater dilution and getting caught in a valuation downdraft if markets shift before they can exit. Mr. Douvos said that even as fund managers consider secondaries, they should keep in mind that a downturn in the market will “reset the clock.”

“In the fullness of time, everyone will be judged on the capital that they returned. There were a lot of high-flying venture firms during the bubble that had incredible paper positions that evaporated,” Mr. Douvos said. n

By YULIYA CHERNOVA

Seed-stage investors have long wrestled over when they should cash out

of their positions in the start-ups they back, and secondary transactions in high-valuation private rounds now offer them potentially lucrative exit options.

But it remains to be seen how many seed-stage fund managers will take advantage of them.

Startups that got to late-stage rounds were showered by sizable capital investments at high valuations last year, and the deals only got larger in the beginning of 2015. In the first quarter of 2015, for example, the median amount invested in second venture capital rounds jumped 48% from a year ago, according to data provider Dow Jones VentureSource. Second round valuations in 2014 jumped about 44% over 2013 figures, and late-stage valuations doubled.

This puts pressure on seed funds, which are often less than $100 million in size and are at risk of dilution as rounds get larger. At the same time, it’s becoming increasingly acceptable for employees, founders and early investors to sell some of their shares in a late-stage round.

“These large late-stage rounds have taken the place of the IPO, and as such, I think there’s an opportunity for seed funds to be selling part of their ownership,” said Chris Douvos, managing director at fund-of-funds manager Venture Investment Associates. “Today, the opportunity to sell in these later-stage rounds is another arrow in the quiver of the seed funds in terms of generating returns [and] returning cash to their limited partners.”

Mr. Douvos said the secondary market has become a portfolio management tool for seed funds and that some of the funds in which his firm is a limited partner have “lightened up” their positions in the “highfliers.”

“It’s something that’s going on, not with great frequency, but at the same time, it’s an increasingly important part for people’s liquidity strategy,” Mr. Douvos said.

Michael Kim, managing partner at Cendana Capital, a fund of seed funds, said he advises all of the fund managers in his portfolio to consider participating in secondary transactions. Mr. Kim said, however, that he sees more resistance than willingness on the part of seed funds to cash out early. “There’s some greed involved,” Mr. Kim said.

He added that he’d like to see more secondary transactions. “I think it’s important for them to monetize and get some cash back to LPs. It hasn’t happened as much as I thought it would,” Mr. Kim said.

Secondary Market Offers Seed Funds an Exit Option but Few May Use It


By DAVID SMAGALLA

Private equity firms generated record-setting

exits in 2014 and secondary firms reaped the rewards, returning an increased volume of cash to investors over the past year, according to a sample of private equity performance data from several large pension funds.

For the private equity industry as a whole, disposals continued to dominate the headlines this past year, with firms posting a record $175.28 billion in exits in 2014, compared with $125.04 billion for the prior year, according to data provider Dealogic Ltd. Dealogic data includes only exits via mergers and acquisitions and not initial public offerings, and the total value includes only those with publicly disclosed financial terms.

Meanwhile, secondary deal volume hit record levels, reaching $35.14 billion last year, according to secondary firm Lexington Partners, up from $23.35 billion the year before.

Various private equity strategies performed particularly well during 2014, according to industry performance benchmarks published by consultant Cambridge Associates. U.S. private equity funds’ benchmark return reached 18.09% for the one-year period ended Sept. 30, 2014, compared with 18.51% for U.S. buyout and growth equity funds and 24.46% for U.S. venture funds, which both went on an exit tear this last year. Secondary vehicles, though strong, still lagged their private equity brethren, providing a benchmark return of 14.7% for the one-year period.

Secondary Funds Continue to Reap Rewards of Strong Exit Market

Select Secondary Fund Performance Data Capital Capital Dist. in Year Name of Manager Fund/Vintage Year Fund Type Region Committed (M) Contributed (M) Ended (M)* Dist. as of (M) Dist. as of (M) Net IRR as of (%) Net IRR as of (%) lRR Change

California Public Employees’ Retirement System 9/30/14 9/30/14 9/30/13 9/30/14 9/30/13

Coller Capital Coller International Partners IV LP/2002 LP Secondaries Global $100.0 $88.4 $8.3 $111.7 $103.4 11.8 13.3 -1.5Coller Capital Coller International Partners V LP/2006 LP Secondaries Global $375.0 $314.2 $114.9 $264.1 $149.2 9.3 7.5 1.8Lexington Partners Lexington Middle Market Investors LP/2005 LP Secondaries U.S. $50.0 $49.5 $6.2 $49.5 $43.2 11.2 11.2 0.0W Capital Partners W Capital Partners LP/2003 Secondary Direct/Portfolio U.S. $25.0 $23.7 $0.0 $16.6 $16.6 -5.5 -4.6 -0.9W Capital Partners W Capital Partners II LP/2007 Secondary Direct/Portfolio U.S. $141.1 $126.1 $11.9 $118.9 $107.1 12.0 14.4 -2.4

Montana Board of Investments 9/30/14 9/30/14 9/30/13 9/30/14 9/30/13

Adams Street Partners Adams Street Global Oppty Secondary Fund/2003 LP Secondaries Global $25.0 $19.7 $2.5 $25.3 $22.8 10.4 11.2 -0.7

New Jersey State Investment Council 12/31/14 12/31/14 12/31/13 12/31/14 12/31/13

Neuberger Berman NB Secondary Opportunities Fund II LP/2007 LP Secondaries U.S. $100.0 $102.1 $32.5 $97.7 $65.2 N/A N/A N/ALexington Partners Lexington Capital Partners VI LP/2005 LP Secondaries Global $50.0 $50.7 $7.8 $45.1 $37.3 N/A N/A N/APartners Group Partners Group Secondary 2006 LP/2006 LP Secondaries Global $54.5 $53.0 $7.1 $48.0 $40.9 N/A N/A N/APartners Group Partners Group Secondary 2008 LP/2007 LP Secondaries Global $76.3 $67.5 $15.3 $48.4 $33.0 N/A N/A N/A

New York State Common Retirement Fund 3/31/14 3/31/14 3/31/13 3/31/14 3/31/13

VCFA Group VCFA Private Equity Partners IV LP/2003 LP Secondaries U.S. $40.0 $38.0 $4.0 $36.1 $32.1 N/A N/A N/AVCFA Group VCFA Venture Partners V LP/2006 LP Secondaries U.S. $25.0 $23.3 $4.1 $19.9 $15.8 N/A N/A N/A

Oregon State Treasury 6/30/14 6/30/14 6/30/13 6/30/14 6/30/13

Coller Capital Coller International Partners VI LP/2011 LP Secondaries Global $100.0 $37.7 $5.8 $7.0 $1.2 N/A N/A N/AMontauk TriGuard Montauk TriGuard Fund III LP/2005 LP Secondaries U.S. $50.0 $46.0 $1.9 $41.2 $39.3 6.0 5.8 0.2Montauk TriGuard Montauk TriGuard Fund IV LP/2008 LP Secondaries U.S. $75.0 $61.5 $12.5 $43.2 $30.7 16.9 17.3 -0.4Montauk TriGuard Montauk TriGuard Fund V LP/2011 LP Secondaries U.S. $75.0 $32.3 $7.7 $10.5 $2.8 N/A N/A N/A

University of Texas Investment Management Co. 2/28/15 2/28/15 2/28/14 2/28/15 2/28/14

Pomona Capital Pomona Capital VI LP/2004 LP Secondaries U.S. $40.0 $35.6 $5.9 $31.3 $25.4 5.2 5.3 -0.1

The pension funds released disclaimers with the data, saying that IRRs don’t accurately reflect the expected future returns of the partnership and may vary depending on how they are calculated. The pension funds also said the comparison of IRRs is difficult because the industry doesn’t have standard valuation methods. Finally, the pension funds said that the IRRs aren’t especially meaningful in the early years of a partnership, and that their IRR calculations haven’t been approved by general partners. *Calculated by Dow Jones Private Equity Analyst using the data provided by the pension funds.


Meanwhile, Montauk TriGuard, which specializes in niche secondary transactions, had the highest internal rate of return in our sample. The firm’s 2008-vintage Montauk TriGuard Fund IV LP, which raised $332 million, managed to return $12.5 million in the year ended June 30, 2014, on a $75 million commitment by the Oregon State Treasury to the fund, garnering a 16.9% IRR. Montauk TriGuard focuses on small secondary transactions, as well as fund manager liquidity, tail-end portfolios and other specialty deals. n

Funds raised during the end of the last private equity boom period were some of the best at pumping out cash to their investors in 2014.

One caveat to this report, which looks at a small number of secondary fund holdings from the 2002-vintage year forward, is that our sample is too small to draw any definitive conclusions about the state of the secondary market and doesn’t include many smaller secondary funds, which typically don’t receive capital from large public pension funds.

Coller International Partners V LP, which closed in 2007 at $4.8 billion, continued to show its strength, returning $114.9 million on a $375 million commitment from the California Public Employees’ Retirement System for the year ended Sept. 30, 2014, according to a private equity performance report. Coller Capital has been busy over the past few years, scooping up various portfolios from banks and others looking to dispose of their private equity holdings, including most recently buying a portfolio of private equity fund stakes from Fleming Family & Partners, the manager that invests on behalf of the family of James Bond author Ian Fleming and other wealthy individuals.

Another fund returning a substantial amount of money to investors was NB Secondary Opportunities Fund II LP, a 2007-vintage fund that closed on $1.7 billion. The fund returned $32.5 million for the year ended Dec. 31, 2014, to the New Jersey State Investment Council on a commitment of $100 million.

Select Secondary Fund Performance Data Capital Capital Dist. in Year Name of Manager Fund/Vintage Year Fund Type Region Committed (M) Contributed (M) Ended (M)* Dist. as of (M) Dist. as of (M) Net IRR as of (%) Net IRR as of (%) lRR Change

California Public Employees’ Retirement System 9/30/14 9/30/14 9/30/13 9/30/14 9/30/13

Coller Capital Coller International Partners IV LP/2002 LP Secondaries Global $100.0 $88.4 $8.3 $111.7 $103.4 11.8 13.3 -1.5Coller Capital Coller International Partners V LP/2006 LP Secondaries Global $375.0 $314.2 $114.9 $264.1 $149.2 9.3 7.5 1.8Lexington Partners Lexington Middle Market Investors LP/2005 LP Secondaries U.S. $50.0 $49.5 $6.2 $49.5 $43.2 11.2 11.2 0.0W Capital Partners W Capital Partners LP/2003 Secondary Direct/Portfolio U.S. $25.0 $23.7 $0.0 $16.6 $16.6 -5.5 -4.6 -0.9W Capital Partners W Capital Partners II LP/2007 Secondary Direct/Portfolio U.S. $141.1 $126.1 $11.9 $118.9 $107.1 12.0 14.4 -2.4

Montana Board of Investments 9/30/14 9/30/14 9/30/13 9/30/14 9/30/13

Adams Street Partners Adams Street Global Oppty Secondary Fund/2003 LP Secondaries Global $25.0 $19.7 $2.5 $25.3 $22.8 10.4 11.2 -0.7

New Jersey State Investment Council 12/31/14 12/31/14 12/31/13 12/31/14 12/31/13

Neuberger Berman NB Secondary Opportunities Fund II LP/2007 LP Secondaries U.S. $100.0 $102.1 $32.5 $97.7 $65.2 N/A N/A N/ALexington Partners Lexington Capital Partners VI LP/2005 LP Secondaries Global $50.0 $50.7 $7.8 $45.1 $37.3 N/A N/A N/APartners Group Partners Group Secondary 2006 LP/2006 LP Secondaries Global $54.5 $53.0 $7.1 $48.0 $40.9 N/A N/A N/APartners Group Partners Group Secondary 2008 LP/2007 LP Secondaries Global $76.3 $67.5 $15.3 $48.4 $33.0 N/A N/A N/A

New York State Common Retirement Fund 3/31/14 3/31/14 3/31/13 3/31/14 3/31/13

VCFA Group VCFA Private Equity Partners IV LP/2003 LP Secondaries U.S. $40.0 $38.0 $4.0 $36.1 $32.1 N/A N/A N/AVCFA Group VCFA Venture Partners V LP/2006 LP Secondaries U.S. $25.0 $23.3 $4.1 $19.9 $15.8 N/A N/A N/A

Oregon State Treasury 6/30/14 6/30/14 6/30/13 6/30/14 6/30/13

Coller Capital Coller International Partners VI LP/2011 LP Secondaries Global $100.0 $37.7 $5.8 $7.0 $1.2 N/A N/A N/AMontauk TriGuard Montauk TriGuard Fund III LP/2005 LP Secondaries U.S. $50.0 $46.0 $1.9 $41.2 $39.3 6.0 5.8 0.2Montauk TriGuard Montauk TriGuard Fund IV LP/2008 LP Secondaries U.S. $75.0 $61.5 $12.5 $43.2 $30.7 16.9 17.3 -0.4Montauk TriGuard Montauk TriGuard Fund V LP/2011 LP Secondaries U.S. $75.0 $32.3 $7.7 $10.5 $2.8 N/A N/A N/A

University of Texas Investment Management Co. 2/28/15 2/28/15 2/28/14 2/28/15 2/28/14

Pomona Capital Pomona Capital VI LP/2004 LP Secondaries U.S. $40.0 $35.6 $5.9 $31.3 $25.4 5.2 5.3 -0.1

The pension funds released disclaimers with the data, saying that IRRs don’t accurately reflect the expected future returns of the partnership and may vary depending on how they are calculated. The pension funds also said the comparison of IRRs is difficult because the industry doesn’t have standard valuation methods. Finally, the pension funds said that the IRRs aren’t especially meaningful in the early years of a partnership, and that their IRR calculations haven’t been approved by general partners. *Calculated by Dow Jones Private Equity Analyst using the data provided by the pension funds.

Private Equity Performance Over Time

Performance represents end-to-end pooled mean return, net to limited partners, as of Sept. 30, 2014. Source: Cambridge Associates

0

5

10

15

20

25%

S&P 500Secondary Funds

U.S. Venture Funds

U.S. Private Equity

U.S. Buyout & Growth Equity Funds

15-year10-year5-year3-year1-yearYTD3Q14

1.80

9.90

18.51 17.91 17.46

14.03

11.57

1.66

10.21

18.09 17.0416.78

14.11

11.72

2.44

10.80

24.46

15.20 14.92

9.95 10.01

0.70

6.72

14.70

11.22

14.2511.79

12.12

1.13

8.34

19.73

22.99

15.70

8.11

4.87

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Private Equity Analyst • VentureWire • LBO Wire

Guide to the Secondary Market [ 33 ]Guide to the Secondary Market [ 33 ]

Andrei Brougham is a vice president at Greenhill Cogent, the secondary advisory business of Greenhill & Co. Mr. Brougham is responsible for all aspects of client engagements and transaction execution, including the preparation of engagement materials, valuation analysis, due diligence, structuring, marketing and closing.

Prior to joining Greenhill Cogent, Mr. Brougham was an investment banker with Dresdner Kleinwort in its mergers and acquisitions group, where he focused on transactions in the financial services sector. Mr. Brougham holds a B.A. in philosophy, politics and economics from the University of Oxford.

Until recently, stakes in buyout funds accounted for the majority

of funds sold in the secondary market. Although still an important source of supply today, the prevalence of buyout funds – which now represent just under half of all secondary sales by number – has given way to other private equity strategies.

As a result, limited partners now have the opportunity to use the market to provide liquidity for any part of their alternative asset portfolios. This was demonstrated in 2014 by a dramatic surge in real estate secondaries.

Historically hampered by a small buyer universe and weak pricing, the secondary market for real estate funds used to be very thin. As recently as 2010, average pricing for such funds was less than 50% of net asset value, and many real estate funds marketed failed to receive bids, resulting in dwindling volumes. By 2014, the transaction volume of real estate secondaries surged to $4 billion globally, the highest level ever recorded. Even more striking, LPs were able to fetch a whopping 90% of NAV on average for their real estate portfolios, also a record.

What explains this dramatic rise in volume and pricing for what was until recently considered a niche segment? Firstly, there has been a sharp influx of real estate buyers over the past four years, as investors have been drawn to the sector – not just to diversify away from large-cap buyouts, but also to gain exposure to a fast-growing sector of alternatives. Secondly, because of the health of the commercial real estate market and a strengthening overall economy, real estate valuations have rebounded sharply since the financial crisis. According to data provider Preqin Ltd., real estate assets under management reached a record $742 billion as of 2014, and real estate funds saw an average increase in NAV for 17 straight quarters to June 2014. Real estate funds generated annualized returns of 16.7% over the past three years, with 93% of institutional investors stating that fund performance has met or exceeded expectations.

As a result of the continued strong performance of real estate funds, the market for real estate secondaries is the deepest it has ever been. Specialized real estate investors and dedicated real estate secondary funds remain the most active buyers in the sector, and their number and fund sizes have continued to swell. Some of the larger groups have seen commitments to their funds nearly double in the past few years, and today these buyers collectively command about $7 billion in dry powder dedicated to real estate secondaries. Not captured by this figure, however, are the many funds of funds and typical LPs – such as family offices and endowments – who also have entered the market as serious buyers.

The upshot of more buyers in the market has been record pricing. More than 50% of real estate funds transacted in

2014 attracted bids at 90% of NAV or higher, and 95% received bids at 80% of NAV or higher. The increasing number of buyers alone has raised competition within the asset class, but more importantly, the sector expertise introduced by specialized buyers has elevated the market’s underwriting capabilities and narrowed previously wide bid-ask spreads. Specialized real estate investors remain the dominant buyer group in the market and have proven themselves willing to pay up for diversified real estate portfolios. As the market matures, newer entrants such as funds of funds and typical LPs are expected to begin competing more aggressively, as they benefit from a lower cost of capital and unique insight into funds and underlying assets.

The composition of the market for real estate secondaries closely mirrors the primary fundraising market. Three-fifths of the real estate funds sold in the secondary market invest in North America, a third in Europe and the remainder in Asia and the rest of the world. Opportunistic and value-added real estate funds are dominant, and each account for one-third of the total market supply. General partner-led transactions (such as fund recapitalizations) have become common place in the buyout space and eventually are expected to become more widely adopted by real estate managers looking to expand their time horizons or maximize the value of older funds.

The rise of the secondary market has equipped LPs with a powerful liquidity tool that now encompasses all alternative asset fund strategies. The tremendous growth of real estate secondaries over the past few years is a testament to that. A burgeoning buyside with sector-specific expertise has brought increased competition, fresh dry powder and strong pricing to a previously illiquid alternatives strategy. Similar developments are taking place in other alternative asset strategies such as energy, infrastructure, credit and funds of funds, and the secondary market is primed to become even more diverse over time.

Sponsored Article

The Rise of Real Estate SecondariesBy ANDREI BROUGHAM of Greenhill Cogent


17Capital LLP32 Grosvenor Gardens London SW1W 0DH U.K. Phone: 44-20-7493-2462 www.17capital.com

Key personnelPierre-Antoine de Selancy, Managing Partner [email protected]

Augustin Duhamel, Managing Partner [email protected]

Robert de Corainville, Partner [email protected]

OverviewTotal assets under management €800 million (preferred equity funds)

Funds being invested17Capital Fund III Size €500 million Year closed 2014

17Capital Fund II Size €208 million Year closed 2012

17Capital Fund I Size €88 million Year closed 2010

Investment criteriaMinimum investment €5 million

Maximum investment €300 million

Abbott Capital Management1290 Ave. of the Americas, Ninth Floor New York, NY 10107 Phone: 212-757-2700 www.abbottcapital.com

Key personnelMartha Cassidy, Director [email protected]

Meredith Rerisi, Managing Director [email protected]

Len Pangburn, Principal [email protected]

Abu Dhabi Investment Authority211 Corniche Road, P.O. Box 3600 Abu Dhabi, UAE Phone: 971-2-415-0000 Fax: 971-2-415-1000 www.adia.ae

Key personnelMohammed Anwer Farooqi, Head, Secondaries & Private Debt [email protected]

Richard Chow, Portfolio Manager, Secondaries [email protected]

Richard Holden, Portfolio Manager, Credit [email protected]

Emilio Olmos, Portfolio Manager, Secondaries [email protected]

OverviewMinimum investment $50 million

Participation in syndicates? Yes

Access Capital Partners121 ave. des Champs Elysées Paris 75008 France Phone: 33-1-56-43-61-00 Fax: 33-1-56-43-61-01 www.access-capital-partners.com

Branch officesIT Tower, Ave. Louise 480 Brussels 1050 Belgium Phone: 32-2-290-87-20 Fax: 32-2-290-87-21

Central Court, 25 Southampton Buildings London WC2A IAL U.K.

Eteläesplanadi 12 Helsinki 130 Finland Phone: 358-9-6877-0700 Fax: 358-9-6877-0799

Ludwig-Ganghofer-Strasse 6 Grünwald 82031 Germany Phone: 49-89-6938-6228 Fax: 49-89-6938-6228-9

One Royal Plaza, Royal Ave. Guernsey GY1 2HL U.K. Phone: 44-14-8171-3843

Overview2014 secondary capital invested $60 million

Capital investment plans in 2015 $50 million-%75 million

Transaction value of largest deal closed in 2014 $18 million

Investment criteriaMinimum investment $1 million

Maximum investment $60 million


Secondary directsDoes your firm also participate in secondary direct activities? Yes

Aberdeen SVG Private Equity1735 Market St., 32nd Floor Philadelphia, PA 19103 Phone: 215-405-5700 www.aberdeensvg.com

Key personnelMarc Bonavitacola, Head of US Private Equity [email protected]

OverviewTotal secondary assets under management $650 million




Secondary directsDoes your firm also participate in secondary direct activities? No

Secondary Market Buyer Listings

uTO REPORT ISSUES OR CONTENT CORRECTIONS to the information contained within the following guides, contact the Dow Jones Private Markets Research department at [email protected].


77 Jianguo Road, Level 24, Tower 3, China Central Place Beijing 100025 China Phone: 86-10-8587-2312 Fax: 86-10-8588-0110

2500 Sand Hill Road, Suite 100 Menlo Park, CA 94025 Phone: 650-331-4860 Fax: 650-331-4861

1-7-2 Otemachi Chiyoda-Ku, Level 27 Tokyo Sankei Building Tokyo 100-0004 Japan Phone: 81-3-3242-3242 Fax: 81-3-3242-3246

Key personnelJason Gull, Partner & Head of Secondary Investments [email protected]

Jeff Akers, Partner [email protected]

Troy Barnett, Partner [email protected]

Greg Holden, Partner [email protected]

Pinal Nicum, Partner [email protected]

Joe Goldrick, Principal [email protected]

Charlie Denison, Principal [email protected]


Select institutional backersHarbourVest Partners

ACG Capital49 Ave. d’Iéna Paris 75116 France Phone: 33-1-53-93-51-51 Fax: 33-1-53-93-51-52 www.acg-capital.com [email protected]

OverviewParticipation in syndicates? Yes

Adams Street Partners LLCOne North Wacker Drive, Suite 2200 Chicago, IL 60606 Phone: 312-553-7890 Fax: 312-553-7891 www.adamsstreetpartners.com [email protected]

Branch offices75 Davies St., Fourth Floor London W1K 5JN U.K. Phone: 44-20-7659-7700 Fax: 44-20-7659-7701

250 North Bridge Road, #140-2 Raffles City Tower Singapore 17901 Singapore Phone: 65-6303-8730 Fax: 65-6303-8740

Key personnelDominique Peninon, Chairman

Agnès Nahum, Managing Partner

Philippe Poggioli, Managing Partner

Alexandre Delos, Partner, Buyouts

Mikko Moilanen, Partner, Buyouts

Frédéric Evain, Partner, Buyouts

Aymeric Paul, Partner, Infrastructure

Martial Lauby, Partner, Private Debt & Mezzanine

Cécile Croissant, Partner, Investor Relations & Communication

OverviewParticipation in syndicates? No

Accretive Capital Partners777 S. Flagler Drive, Suite 800 W. West Palm Beach, FL 33401 Phone: 561-894-1146 Fax: 561-894-1151 www.accretiveexit.com

Key personnelEdwin Wang, Senior Managing Director [email protected]


Maximum investment $200 million+


Abbott Capital Management 34

Accretive Capital Partners 35

Adams Street Partners LLC 35

Alpha Associates AG 36

AlpInvest Partners 36

Apposite Capital 37

Arcano Capital 37

ARCIS Group 37

Ardian 37

Auda Private Equity LLC 38

Bowside Capital 39

Coller Capital 39

Committed Advisors 39

Commonfund 40

DB Private Equity 40

Fondinvest Capital 41

Fort Washington Capital Partners 41

Galgano Corporate Finance 41

Goldman Sachs Group Inc. 42

Greenspring Associates 42

Hamilton Lane 42

HarbourVest Partners LLC 42

Idinvest Partners 43

IKE Capital Group 44

Industry Ventures 44

J.P. Morgan Asset Management 44

Kensington Capital Partners Ltd. 45

Lexington Partners 45

LGT Capital Partners 46

MidCoast Capital LLC` 46

Montana Capital Partners 46

Morgan Stanley Alternative Investment Partners 48

Mustang Capital Partners 48

Neuberger Berman 48

Newbury Partners 49

NewQuest Capital Partners 49

Northern Trust 49

Northleaf Capital Partners 50

Pantheon 50

Partners Group 50

PEI Funds 51

Permal Capital Management LLC 51

Pomona Capital 52

Portfolio Advisors LLC 53

Shackleton Ventures Ltd. 54

Sobera Capital 54

Stafford Capital Partners 54

StepStone Group 55

Top Tier Capital Partners 56

VCFA Group 56

Vintage Investment Partners 57

Willowridge Partners Inc. 57

Select Buyers Also Investing in Secondary Directs


AlpInvest Partners299 Park Ave., Floor 36 New York, NY 10017 Phone: 212-332-6240 Fax: 212-332-6241 www.alpinvest.com [email protected]

Branch officesJacthavenweg 118 Amsterdam 1081-KJ Netherlands Phone: 31-20-540-7575 Fax: 31-20-540-7500

701 Citibank Tower, 3 Garden Road Hong Kong, China Phone: 852-2878-7099 Fax: 852-2878-7009

Key personnelChris Perriello, Managing Director [email protected]

OverviewTotal secondary assets under management $9,700 million

2013 secondary capital invested $1,500 million


Capital investment plans in 2015 $1,500 million


Funds being investedAlpInvest Secondary Program V Size $4,500 million Year closed 2013

Future fundraising plansAlpInvest Secondary Program V Size $5,000 million Anticipated close date 2016


Maximum investment $1,000 million



Investment preferences

Minimum $10 million

Maximum $1,000 million

Select institutional backersAPG, PGGM, Horeca, Municipal Employees Retirement System of Michigan

Key personnelAndress Goh, Investment Manager [email protected]

OverviewMinimum investment €20 million



Alpha Associates AGTalstrasse 80 Zurich 8004 Switzerland Phone: 41-43-244-3100 Fax: 41-43-244-3101 www.alpha-associates.ch [email protected]

Key personnelEmanuel Eftimiu, Investor Relations Associate [email protected]

OverviewTotal secondary assets under management €168 million

2013 secondary capital invested €23.3 million

Capital investment plans in 2015 €11.4 million

Transaction value of largest deal closed in 2014 €10 million

Funds being investedAlpha Russia & CIS LP Size $107 million Year closed 2009






Minimum €5 million

Maximum €25 million

Select institutional backersU.S. Foundations


2013 secondary capital invested $206 million


Capital investment plans in 2015 $500 million


Funds being investedAdams Street Global Secondary Fund V LP Size $1,050 million Year closed 2013

Adams Street Partners 2013 Annual Global Program Size $146 million (Size of allocation for secondary transactions) Year closed 2013







Minimum $5 million

Allianz Capital Partners GmbHTheresienstrasse 6-8 Munich 80333 Germany Phone: 49-89-3800-7010 Fax: 49-89-3800-19436 www.allianzcapitalpartners.com [email protected]

Branch offices1633 Broadway New York, NY 10105 Phone: 212-938-0630

12 Marina View 14-01 Singapore 18961 Singapore Phone: 65-6395-8602


Funds being investedFund II Size €91 million Year closed 1999

Fund III Size €175 million Year closed 2004

Fund IV Size €354 million Year closed 2008

Future fundraising plansFund V Size €350 million Anticipated close date N/A





Ardian20 Place Vendôme Paris 75001 France Phone: 33-1-41-71-92-00 Fax: 33-1-41-71-92-99 www.ardian-investment.com [email protected]

Branch offices1370 Ave. of the Americas New York, NY 10019 Phone: 212-641-8604

1 Grafton St. London W1S 4FE U.K. Phone: 44-20-7154-4300

Bahnhofstrasse 20 Zurich 8001 Switzerland Phone: 41-44-213-2727

An der Welle 4 Frankfurt 60322 Germany Phone: 49-69-505-041-500

No.1 Jian Guo Men Wai Ave., Unit 20-22, Level 47, China World Tower Beijing 100004 China Phone: 86-10-6580-9000

Key personnelDominique Senequier, President

Vincent Gombault, Head of Funds of Funds & Private Debt

Benoit Verbrugghe, Head, U.S.

Olivier Decanniere, Head, U.K.

Franck Nguyen, Senior Managing Director, Funds of Funds

Key personnelJose Luis del Rio, Managing Partner [email protected]

Ricardo Miró Quesada, CIO [email protected]

Gonzalo Eguiagaray, Investment Officer [email protected]


2014 secondary capital invested €50 million-€100 million

Capital investment plans in 2015 €50 million-€100 million





Minimum $1 million

ARCIS Group170-173 Piccadilly London W1J 9EJ U.K. Phone: 44-20-7494-2110 Fax: 44-20-7494-2105 www.arcisgroup.com

Branch offices30 rue Galilée Paris 75116 France Phone: 33-1-47-23-88-62 Fax: 33-1-47-23-88-55

509 Madison Ave., Suite 1602 New York, NY 10022 Phone: 212-838-0136 Fax: 212-838-0137

Key personnelHenri Isnard, Managing Director [email protected]

Mark Burch, Managing Director [email protected]

Romain Bouché, Partner [email protected]


2013 secondary capital invested €30 million

Altius Associates20 Grosvenor Place London SW1X 7HN U.K. Phone: 44-20-7838-7640 Fax: 44-20-7838-7699 www.altius-associates.com [email protected]

Branch offices6641 W. Broad St., Suite 402 Richmond, VA 23230 Phone: 804-282-9000 Fax: 804-282-6767

#41-03, OCBC Centre, 65 Chulia St. Singapore 49513 Singapore Phone: 65-3152-9200 Fax: 65-3152-9220

Key personnelElvire Perrin, Partner & Executive Director [email protected]

OverviewMaximum investment $20 million

Participation in syndicates? No

Apposite Capital1 Friday St., Bracken House London EC4M 9JA U.K. Phone: 44-20-7090-6190 www.appositecapital.com [email protected]

Key personnelValerie Auffray, Investor Relations [email protected]

David Porter, Managing Partner [email protected]



Arcano CapitalLopez de Hoyos 42 Madrid 28006 Spain Phone: 34-91-700-3880 Fax: 34-91-700-3881 www.arcanogroup.com [email protected]

Branch offices477 Madison Ave., Suite 1230 New York, NY 10022 Phone: 646-599-9600 Fax: 646-599-9599


Key personnelAhmad Ali, Managing Director [email protected]

Howard Sanders, Managing Director [email protected]

Christopher Salley, Managing Director [email protected]




BEX Capital22 rue de la Paix Paris 75002 France Phone: 33-1-43-12-98-53 www.bexcapital.com [email protected]

Key personnelBenjamin Revillon, Managing Partner [email protected]

Mathieu Bonnet, Investment Manager [email protected]


Investment criteriaMinimum investment €0.5 million




BlackRock Private Equity Partners40 E. 52nd St., Second Floor New York, NY 10022 Phone: 212-810-5300 www.blackrock.com

Key personnelSteven Baumgarten, Director, Investor Relations [email protected]

One Exchange Square, 8 Connaught Place, Suite 1704, 17th Floor Hong Kong, China Phone: 852-2869-2219 Fax: 852-2869-2237

No. 1266 West Nanjing Road, 15th Floor, Tower 2, Plaza 66, Suite 1578 Shanghai 200040 China Phone: 86-21-6039-8321 Fax: 86-21-6039-8388

Portland House, Bressenden Place London SW1E 5RS U.K. Phone: 44-20-7869-8005 Fax: 44-20-7869-8001

Key personnelTim Brody, Managing Director [email protected]

Marissa Rocker, Senior Associate [email protected]





Funds being investedAuda Secondary Fund III LP Size $332 million Year closed 2013

Various Auda Vehicles (Secondary Allocation) Size $40 million Year closed Various

Investment criteriaParticipation in syndicates? Yes


Auldbrass Partners410 Park Ave., Suite 1510 New York, NY 10022 Phone: 212-213-0243 www.auldbrasspartners.com [email protected]

Branch offices224 S. Michigan, Suite 425 Chicago, IL 60604 Phone: 312-361-3520

Mark Benedetti, Managing Director, Funds of Funds

Vladimir Colas, Managing Director, Funds of Funds

Ingmar Vallano, Managing Director, Funds of Funds

Jan Philipp Schmitz, Managing Director, Funds of Funds


Transaction value of largest deal closed in 2014 $2,380 million

Funds being investedASF VI Size $9,000 million Year closed 2014

ASF V Size $7,100 million Year closed 2011

AXA Early Secondary Fund V Size $700 million Year closed 2012

AXA Early Secondary Fund IV Size $700 million Year closed 2007





AssetMetrix GmbHOttostrasse 1 Munich 80333 Germany Phone: 49-89-543-2880-0 www.asset-metrix.com

Key personnelMoritz Haarmann, Analyst

Auda Private Equity LLC888 Seventh Ave., Floor 41 New York, NY 10106 Phone: 212-863-2300 Fax: 212-593-2974 www.auda.com [email protected]

Branch officesAm Pilgerrain 17 Bad Homburg 61352 Germany Phone: 49-61-72-402-801 Fax: 49-61-72-402-809


Key personnelJeremy Coller, CIO [email protected]



Funds being investedColler International Partners VI Size $5,500 million Year closed 2012

Coller International Partners V Size $4,800 million Year closed 2007

Coller International Partners IV Size $2,600 million Year closed 2002





Committed Advisors9 rue Daru Paris 75007 France Phone: 33-1-72-28-35-30 www.committedadvisors.com

Key personnelDaniel Benin, Managing Partner [email protected]

Barthelemy de Beaupuy, Managing Partner [email protected]

JB Stock, Partner [email protected]

Guillaume Valdant, Partner [email protected]


Funds being investedCommitted Advisors Secondary Fund II Size $500 million Year closed 2014




Capital Dynamics645 Madison Ave., 19th Floor New York, NY 10022 Phone: 212-798-3400 Fax: 212-798-3499 www.capdyn.com

Key personnelJoseph Marks, Managing Director [email protected]










CMS Fund Advisors LLC308 E. Lancaster Ave., Suite 300 Wynnewood, PA 19096 Phone: 610-896-2080 Fax: 610-896-3339 www.cmsco.com [email protected]

Key personnelWilliam A. Landman, CIO [email protected]

Coller Capital33 Cavendish Square London W1G 0TT U.K. Phone: 44-20-7631-8500 www.collercapital.com

Branch offices950 Third Ave. New York, NY 10022 Phone: 212-644-8500

Two International Finance Centre, Level 19 Central Hong Kong, China Phone: 852-2251-1594

Bowside Capital211 King St., Suite 204 Charleston, SC 29401 Phone: 843-725-7500 Fax: 212-214-0744 www.bowsidecapital.com

Key personnelChristian Albert, Managing Partner [email protected]

Funds being investedBowside Capital Fund III LP Size $37.7 million Year closed 2014

Investment criteriaMinimum investment $0.25 million





Minimum $0.25 million

Maximum $5 million

California Public Employees’ Retirement System400 Q St. Sacramento, CA 95811 Phone: 916-795-3400 www.calpers.ca.gov [email protected]

Key personnelWylie A. Tollette, Chief Operating Investment Officer

California State Teachers’ Retirement System100 Waterfront Place Sacramento, CA 95605 Phone: 800-228-5453 Fax: 916-414-5040 www.calstrs.ca.gov

Key personnelChristopher J. Ailman, CIO


DB Private EquityPinners Hall, 105/108 Old Broad St. London EC2N 1EN U.K. Phone: 44-20-7545-8000 www.dbpe.com [email protected]

Branch offices345 Park Ave. New York, NY 10154

Key personnelCarlo Pirzio-Biroli, Co-Head, Private Equity Secondaries [email protected]

Charles Smith, Co-Head, Private Equity Secondaries [email protected]

Adam Graev, Managing Director, Head of Americas [email protected]

Chi Cheung, Director, Head of Europe [email protected]

Francesco Rigamonti, Director [email protected]

Deirdre Davies, Director [email protected]




Funds being investedDB SOF III Size $1,650 million Year closed 2014





CPP Investment Board1 Queen St. E., Suite 2500 Toronto M5C 2W5 Canada Phone: 416-479-5557 www.cppib.com

Branch offices40 Portman Square, Second Floor London W1H 6LT U.K.

Key personnelYann Robard, Managing Director, Head of Secondaries & Co-Investments [email protected]

Neal Costello, Senior Principal [email protected]

Giorgio Riva, Principal [email protected]







Maximum investment No limit



Cubera Private EquitySveavägen 17, 12th Floor Stockholm 11157 Sweden Phone: 46-8-411-9033 www.cubera.se

Key personnelTill Gutzen, Partner [email protected]





Minimum $1 million

Maximum $100 million

Commonfund15 Old Danbury Road Wilton, CT 06820 Phone: 203-563-5116 www.commonfund.org

Branch officesNo. 3 Xin Yuan South Road, 17th Floor, Ping An International, Financial Tower B Beijing 100027 China

1 Northumberland Ave., First Floor, Trafalgar Square London WC2N 5BW U.K.

1 Embarcadero Center, Suite 1160 San Francisco, CA 94111

Key personnelCari Lodge, Managing Director [email protected]

Greg Jansen, Managing Director [email protected]

OverviewMinimum investment No minimum





Minimum No minimum


Commonwealth of PA, Public School Employees’ Retirement System5 North 5th St., Fourth Floor Harrisburg, PA 17101 Phone: 717-787-8540 Fax: 717-772-3860 www.psers.state.pa.us [email protected]

Key personnelCharles Spiller, Managing Director [email protected]



2013 secondary capital invested $32.6 million


Capital investment plans in 2015 $53.7 million


Funds being investedFort Washington Private Equity Opportunities Fund III LP Size $150 million Year closed 2014

Fort Washington Private Equity Opportunities Fund II LP Size $93 million Year closed 2008

WSL Partners LP Size $60 million Year closed 2003





Select institutional backersWestern & Southern Financial Group

Galgano Corporate Financevia Santo Stefano 17 Bologna 40121 Italy Phone: 39-05-122-3985 Fax: 39-05-123-1238 www.corporatefinance.it

Key personnelKatia Mengozzi, CFO [email protected]







Fondinvest Capital33 rue de la Baume, Second Floor Paris 75008 France Phone: 33-1-58-36-48-00 Fax: 33-1-58-36-48-28 www.fondinvest.com [email protected]

Key personnelCharles Soulignac, Managing Partner [email protected]


Future fundraising plansFondinvest X Size €500 million Anticipated close date Q3/Q4 2015





Fort Washington Capital Partners303 Broadway, Suite 1200 Cincinnati, OH 45202 Phone: 513-361-7656 Fax: 513-361-7605 www.fwcapital.com

Key personnelPhil Johnson, Senior Investment Manager [email protected]

Joe Woods, Managing Director, Head of Secondary Investments [email protected]

Paul Cohn, Managing Director [email protected]

DuPont Capital ManagementOne Righter Parkway, Suite 3200 Wilmington, DE 19803 Phone: 302-477-6000 Fax: 302-477-6010 www.dupontcapital.com

Key personnelCarmen Gigliotti, CFA, Senior Advisor [email protected]

Equistone Partners EuropeCondor House, St Paul’s Churchyard London EC4M 8AL U.K. Phone: 44-20-7653-5300 Fax: 44-20-7653-5301 www.equistonepe.com

Branch officesBank House, Eight Cherry St., First Floor Birmingham B2 5AL U.K. Phone: 44-12-1631-4220 Fax: 44-12-1631-1071

Centre d’affaires Paris-Trocadéro, 112 Ave. Kléber Paris 75116 France Phone: 33-1-56-69-43-43 Fax: 33-1-56-69-43-44

Key personnelSimon Brown, CFO [email protected]

F&C Investment Business Ltd.80 George St. Edinburgh EH2 3BU U.K. Phone: 44-20-7628-8000 www.fandc.com/privateequity [email protected]

Key personnelRichard Nairn, Director, Private Equity Funds [email protected]














Minimum $5 million


HarbourVest Partners LLCOne Financial Center, 44th Floor Boston, MA 02111 Phone: 617-348-3707 Fax: 617-350-0305 www.harbourvest.com [email protected]

Branch officesChina World Tower, One Jianguomenwai Ave., Suite 5608, 56th Floor Beijing 100004 China Phone: 86-10-5706-8600 Fax: 86-10-5706-8601

Carrera 7 #113-43, Oficina #904, Edificio Samsung Bogotá, Colombia Phone: 571-552-14-00

Citibank Tower, 3 Garden Road, Suite 1207 Central Hong Kong, China Phone: 852-2525-2214 Fax: 852-2525-2241

Berkeley Square House, Eighth Floor London W1J 6DB U.K. Phone: 44-20-7399-9820 Fax: 44-20-7399-9840

Marunouchi Building, 26th Floor, 2-4-1 Marunouchi, Chiyoda-ku Tokyo 100-6326 Japan Phone: 81-3-3284-4320 Fax: 81-3-3217-1077




Funds being investedGreenspring Global Partners VI Size $399 million Year closed 2014

Greenspring Secondaries Fund I Size $87 million Year closed 2014

Future fundraising plansGreenspring Global Partners VII Size $450 million Anticipated close date 2015






Minimum $1 million

Maximum $30 million

Hamilton LaneOne Presidential Blvd., Fourth Floor Bala Cynwyd, PA 19004 Phone: 610-934-2222 Fax: 610-617-9853 www.hamiltonlane.com

Branch offices8-10 Great George St. London SW1P 3AE U.K. Phone: 44-20-7340-0100 Fax: 44-20-7340-0135

St Georges Building, 2 Ice House St., Room 1001-3, 10th Floor Hong Kong, China Phone: 852-3987-7191 Fax: 852-3987-7198

610 Fifth Ave., Suite 401 New York, NY 10020 Phone: 212-752-7667 Fax: 212-752-7865

Key personnelTom Kerr, Managing Director [email protected]

Ryan Cooney, Vice President [email protected]

Goldman Sachs Group Inc.200 West St. New York, NY 10282 Phone: 212-902-1000 www.gs.com [email protected]

Branch officesRiver Court, 120 Fleet St. London EC4A 2BE U.K.

555 California St. San Francisco, CA 94104

Cheung Kong Center, 2 Queen’s Road, 68th Floor Hong Kong, China

295 Chipeta Way Salt Lake City, UT 84108

Rua Leopoldo Couto Magalhães Junior Sao Paulo 04542-000 Brazil

Key personnelHarold Hope, Managing Director [email protected]

Michael Brandmeyer, Managing Director [email protected]

Stephen Lessar, Managing Director [email protected]





Greenspring Associates100 Painters Mill, Suite 700 Owings Mills, MD 21117 Phone: 410-363-2725 www.greenspringassociates.com [email protected]

Key personnelHunter Somerville, Principal [email protected]

Brooke Pollack, Associate [email protected]


Horsley Bridge Partners505 Montgomery St., 21st Floor San Francisco, CA 94111 Phone: 415-986-7733 Fax: 415-986-7744 www.horsleybridge.com [email protected]

Key personnelFred Berkowitz, Managing Director [email protected]

Idinvest Partners117 ave. des Champs Elysèes, Fifth Floor Paris 75008 France Phone: 33-1-58-18-56-56 Fax: 33-1-58-18-56-89 www.idinvest.com

Key personnelChristophe Simon, Partner [email protected]




Funds being investedIdinvest Secondary Fund II Size €250 million Year closed 2013

Future fundraising plansIdinvest Secondary Fund III Size €500 million Anticipated close date 2015








Headlands Capital Management LLCOne Ferry Building, Suite 255 San Francisco, CA 94111 Phone: 415-263-7313 www.headlandscap.com [email protected]

Headway Capital Partners LLP25 Maddox St., Second Floor London W1S 2QN U.K. Phone: 44-20-7518-8888 Fax: 44-20-7900-3160 www.headwaycap.com [email protected]

Key personnelLaura Shen Lefranc, Cofounder & Partner [email protected]




Helmsman Capital23 Hunter St., Suite 503 Sydney, NSW 2000 Australia Phone: 61-292-397-8120 Fax: 61-292-398-199 www.helmsman.com.au [email protected]

Key personnelIan Johnson, Managing Director [email protected]

Henderson Global Investors201 Bishopsgate London EC2M 2AE U.K. Phone: 44-20-7818-2965 Fax: 44-20-7818-7310 www.henderson.com/home/private_capital

Branch officesJardine House, One Connaught Place, Suites 4105-4108 Hong Kong, China Phone: 852-2905-5188 Fax: 852-2905-5199

Key personnelGuy Pigache, Partner [email protected]

Key personnelJeff Keay, Managing Director - Boston [email protected]

Brett Gordon, Managing Director - Boston [email protected]

Fred Maynard, Managing Director - Boston [email protected]

Mike Pugatch, Managing Director - Boston [email protected]

John Toomey, Managing Director - Boston [email protected]

Kevin Warn Schindel, Managing Director - Boston [email protected]

David Atterbury, Managing Director - London [email protected]

Peter Wilson, Managing Director - London [email protected]

Tim Flower, Managing Director - Hong Kong [email protected]

Sally Shan, Managing Director - Beijing [email protected]

Tatsuya Kubo, Managing Director - Tokyo [email protected]






Funds being investedDover Street Investment Program


Maximum investment $1,000 million+




Key personnelStephen Vicinelli, Managing Director & Deputy CIO [email protected]




J.P. Morgan Asset Management320 Park Ave., 15th Floor New York, NY 10022 Phone: 212-648-2313 Fax: 212-648-0075

Key personnelAmanda Wilson, Executive Director [email protected]

Anthony Roscigno, Managing Director [email protected]

Dana Haimoff, Managing Director [email protected]

Irene Koh, Vice President [email protected]



Jolimont Capital Pty Ltd.133 Flinders Lane, Level One Melbourne, VIC 3000 Australia Phone: 61-38-199-2700 Fax: 61-39-639-5228 www.jolimontcapital.com.au

Key personnelCharles Gillies, Managing Partner [email protected]

Lex McArthur, Managing Partner [email protected]

Teresa Engelhard, Managing Partner [email protected]

Carol Sullivan, CFO [email protected]




Industry Ventures30 Hotaling Place, Third Floor San Francisco, CA 94111 Phone: 415-273-4201 www.industryventures.com [email protected]

Branch offices204 South Union St. Alexandria, VA 22314

Key personnelLena McNulty, Investor Relations [email protected]


Funds being investedIndustry Ventures Fund VI Size $404 million Year closed 2011

Industry Ventures Partnership Holdings II Size $54 million Year closed 2011

Industry Ventures Secondary VII Size $425 million Year closed 2013

Industry Ventures Partnership Holdings III LP Size $170 million Year closed 2014


Invesco Institutional1555 Peachtree St. NE, Suite 1800 Atlanta, GA 30309 Phone: 404-479-1095 www.institutional.invesco.com

Key personnelMary Frances Kelley, General Partner [email protected]

Phillip M. Shaw, General Partner [email protected]

Investment Fund for Foundations170 N. Radnor Chester Rd., Suite 300 Radnor, PA 19087 Phone: 610-684-8200 Fax: 610-684-8210 www.tiff.org [email protected]

IKE Capital Group100 Wilshire Blvd. Santa Monica, CA 90401 www.icapitalgroup.us

Key personnelSimonetta Bonaventura, CMO [email protected]



Industriens Pensionsforsikring A/SNoerre Farimagsgade 3 Copenhagen 1364 Denmark Phone: 45-33-66-80-80 Fax: 45-33-66-80-90 www.industrienspension.dk

Key personnelSoren Thinggaard Hansen, Head of Private Equity [email protected]

Kasper Struve, Director, Private Investments [email protected]

Christian Broenden, Director, Private Investments [email protected]









Pål Ristvedt, Partner [email protected]

John Rudge, Partner [email protected]

Lee Tesconi, Partner [email protected]

Wilson Warren, Partner [email protected]

Victor Wu, Partner [email protected]

Mark Andrew, Principal [email protected]

Anthony Garton, Principal, Investor Relations [email protected]

Timothy Huang, Principal [email protected]

Jennifer Kheng, Principal [email protected]

José Sosa del Valle, Principal [email protected]




Transaction value of largest deal closed in 2014 $2,000 million

Funds being investedLexington Capital Partners VIII Size $10,100 million Year closed 2015

Lexington Middle Market Investors III Size $1,070 million Year closed 2014

Lexington Emerging Partners Size $150 million Year closed 2013





Select institutional backersOver 300 leading corporate and public pension funds, sovereign wealth funds, insurance companies, financial institutions, endowments, foundations and family offices from more than 30 countries.

Geoffrey Mullen, Managing Director, Investor Relations & Business Development [email protected]

Chad Alfeld, Partner [email protected]


Funds being investedLandmark Equity Partners XV Size $3,250 million Year closed 2014

Lexington Partners660 Madison Ave., 23rd Floor New York, NY 10065 Phone: 212-754-0411 Fax: 212-754-1494 www.lexingtonpartners.com [email protected]

Branch offices111 Huntington Ave., Suite 3020 Boston, MA 02199 Phone: 617-247-7010 Fax: 617-247-7050

3000 Sand Hill Road, Building 1, Suite 220 Menlo Park, CA 94025 Phone: 650-561-9600 Fax: 650-561-9696

50 Berkeley St. London W1J 8HA U.K. Phone: 44-20-7399-3940 Fax: 44-20-7399-3941

15/F York House, The Landmark, 15 Queen’s Road Central Central Hong Kong, China Phone: 852-3987-1600 Fax: 852-3987-1631

Key personnelBrent Nicklas, Managing Partner [email protected]

Kirk Beaton, Partner [email protected]

Duncan Chapman, Partner [email protected]

Thomas Giannetti, Partner & CFO [email protected]

Charles Grant, Partner [email protected]

Rebecca John, Partner, Investor Relations [email protected]

Tom Newby, Partner [email protected]

Marshall Parke, Partner [email protected]

Kensington Capital Partners Ltd.95 St. Clair Ave. W., Suite 905 Toronto, ON M5P 1W6 Canada Phone: 416-362-9000 Fax: 416-362-0939 www.kcpl.ca

Key personnelPeter Fink, Senior Vice President [email protected]


Funds being investedKensington Private Equity Fund Size $80 million Year closed Evergreen

Future fundraising plansKensington Private Equity V Size $150 million Anticipated close date Q1 2016






Minimum $5 million

Maximum $50 million

Landmark Partners10 Mill Pond Lane Simsbury, CT 06070 Phone: 860-651-9760 www.landmarkpartners.com

Branch offices265 Franklin St., 18th Floor Boston, MA 02110 Phone: 617-556-3910

681 Fifth Ave., 14th Floor New York, NY 10022 Phone: 212-858-9760

52 Jermyn St. London SW1Y 6LX U.K. Phone: 44-20-7343-4450

Key personnelEmily-Jane Finigan, Vice-President, Investor Relations & Business Development [email protected]


Funds being investedDiversified Private Equity Investors II LP Size $3 million Year closed 1995

Diversified Private Equity Investors IV LP Size $3 million Year closed 2012

Future fundraising plansDiversified Private Equity Investors V LP Size $5 million Anticipated close date Q2 2016







Maximum $6 million

Select institutional backersTDH Capital

Montana Capital PartnersHaldenstrass 1 Baar 6340 Switzerland Phone: 41-41-511-7950 www.mcp.eu [email protected]

Key personnelMarco Wulff, Partner

Christian Diller, Partner








Liquid Realty Partners199 E. Linda Mesa, Suite 10 Danville, CA 94526 Phone: 415-875-7501 www.liquidrealty.com [email protected]

Key personnelScott Landress, CEO [email protected]

Live Oak Capital25 Highland Park Village, #100-567 Dallas, TX 75205 Phone: 214-762-9106 Fax: 972-490-2345

Key personnelHarbert Mulherin, Managing Partner [email protected]




MidCoast Capital LLC259 N. Radnor-Chester Road, Suite 210 Radnor, PA 19087 Phone: 610-687-8580 Fax: 610-971-2154 www.midcoastcapital.com

Key personnelStephen Harris, Managing Principal [email protected]

Michael Cuneo, Managing Principal [email protected]





Transaction value of largest deal closed in 2014 $0.65 million

LGT Capital PartnersSchuetzenstrasse 6 Pfaeffikon 8808 Switzerland Phone: 41-55-415-9600 Fax: 41-55-415-9699 www.lgtcp.com [email protected]

Branch offices1133 Ave. of the Americas New York, NY 10036 Phone: 212-336-0650 Fax: 212-336-0699

Two Exchange Square, 8 Connaught Place, Suite 4203 Hong Kong, China Phone: 852-2522-2900 Fax: 852-2522-8002

Key personnelIvan Vercoutere, Managing Partner [email protected]

Andre Aubert, Partner [email protected]

Sascha Gruber, Partner [email protected]

Brooke Zhou, Executive Director [email protected]





Funds being investedCrown Global Secondaries III Size $2,000 million Year closed 2013






Minimum $5 million


C

M

Y

CM

MY

CY

CMY

K

New York 660 Madison Avenue, New York, NY 10065 212 754 0411 Boston 111 Huntington Avenue, Suite 3020, Boston, MA 02199 617 247 7010 Menlo Park 3000 Sand Hill Road, 1-220, Menlo Park, CA 94025 650 561 9600

London 50 Berkeley Street, London W1J 8HA 44 20 7399 3940 Hong Kong 15/F York House, The Landmark, 15 Queen's Road Central, Central, Hong Kong 852 3987 1600

[email protected] www.lexingtonpartners.com

April 2015

Lexington Capital Partners VIII, L.P.

THIS PARTNERSHIP HAS BEEN ESTABLISHED TO ACQUIRE

A DIVERSIFIED PORTFOLIO OF PRIVATE EQUITY AND ALTERNATIVE INTERESTS

IN THE GLOBAL SECONDARY MARKET.

$10,100,000,000

LP_LCP8_10bTombAd_HFA+PEA_DR041515.pdf 1 4/15/15 4:07 PM


Neuberger Berman605 Third Ave., 22nd Floor New York, NY 10538 Phone: 212-476-8800 www.nb.com

Key personnelBrian Talbot, Managing Director [email protected]

Tristram Perkins, Managing Director [email protected]

Ethan Falkove, Managing Director [email protected]

Ben Perl, Principal [email protected]



Funds being investedNB Secondary Opportunities Fund III LP Size $2,000 million Year closed 2013

NB Secondary Opportunities Fund II LP Size $1,700 million Year closed 2008

NB Secondary Opportunities Fund LP Size $800 million Year closed 2005






Minimum $5 million


New Jersey State Investment Council50 West State St., Ninth Floor Trenton, NJ 08608 Phone: 609-292-5106 Fax: 609-396-1073 www.state.nj.us/treasury/doinvest

Key personnelManeck Kotwal, Investment Officer [email protected]





MSD Capital645 Fifth Ave., 21st Floor New York, NY 10022 Phone: 212-303-1650 Fax: 212-303-1634 www.msdcapital.com [email protected]

Key personnelGlen R. Fuhrman, Cofounder & Managing Partner

John C. Phelan, Cofounder & Managing Partner

Mustang Capital Partners4643 S. Ulster St., Suite 700 Denver, CO 80237 Phone: 303-298-1490 www.mustangcapital.com

Key personnelParker Brophy, Managing Director [email protected]

OverviewMinimum investment <$1 million




Natixis Global Asset Management21 quai d’Austerlitz Paris 75634 France Phone: 33-1-78-40-90-00 Fax: 33-1-78-40-65-00 www.ngam.natixis.com

Key personnelDominique Sabassier, CEO


Maximum investment €10 million +

Montauk TriGuard Management LLC300 Spectrum Center Drive, Suite 880 Irvine, CA 92618 Phone: 949-398-0000 Fax: 949-398-0001 www.montauktriguard.com [email protected]

Key personnelSamuel Tang, Cofounder & Managing Partner [email protected]

Ronn C. Cornelius, Cofounder & Managing Partner [email protected]

Edgar J. Pfohl, Cofounder & Principal [email protected]

Brian M. Smith, Cofounder & Principal [email protected]




Morgan Stanley Alternative Investment PartnersOne Tower Bridge, 100 Front St. West Conshohocken, PA 19428 Phone: 610-940-5000 www.morganstanley.com/aip

Key personnelNicole Wiley, Vice President [email protected]

Jon Costello, Managing Director, Head of Secondaries team [email protected]




Funds being investedAIP Global Secondary Opportunities Fund II Size $771 million Year closed 2013

AIP Private Markets Fund VI Size $811 million Year closed 2015


OverviewMinimum investment NOK0.1 million

Maximum investment NOK10 million



Northern Trust181 West Madison St., 12th Floor Chicago, IL 60603 Phone: 312-557-0805 www.northerntrust.com/asset-management/united-states/services/alternative-investments/private-equity

Key personnelAdam Freda, Vice President [email protected]

Nicholas Lawler, Second Vice President [email protected]






Funds being investedPrivate Equity Secondary Opportunities Fund Size $106 million Year closed 2013










Funds being investedNewQuest Asia Fund I Size $400 million Year closed 2011

NewQuest Asia Fund II Size $326 million Year closed 2013






Minimum $15-20 million (single or two companies)

Maximum $200 million+

Select institutional backersHarbourVest, LGT Capital Partners, Paul Capital, Axiom Asia

NordeaRegeringsgatan 59, Third Floor Stockholm 10571 Sweden Phone: 46-8-579-420-00 Fax: 46-8-579-425-45 www.nordea.com

Key personnelEivind Lorgen, Head, Alternatives & Manager Selection

NorgesInvestor Haakon VIIs Gate 6 Oslo 161 Norway Phone: 47-9-054-4546 www.norgesinvestor.com

Key personnelDylan Wolff, Managing Director [email protected]

Newbury Partners100 First Stamford Place Stamford, CT 06902 Phone: 203-428-3600 Fax: 203-428-3601 www.newbury-partners.com

Key personnelChris Jaroch, Managing Director [email protected]

Warren Symon, Managing Director [email protected]





Funds being investedNewbury Equity Partners III Size $1,100 million Year closed 2014






Minimum $1 million


NewQuest Capital PartnersProsperity Tower, 39 Queen’s Road Central, 29th Floor Central, Hong Kong Phone: 852-3905-3600 Fax: 852-2185-7300 www.nqcap.com [email protected]

Key personnelBonnie Lo, Partner [email protected]


Funds being investedPantheon Global Secondary Fund V



Paragon Partners GmbHLeopoldstrasse 12 Munich 80802 Germany Phone: 49-89-388-8700 Fax: 49-89-3888-7015 www.paragon-partners.de [email protected]

Key personnelEdin Hadzic, Cofounder & Managing Partner [email protected]

Krischan von Moeller, Cofounder & Managing Partner [email protected]

Nils Ludwig, Investment Director




Select institutional backersAlpinvest, HarbourVest

Partners GroupZugerstrasse 57 Baar-Zug 6341 Switzerland Phone: 41-41-784-6000 www.partnersgroup.com [email protected]

Key personnelAlexander von Wolffradt, Public Relations [email protected]

Overview2013 secondary capital invested $2,700 million


Funds being investedPartners Group Secondary 2004 Size €430 million Year closed 2004

Partners Group Secondary 2006 Size €1,000 million Year closed 2006



Minimum $20 million

Maximum $80 million

Ontario Teachers’ Pension Plan5650 Yonge St., Third Floor Toronto, ON M2M 4H5 Canada Phone: 416-228-5900 Fax: 416-730-5349 www.otpp.com [email protected]

Branch officesLeconfield House, Curzon St. London W1J 5JA U.K. Phone: 44-30-7659-4450

Key personnelRon Mock, President & CEO

PantheonNorfolk House, 31 St. James’s Square London SW1Y 4JR U.K. Phone: 44-20-7484-6200 Fax: 44-20-7484-9101 www.pantheon.com [email protected]

Branch offices1095 Ave. of the Americas, 32nd Floor New York, NY 10036 Phone: 212-205-2000 Fax: 212-205-2099

Transamerica Center, 600 Montgomery St., 23rd Floor San Francisco, CA 94111 Phone: 415-249-6200 Fax: 415-249-6299

Two Exchange Square, 8 Connaught Place, Suite 3001-3, 30th Floor Hong Kong, China Phone: 852-2810-8063 Fax: 852-2526-0218

Key personnelElly Livingstone, Partner & Head of Secondaries [email protected]




Northleaf Capital Partners79 Wellington Street W., Sixth Floor, Box 120 Toronto, ON M5K 1N9 Canada Phone: 866-964-4141 Fax: 416-304-0195 www.northleafcapital.com [email protected]

Branch offices14 Waterloo Place, Fourth Floor London SW1Y 4AR U.K. Phone: 44-20-7321-5750 Fax: 44-20-7930-7171

3000 Sand Hill Road, Building 1, Suite 230 Menlo Park, CA 94025 Phone: 650-234-9810 Fax: 650-234-9859

Key personnelDaniel Dupont, Managing Director [email protected]






Funds being investedNorthleaf Secondary Partners Size $254 million Year closed 2013

Northleaf Global Private Equity VI Size $500 million Year closed 2013

Segregated Fund I Size $150 million Year closed 2014

Future fundraising plansNorthleaf Secondary Partners II Size $300 million Anticipated close date 2016





Key personnelMike D’Agostino, Managing Director [email protected]

Red Barrett, President & CEO [email protected]

Robert DiGeronimo, Managing Director [email protected]

Ben Marino, Managing Director, CFO & CCO [email protected]

Adriaan Zur Muhlen, Managing Director [email protected]

David Navins, Principal [email protected]

Aaron Bright, Principal [email protected]

OverviewTotal secondary assets under management $1,370.9 million





Future fundraising plansPermal Private Equity Opportunities V LP Size $450 million Anticipated close date 10/24/2015





PGGMNoordweg Noord 150 Zeist 3704 JG Netherlands Phone: 31-30-277-9911 www.pggm.nl

Key personnelBerend Schiphorst, Investment Manager [email protected]

Overview2014 secondary capital invested €200 million

Capital investment plans in 2015 €200 million

PEI Funds505 Park Ave., Fourth Floor New York, NY 10022 Phone: 212-750-1228 Fax: 121-750-2685 www.peifunds.com [email protected]

Key personnelGunnar Fremuth, Managing Director [email protected]

David Parshall, Managing Director [email protected]

Chuck Stetson, Managing Director [email protected]

Ben Wilson, Managing Director [email protected]

Edward Muradian, Controller [email protected]





Performance Equity ManagementTwo Pickwick Plaza, Suite 310 Greenwich, CT 06830 Phone: 203-742-2400 Fax: 203-742-2340 www.peqm.com [email protected]

Key personnelCharles Froland, CEO & CIO [email protected]

Permal Capital Management LLCThe Prudential Tower, 800 Boylston St., Suite 1325 Boston, MA 02199 Phone: 617-587-5300 Fax: 617-587-5301 www.permalcapital.com

Branch offices900 Third Ave., 27th Floor New York City, NY 10022 Phone: 212-418-6500 Fax: 212-418-6510







Pathway Capital Management LP2211 Michelson Drive, Ninth Floor Irvine, CA 92612 Phone: 949-622-1000 www.pathwaycapital.com

Branch offices1300 Division Road, Suite 305 West Warwick, RI 02893 Phone: 401-589-3400

15 Bedford St. London WC2E 9HE U.K. Phone: 44-20-7438-9700

Two Exchange Square, 8 Connaught Place, Level 8 Hong Kong, China Phone: 852-3798-2580

Key personnelPete Veravanich, Director [email protected]

OverviewParticipation in syndicates? No


Paul Capital575 Market St., Suite 2500 San Francisco, CA 94105 Phone: 415-283-4300 Fax: 415-283-4301 www.paulcap.com [email protected]

Key personnelPhilip Jensen, Partner & CFO [email protected]


Oliver Gardey, Partner [email protected]

Douglas Kelly, Partner [email protected]

Jim Rorer, Partner [email protected]

John Stephens, Managing Director [email protected]

Vivian Flynn, Managing Director, Investor Relations [email protected]

Funds being investedPomona Capital VIII LP Size $1,700 million Year closed 2014





Pomona Capital780 Third Ave., 46th Floor New York, NY 10017 Phone: 212-593-3639 Fax: 212-593-3987 www.pomonacapital.com [email protected]

Branch offices15 Portland Place London W1B 1PT U.K. Phone: 44-20-7268-6350 Fax: 44-20-7206-2060

Entertainment Building, 30 Queen’s Road Central, Suite 28A, 28th Floor Hong Kong, China Phone: 852-3628-3629 Fax: 852-2522-5191

83 Clarence St., Level 12 Sydney, NSW 2000 Australia Phone: 61-29-299-2900

Key personnelFran Janis, Senior Partner [email protected]

Lorraine Hliboki, Partner [email protected]





PineBridge Investments399 Park Ave., Fourth Floor New York, NY 10022 Phone: 646-857-8000 Fax: 646-857-8842 www.pinebridge.com glo_secondaries-marketinfo@ pinebridge.com

Key personnelSteven Costabile, Managing Director




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1800 McGill College Ave., Suite 840 Montreal, QC H3A 3J6 Canada Phone: 514-844-5605 Fax: 514-844-9004

Key personnelRobert Osterrieth, Partner




Robeco Private EquityCoolsingel 120 Rotterdam 3011 AG Netherlands Phone: 31-10-224-2608 Fax: 31-10-411-5282 www.robeco.nl [email protected]

Branch offices909 Third Ave., 32nd Floor New York, NY 10022 Phone: 212-908-9500 Fax: 212-908-9672

Josefstrasse 218 Zurich 8005 Switzerland Phone: 41-44-653-1010 Fax: 41-44-653-1080

Key personnelMikan van Zanten, Managing Director, Luxembourg [email protected]




San Francisco Employees’ Retirement System 30 Van Ness Ave., Suite 3000 San Francisco, CA 94102 Phone: 415-487-7000 www.sfers.org [email protected]

Key personnelArthur Wang, Managing Director, Private Markets



Minimum $1 million


Private Advisors LLC901 E. Byrd St., Suite 1400 Richmond, VA 23219 Phone: 804-289-6000 Fax: 804-289-6001 www.privateadvisors.com

Branch offices1660 W. 2nd St., Suite 940 Cleveland, OH 44113 Phone: 216-472-4170

Key personnelMelissa Gregory Garrett, VP [email protected]




RCP Advisors100 N. Riverside Plaza, Suite 2400 Chicago, IL 60606 Phone: 312-266-7300 Fax: 312-266-7433 www.rcpadvisors.com [email protected]

Key personnelMichael Feinglass, Principal, Sourcing [email protected]




Rho Fund Investors152 W. 57th St., Carnegie Hall Tower, 23rd Floor New York, NY 10019 Phone: 212-751-6677 Fax: 212-751-3613 www.rhofundinvestors.com [email protected]

Branch offices525 University Ave., Suite 1350 Palo Alto, CA 94301 Phone: 650-463-0300 Fax: 650-463-0311

Portfolio Advisors LLC9 Old Kings Highway S. Darien, CT 06820 Phone: 203-662-3456 Fax: 203-662-0013 www.portfolioadvisorsllc.com

Branch officesSeefeldstrasse 35 Zurich 8008 Switzerland Phone: 41-44-200-3500 Fax: 41-44-200-3501

Alexandra House, 18 Chater Road, 33rd Floor Hong Kong, China Phone: 852-3184-9210 Fax: 852-3184-9211

Key personnelHugh Perloff, Managing Director [email protected]

Ryan Butler, Managing Director [email protected]

Patrick Gerbracht, Managing Director [email protected]






Funds being investedPortfolio Advisors Secondary Fund II LP Size $910 million Year closed 2013

Portfolio Advisors Real Estate Fund V LP Size $400 million Year closed 2014

Portfolio Advisors Asia Fund IV LP Size $200 million Year closed 2015

Portfolio Advisors Credit Strategies Fund LP Size $250 million Year closed 2015





Funds being investedTCF II Year closed 2007

Sobera Capital Fund I Year closed 2012

Sobera Capital Fund II Year closed 2013

Future fundraising plansSobera Capital Fund III Size €100 million Anticipated close date Q4 2015








Stafford Capital Partners700 Larkspur Landing Circle, Suite 267 Larkspur, CA 94939 Phone: 415-526-3618 www.staffordcp.com

Branch offices24 Old Bond St., Fourth Floor London W1S 4AW U.K. Phone: 44-20-7535-4916

66 Gloucester St., Terrace 1, The Rocks Sydney, NSW 2000 Australia Phone: 61-2-9252-9788

28 State St., Ninth Floor Boston, MA 02109 Phone: 617-848-9490

Key personnelJeffrey Reed, Partner [email protected]

Matthew McPhee, Partner - Infrastructure [email protected]

Tom Goodrich, Partner - Timber [email protected]

Daniel Bowden, Partner - Private Equity, Australia [email protected]

Lucy Nicholls, Partner - Private Equity, Europe [email protected]

SL Capital Partners1 George St. Edinburgh EH2 2LL U.K. Phone: 44-13-1245-0055 Fax: 44-13-1245-6105 www.slcapital.com

Branch offices1 Beacon St., 34th Floor Boston, MA 02108 Phone: 617-720-7900 Fax: 617-720-7924

Key personnelPatrick Knechtli, Partner [email protected]

Graeme Gunn, Partner [email protected]

Stewart Hay, Partner [email protected]






Sobera CapitalMarkgrafenstrasse 33 Berlin 10117 Germany Phone: 49-30-577-088-370 Fax: 49-30-577-088-379 www.sobera-capital.com [email protected]

Key personnelJohannes Rabini, Managing Partner [email protected]

Stefan Beil, Managing Partner [email protected]




SCM Strategic Capital ManagementKasernenstrasse 77b Zurich 8004 Switzerland Phone: 41-43-499-4949 Fax: 41-43-499-4950 www.scmag.com [email protected]

Branch officesChina Building, 29 Queen’s Road Central, 17th Floor Hong Kong, China Phone: 852-3978-2690 Fax: 852-3978-2695

15, Rue Jean-Pierre Brasseur Luxembourg 1258 Luxembourg Phone: 352-2-6384-5761

Key personnelRalph Aerni, CIO

Shackleton Ventures Ltd.14-15 Jewry St. Winchester SO23 8RZ U.K. Phone: 44-19-6284-2621 www.shackletonventures.com [email protected]

Branch offices41 Charlotte Square Edinburgh EH2 4HQ U.K. Phone: 44-19-6284-2621

Key personnelHugh Stewart, Managing Partner [email protected]

Funds being investedShackleton Secondaries LP Size £20 million

Shackleton Secondaries II LP Size £25 million



SunAmerica Asset Management LLCHarborside Financial Center, 3200 Plaza 5 Jersey City, NJ 07311 Phone: 800-858-8850 www.safunds.com [email protected]

Key personnelKara Murphy, CIO

Susquehanna International Group401 City Ave., Suite 220 Bala Cynwyd, PA 19004 Phone: 610-617-2600 Fax: 610-747-2146 www.sig.com


Symmetry Investment Advisors Inc.374 South Ave. Glencoe, IL 60022 Phone: 847-835-2594 Fax: 847-835-2510 www.symmetryfunds.com [email protected]

Branch offices143 Jasie Ln Santa Rosa, CA 95409 Phone: 707-541-6960

Key personnelLarry Wonnacott, Principal [email protected]






Funds being investedStepStone Secondary Opportunities Fund II Size $460 million Year closed 2013

StepStone Separately Managed Accounts Size $584 million Year closed 2012-2013

StepStone International Investors IV Size €180 million Year closed 2013

Future fundraising plansStepStone Secondary Opportunities Fund III Size TBC Anticipated close date 2015






Minimum $1 million


Stripes Group 402 W. 13th St., 11th Floor New York, NY 10014 Phone: 212-823-0720 Fax: 212-823-0721 www.stripesgroup.com [email protected]

Key personnelJason Santiago, VP, Business Development [email protected]









StepStone Group505 Fifth Ave., 17th Floor New York, NY 10017 Phone: 212-351-6100 Fax: 212-351-6101 www.stepstoneglobal.com [email protected]

Branch offices4350 La Jolla Village Drive, Suite 800 San Diego, CA 92122 Phone: 858-558-9700 Fax: 858-558-9701

57-59 St James’s St. London SW1A 1LD U.K. Phone: 44-20-7647-7550 Fax: 44-20-7647-7599

Beijing Kerry Centre, One Guang Hua Road, North Tower, 20th Floor, Suite 2005-2007 Beijing, China Phone: 86-10-8529-8784 Fax: 86-10-8529-8447

Key personnelThomas Bradley, Partner [email protected]

Mark Maruszewski, Partner [email protected]

Michael McCabe, Partner [email protected]





VCFA Group509 Madison Ave., Suite 1400 New York, NY 10022 Phone: 212-838-5577 Fax: 212-838-7614 www.vcfa.com

Key personnelDayton Carr, Founder [email protected]

Edward Hortick, Managing Director [email protected]

Steven Taubman, Managing Director [email protected]

David Tom, Managing Director [email protected]


Funds being investedVCFA Venture Partners V LP Size $250 million Year closed 2006

VCFA Private Equity Partners IV LP Size $250 million Year closed 2004




Minimum $1 million


VenCap International PLCKing Charles House, Park End St. Oxford OX1 1JD U.K. Phone: 44-18-6579-9300 Fax: 44-18-6579-9301 www.vencap.com [email protected]

Key personnelTim Cruttenden, CEO [email protected]

OverviewMinimum investment No minimum




Minimum $5 million

Maximum $50 million

Travelers Companies485 Lexington Ave. New York, NY 10017 Phone: 917-778-6844 www.travelers.com

Key personnelScott Haniford, Managing Director [email protected]

Triginta Capital GmbHKreuzstrasse 34 Düsseldorf 40210 Germany Phone: 49-21-186-2890 Fax: 49-21-1862-89455 www.triginta-capital.com [email protected]

Branch officesMarkgrafenstrasse 33 Berlin 10117 Germany Phone: 49-30-692-063-040 Fax: 49-30-692-063-049

Key personnelPeter Folle, Managing Partner

Unigestion8c Ave. de Champel, P.O. Box 387 Geneva 1211 Switzerland Phone: 41-22-704-4111 www.unigestion.com [email protected]

Branch offices105 Piccadilly London W1J 7NJ U.K. Phone: 44-20-7529-4150

Plaza 10, Harborside Financial Center, Suite 203 Jersey City, NJ 07311 Phone: 201-714-2400

Key personnelHanspeter Bader, Managing Director & CFA [email protected]




Telemus Capital PartnersTwo Towne Square, Suite 800 Southfield, MI 48076 Phone: 248-827-1800 Fax: 248-827-1808 www.telemuscapital.com

Branch offices110 Miller Ave., Suite 300 Ann Arbor, MI 48104 Phone: 734-662-1200 Fax: 734-662-0416

Key personnelGary Ran, Chairman & Partner [email protected]

Top Tier Capital Partners600 Montgomery St., Suite 480 San Francisco, CA 94111 Phone: 415-835-7500 Fax: 415-835-7501 www.ttcp.com

Branch offices415 Bedford Road, Suite 201C Pleasantville, NY 10570 Phone: 415-835-7500 Fax: 415-835-7501

Key personnelDan Townsend, Managing Director [email protected]

David York, CEO, Managing Director [email protected]

Garth Timoll, Principal [email protected]
















Maximum $80 million

Wilshire Private Markets Group1299 Ocean Ave., Suite 700 Santa Monica, CA 90401 Phone: 310-451-3051 Fax: 310-458-0520 www.wilshire.com [email protected]

Branch offices23 Austin Friars London EC2N 2QP U.K. Phone: 44-20-7920-3100 Fax: 44-20-7920-3101

Key personnelAmanda Ulczynski, VP [email protected]

Winchester Capital GroupWinchester House, 445 Orange St. New Haven, CT 06511 Phone: 203-787-5029 Fax: 203-785-0018 www.winchestercapital.com [email protected]

Branch offices33 St. James’s Square London SW1Y 4JS U.K. Phone: 44-20-7661-9372 Fax: 44-20-7661-9798

Key personnelCeasar Nicholas Anquillare, President & CEO

von Braun & Schreiber Private Equity Partners GmbHOttostrasse 1 Munich 80333 Germany Phone: 49-89-286-952-0 Fax: 49-89-286-952-10 www.braunschreiber.com [email protected]

Key personnelEmmeram von Braun, Managing Director




WealthCapAm Eisbach 3 Munich 80538 Germany Phone: 49-89-678-205-500 Fax: 49-89-678-205-555-500 www.wealthcap.com [email protected]

Willowridge Partners Inc.122 E. 42nd St., 37th Floor New York, NY 10022 Phone: 212-369-4700 Fax: 212-369-5661 www.willowridge.com [email protected]

Key personnelLuisa Hunnewell, Manager [email protected]






Funds being investedAmberbrook VI LLC Size $400 million Year closed 2012

Venture Investment Associates88 Main St. Peapack, NJ 07977 Phone: 609-532-0020 www.viafunds.com [email protected]

Branch offices228 Hamilton Ave., Third Floor Palo Alto, CA 94301



Vintage Investment Partners12 Abba Eban Ave., 10th Floor Herzliya Pituach, Israel Phone: 972-9-954-8464 www.vintage-ip.com

Key personnelAbe Finkelstein, General Partner [email protected]



Funds being investedVintage VI Size $161 million Year closed 2013

Vintage VII Size $144 million Year closed 2014


Maximum investment No limit




Minimum $1 million

Maximum No maximum


Akkadian Ventures3741 Buchanan St., Suite 3 San Francisco, CA 94123 Phone: 415-593-7783 www.akkadianventures.com

Key personnelBenjamin Black, Managing Director [email protected]





Funds being investedAkkadian Ventures III Size $69 million Year closed 2014

Annex Capital Group LLC599 Lexington Ave., 18th Floor New York, NY 10022 Phone: 212-644-3510 Fax: 212-554-5808 www.annexcapital.com [email protected]

Key personnelAmant Dewan, Principal [email protected]

Select portfolios acquiredOriginal manager Citicorp Venture Capital Year acquired 2009 Transaction price $50 million

Original manager Dresdner Bank Year acquired 2004 Transaction price $100 million

Investment criteriaMinimum $300 million


Select institutional backersColler Capital

Original manager 3i Group (unspecified) Year acquired 2009 Transaction price £170 million

Select institutional backersColler Capital, Greenpark Capital, HarbourVest, J.P. Morgan, LGT, Partners Group and StepStone

Hermes GPELloyds Chambers, One Portsoken St. London E1 8HZ U.K. Phone: 44-20-7680-3880 www.hermesgpe.com [email protected]

Key personnelSaker Nusseibeh, CEO & Head, Investment

Institutional Venture Partners (IVP)3000 Sand Hill Road, Building Two, Suite 250 Menlo Park, CA 94025 Phone: 650-854-0132 Fax: 650-854-2009 www.ivp.com

Branch offices607 Front St. San Francisco, CA 94111 Phone: 415-432-4660 Fax: 415-432-4679

Key personnelGina Bauman, Vice President, Marketing [email protected]

Lake Street Capital LLC388 Market St., Suite 1300 San Francisco, CA 94111 Phone: 415-291-0500 www.lakestreetcapital.com [email protected]

Key personnelGretchen Knoell, Managing Partner [email protected]

Select institutional backersPantheon and Pomona Capital

Cipio PartnersPalais am Lenbachplatz, Ottostrasse 8 Munich 80333 Germany Phone: 49-89-550-6960 Fax: 49-89-5506-9699 www.cipiopartners.com [email protected]

Branch offices560 S. Winchester Blvd., Suite 500 San Jose, CA 95128 Phone: 408-236-7654 Fax: 408-236-7651

Key personnelTom S. Anthofer, Managing Partner [email protected]

Werner Dreesbach, Managing Partner [email protected]

Hans-Dieter Koch, Managing Partner & Director [email protected]

Select portfolios acquiredOriginal manager Corporate venture assets of Infineon Technologies


Maximum $100 million+

DFJ Esprit Secondaries LLP14 Buckingham Gate, London SW1E 6LB U.K. Phone: 44-20-7931-8800 Fax: 44-20-7931-8866 www.dfjesprit.com

Key personnelOlav Ostin, Managing Partner [email protected]

Select portfolios acquiredOriginal manager WestLB Year acquired 2004

Original manager Siemens Year acquired 2005

Original manager Cazenove Year acquired 2006 Transaction price £80 million

Original manager Prelude Year acquired 2006 Transaction price £50 million

Secondary Direct Manager Listings


Select portfolios acquiredOriginal manager Dell

Original manager Oppenheimer

Original manager SAIC

Original manager Alliance

Funds being investedMillennium Technology Value Partners II Size $284 million Year closed 2010

Millennium Technology Value Partners LP Size $130 million Year closed 2006

Millennium Technology Value Partners (Co-Invest) Size $50 million Year closed 2012

Investment criteriaMinimum $0.1 million


Millennium Technology Value Partners32 Ave. of the Americas, 17th Floor New York, NY 10013 Phone: 646-521-7800 Fax: 646-521-7878 www.mtvlp.com [email protected]

Key personnelSam Schwerin, Managing Partner [email protected]

Dan Burstein, Managing Partner [email protected]

Dan Borok, Partner [email protected]

Max Chee, Partner [email protected]

Jon Glass, CFO [email protected]



LLM Capital Partners LLC265 Franklin St., 20th Floor Boston, MA 02110 Phone: 617-330-7755 Fax: 617-330-7759 www.llmcapital.com [email protected]

Key personnelSam Kenna, Principal [email protected]

MCA Funds5910 Mineral Point Road Madison, WI 53705 Phone: 608-238-5851 www.cunamutual.com

Key personnelAllen Cantrell, President [email protected]

Zak Doehla, Director, Investments [email protected]

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Stratim Capital333 Bush St., Suite 2250 San Francisco, CA 94104 Phone: 408-676-7824 www.stratimcapital.com

Key personnelCraig Such, Partner [email protected]

Zachary Abrams, Partner [email protected]





Funds being investedSC-SPV Size $100 million

Industry preferencesTechnology

Verdane Capital AdvisorsMunkedamsveien 45F, Vika Atrium Oslo 250 Norway Phone: 47-24-13-70-00 www.verdanecapital.com [email protected]

Branch officesBirger Jarlsgatan 32b Stockholm 118 48 Sweden Phone: 46-84-074-200

Rikhardinkatu 4 B Helsinki 130 Finland Phone: 358-96-980-334

Key personnelFrida Einarson, Director [email protected]

Janne Holmia, Investment Manager [email protected]

Jakob Gravdal, Senior Associate [email protected]

Funds being investedProtostar Equity Partners II LP Year closed 2008



Industry preferencesIndustrial, Manufacturing, Consumer Products, Select Distribution Companies

Rosetta Capital Ltd.35 New Broad St. London EC2M 1NH U.K. Phone: 44-20-7194-8080 www.rosettacapital.com

Key personnelJonathan Hepple, Partner [email protected]

Saints Capital2020 Union St. San Francisco, CA 94123 Phone: 415-773-2080 www.saintscapital.com [email protected]

Branch officesThe Clubhouse, 50 Grosvenor Hill London W1K 3QT U.K. Phone: 44-20-7993-6852



smac partners GmbHOttobrunner Strasse 41 Unterhaching/Munich 82008 Germany Phone: 49-89-550-6880 Fax: 49-89-5506-8850 www.smacpartners.com [email protected]

Key personnelDietrich Ulmer, Managing Partner & Co-Founder [email protected]

Nova Capital Management Ltd.Cayzer House, 30 Buckingham Gate, First Floor London SW1E 6NN U.K. Phone: 44-20-7901-1760 Fax: 44-20-7901-1761 www.nova-cap.com [email protected]

Branch offices71 South Wacker Drive, Suite 1735 Chicago, IL 60606 Phone: 312-754-0610 Fax: 312-754-0690

Key personnelDavid Williamson, Managing Partner [email protected]

Tom Leader, Chief Investment Officer [email protected]

Novirian Capital100 First St., Suite 2200 San Francisco, CA 94105 Phone: 415-233-7000 www.novirian.com [email protected]

Pictet Asset Management SARoute des Acacias 60 Geneva 1211 Switzerland Phone: 41-58-323-3333 www.pictet.com

Protostar Partners LLC13 West 54th St., Fourth Floor New York, NY 10019 Phone: 646-273-5200 Fax: 646-273-5210 www.protostarpartners.com

Key personnelJoseph Haviv, Managing Member [email protected]

Helen Woo, Partner [email protected]


Select portfolios acquiredOriginal manager CIT Group Year acquired 2004

Original manager Blue Point Capital Year acquired 2008






Funds being investedW Capital Partners III LP Size $750 million Year closed 2013



yet2Ventures1105 N. Market St., Suite 1800 Wilmington, DE 19801 www.yet2ventures.com [email protected]

Branch offices199 Wells Ave., Suite 102 Newton, MA 02459

One Little West 12th St. New York, NY 10014

Key personnelKathleen Sidell, Investor Relations [email protected]

Tim McIntosh, Analyst [email protected]

Investment criteriaMaximum $50 million

Vorndran Mannheims Capital Advisors GmbHGraf-Adolf-Strasse 18 Dusseldorf 40212 Germany Phone: 49-21-186-286-910 Fax: 49-21-186-286-977 www.vmcap.de [email protected]

Key personnelHelmut Vorndran, CEO & Managing Partner [email protected]

W Capital Partners400 Park Ave., Ninth Floor New York, NY 10022 Phone: 212-561-5240 Fax: 212-561-5241 www.wcapgroup.com

Key personnelDavid Wachter, Managing Director [email protected]

Steve Wertheimer, Managing Director [email protected]

Bob Migliorino, Managing Director [email protected]

Alison Killilea, Managing Director [email protected]

Todd Miller, Managing Director [email protected]

Katie Stitch, Principal [email protected]

Blake Heston, Principal [email protected]

Simon Harris, Vice President [email protected]

Kyle Morgan, Vice President [email protected]




Capital investment plans in 2015 €55 million

Industry preferencesICT (e-commerce and software), Energy Technology, Industrials

Select institutional backersAP3, CNP, EIF, Finnish Industry Investments, KLP, RealDania, amongst others

Vision Capital LLP54 Jermyn St. London SW1Y 6LX U.K. Phone: 44-20-7389-6410 Fax: 44-20-7389-6411 www.visioncapital.com [email protected]

Select portfolios acquiredOriginal manager Terra Firma/Pension Insurance Corp. Year acquired 2007 Transaction price £250 million

Original manager Northern Foods Year acquired 2007 Transaction price £160 million

Original manager Bridgepoint Year acquired 2006



Select institutional backersGoldman Sachs Asset Management, Landmark Partners HarbourVest, CV Starr and GIC Special Investments


Accretive Capital Advisors777 S. Flagler Drive, Suite 800 W. West Palm Beach, FL 33401 Phone: 561-894-1146 Fax: 561-894-1151 www.accretiveexit.com

Key personnelEdwin Wang, Senior Managing Director [email protected]

OverviewTypes of clients representedBanks/Financial Institutions Family Offices Endowments/Foundations

Average size of assets managed by clients$10 million to $99 million $100 million to $499 million $500 million to $999 million $1 billion +

Average size of secondary deals represented$10 million to $99 million $100 million to $499 million $500 million to $999 million

Almeida Capital Ltd.Zetland House, 5-25 Scrutton St. London EC2A 4HJ U.K. Phone: 44-20-7749-1277 Fax: 44-20-7845-7599 www.almeidacapital.co.uk [email protected]

OverviewTypes of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds

Average size of assets managed by clients$100 million to $499 million $500 million to $999 million $1 billion +

Average size of secondary deals representedUnder $10 million $10 million to $99 million $100 million to $499 million

Azla Advisors845 Third Ave., Sixth Floor New York, NY 10022 Phone: 646-291-6310 Fax: 646-217-0646 www.azla-advisors.com [email protected]

Key personnelDavid Waxman, Managing Director [email protected]

OverviewTypes of clients representedBanks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds General Partners, Secondary Funds, Funds of Funds


Average size of secondary deals representedUnder $10 million $10 million to $99 million $100 million to $499 million $500 million to $999 million

Breslin AGStauffacherstrasse 45 Zurich 8004 Switzerland Phone: 41-44-386-4020 Fax: 41-44-386-4022 www.breslin.ch

Branch officesAm Pfarrhof 11 Frankfurt/Maintal 63477 Germany Phone: 41-44-386-4020

Key personnelDavid Karabelnik, CEO [email protected]

Argenthal & Co.96 Kensington High St. London W8 4SG U.K. Phone: 44-20-7193-2051 www.argenthal.com

AXON Partners AGBahnhofplatz, P.O. Box 4640 Zug 6304 Switzerland Phone: 41-41-729-0700 www.axonpartners.biz

Branch offices111 Buckingham Palace Road, Third Floor London SW1W 0SR U.K. Phone: 44-20-7340-8729

Key personnelMagdalena Nowak, Project Manager [email protected]

Dominik Meyer, Managing Partner [email protected]

Andrew Kellett, Managing Partner [email protected]

Simon Wigg, Partner [email protected]

Mark Engler, Partner [email protected]


Average size of assets managed by clientsUnder $10 million $10 million to $99 million $100 million to $499 million $500 million to $999 million $1 billion +


Intermediary Firm Listings


Capstone PartnersOne Galleria Tower, 13355 Noel Road, Suite 1050 Dallas, TX 75240 Phone: 972-980-5800 www.csplp.com [email protected]

Branch offices77 Water St., Eighth Floor New York, NY 10005 Phone: 646-722-4170

Rue Juste-Olivier 9 Nyon 1260 Switzerland Phone: 41-22-365-4500

#11-11 F.E.S. Centre, 545 Orchard Road Singapore 238882 Singapore

Key personnelSteve Standbridge, Managing Partner [email protected]

Giacomo Biondi Morra di Belforte, Managing Partner [email protected]

Alexandre Schmitz, Partner, Head of Asia [email protected]

OverviewTypes of clients representedBanks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds



Average size of secondary deals represented$10 million to $99 million $100 million to $499 million $500 million to $999 million $1 billion +

Campbell Lutyens & Co. Ltd.3 Burlington Gardens London W1S 3EP U.K. Phone: 44-20-7439-7191 Fax: 44-20-7432-3749 www.campbell-lutyens.com [email protected]

Branch offices1270 Ave. of the Americas, 29th Floor New York, NY 10020 Phone: 212-223-8448 Fax: 212-214-0558

One Connaught Place, Suite 819, Jardine House Hong Kong, China Phone: 852-2358-9200 Fax: 852-2358-9299

Key personnelAndrew Sealey, Managing Partner [email protected]

Thomas Liaudet, Partner [email protected]

Immanuel Rubin, Partner [email protected]

Ben Pearce, Principal [email protected]

David Perrin, Senior Vice President [email protected]

Nick Spencer, Senior Vice President [email protected]

Ashrith Ramachandran, Senior Associate [email protected]


Average size of assets managed by clients$500 million to $999 million $1 billion +


OverviewTypes of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Corporates, Privates, High Net Worth Individuals



Camelot Group LLC45 Rockefeller Plaza, Suite 2000 New York, NY 10111 Phone: 212-257-4100 Fax: 212-937-3350 www.thecamelotgroup.com [email protected]

Branch officesRue du Rhone 14, Fourth Floor Geneva 1204 Switzerland Phone: 41-22-819-1829 Fax: 41-22-819-1900

Otemachi First Square, 1-5-1, East Tower, Fourth Floor Tokyo 1000004 Japan Phone: 81-3-5219-1423 Fax: 81-6-7635-2844

One International Finance Center, Suite Eight, 20th Floor, One Harbour View St. Central Hong Kong, China Phone: 852-2824-8609 Fax: 852-2166-8999


Average size of assets managed by clients$10 million to $99 million $100 million to $499 million $500 million to $999 million


Go4Venture Advisers LLP48 Charles St., Berkeley Square London W1J 5EN U.K. Phone: 44-20-7529-5400 Fax: 44-20-7529-5401 www.go4venture.com [email protected]

Key personnelJean-Michel Deligny, Managing Director [email protected]

OverviewTypes of clients representedBanks/Financial Institutions Venture Capital and Private Equity Funds

Average size of assets managed by clients$100 million to $499 million

Average size of secondary deals represented$10 million to $99 million

Greenhill Cogent2101 Cedar Springs Road, Suite 1200 Dallas, TX 75201 Phone: 214-871-5400 Fax: 214-871-5401 www.greenhillcogent.com [email protected]

Branch offices300 Park Ave. New York, NY 10022 Phone: 212-389-1607 Fax: 212-389-1700

600 Montgomery St., 33rd Floor San Francisco, CA 94111 Phone: 415-216-4150 Fax: 415-216-4140

Lansdowne House, 57 Berkeley Square London W1J 6ER U.K. Phone: 44-20-7198-7400 Fax: 44-20-7198-7500

10 Collyer Quay #37-06/10, Ocean Financial Centre Singapore 049315 Singapore Phone: 65-6808-6525 Fax: 65-6808-4068

Key personnelStephen Sloan, Managing Director [email protected]

Chris Bonfield, Managing Director [email protected]

Bernhard Engelien, Managing Director [email protected]

Brenlen Jinkens, Managing Director [email protected]

Todd Miller, Managing Director [email protected]

Average size of secondary deals represented$100 million to $499 million $500 million to $999 million $1 billion +

Evercore - Private Capital Advisory55 E. 52nd St. New York, NY 10055 Phone: 212-849-3555 www.evercore.com

Branch offices15 Stanhope Gate London W1K 1LN U.K. Phone: 44-20-7268-2424

Key personnelNigel Dawn, Senior Managing Director [email protected]

Nicolas Lanel, Managing Director [email protected]

OverviewTypes of clients representedBanks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Diversified Asset Managers, Corporate Pension Plans, Sovereign Wealth Funds, Conglomerates, Private Equity and Hedge Fund Managers



GlobalFinanceMöhlstrasse 10 Munich 81675 Germany Phone: 49-89-689-06-33 Fax: 49-89-6890-6359 www.globalfinance.de [email protected]

Key personnelClaudia Blümhuber, Cofounder & Managing Director [email protected]

Matthias Stanzel, Cofounder & CEO [email protected]

Continental Capital Partners8 Wilfred St. London SW1E 6PL U.K. Phone: 44-20-763-02010 www.ccpltd.net

Key personnelRoger Luscombe, Managing Partner [email protected]




Credit Suisse Group AGOne Madison Ave. New York, NY 10010 Phone: 212-325-2000 www.credit-suisse.com

Branch officesOne Cabot Square London E14 4OJ U.K. Phone: 44-20-7888-1000

Key personnelMike Custar, Managing Director [email protected]

Gordon Appell, Director [email protected]

Chris Areson, Director [email protected]

Jeremy Duksin, Director [email protected]

Mark McDonald, Director [email protected]

Jonathan Abecassis, Director [email protected]

OverviewTypes of clients representedBanks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Consultants/Asset Managers



Houlihan Lokey245 Park Ave., 20th Floor New York, NY 10167 Phone: 212-497-7875 www.hl.com [email protected]

Key personnelPaul Sanabria, Managing Director [email protected]

Jeff Hammer, Managing Director [email protected]




ICAP Corporates LLCHarborside Financial Center, 1100 Plaza Five Jersey City, NJ 07311 Phone: 212-732-6900 www.icap.com [email protected]

OverviewTypes of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Sovereign Wealth Funds


Average size of secondary deals representedUnder $10 million $10 million to $99 million $100 million to $499 million $500 million to $999 million $1 billion +



Harken Capital101 Federal St., 19th Floor Boston, MA 02110 Phone: 617-342-7333 www.harkencapital.com

Branch offices2229 Lombard St., Suite 102 San Francisco, CA 94123 Phone: 415-774-6467

Key personnelNick Hatch, Managing Director, Head of Secondaries [email protected]

Don Nelson, Managing Director [email protected]

Fred Malloy, Managing Director [email protected]

Scott Holley, Managing Director [email protected]




Brian Mooney, Managing Director [email protected]

Bill Murphy, Managing Director [email protected]

Dominik Woessner, Managing Director [email protected]

Andy Nick, Principal [email protected]

Scott Beckelman, Principal [email protected]

Briac Houtteville, Principal [email protected]




Griffin Financial Group607 Washington St. Reading, PA 19603 Phone: 610-478-2105 www.griffinfingroup.com

Branch offices485 Madison Ave., 20th Floor New York, NY 10022 Phone: 646-254-6397

Key personnelPaul Delaney, Senior Managing Director [email protected]

Mitchell Fenimore, Senior Vice President [email protected]





Moelis & Co.399 Park Ave., Fifth Floor New York, NY 10022 Phone: 212-883-3800 Fax: 212-880-4260 www.moelis.com

Key personnelDaniel Tortora, Associate [email protected]




NYPPEX800 Westchester Ave., Suite 349-N Rye Brook, NY 10573 Phone: 914-305-2800 Fax: 914-305-2803 www.nyppex.com [email protected]

Key personnelLaurence Allen, Managing Member [email protected]

Christopher Armstrong, Senior Vice President [email protected]

Murat Bolat, Managing Director [email protected]

Craig Blitz, Managing Director [email protected]

Jeffrey Grendi, Senior Vice President [email protected]

Stephen LaPerla, Managing Director [email protected]

Rory Mabin, Senior Vice President [email protected]

Melville Capital LLC50 Gerard St. Huntington, NY 11743 Phone: 212-380-4277 Fax: 212-600-9002 www.melvillecapital.com

Key personnelRobert Stark, President [email protected]

Doug Himmel, Managing Director [email protected]

OverviewTypes of clients representedWealthy Individuals Family Offices Endowments/Foundations



MHT Secondary Advisors2000 McKinney Ave., Suite 1200 Dallas, TX 75201 Phone: 214-661-1290 Fax: 214-954-9995 www.mhtsa.com

Branch officesOne Boston Place, 36th Floor Boston, MA 02108 Phone: 617-854-7536 Fax: 617-854-7539

Key personnelJames Lee, Principal [email protected]

Shawn Terry, Managing Director [email protected]

Mike McGill, Managing Director [email protected]

Mark Young, Managing Director [email protected]

OverviewTypes of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Insurance Companies, Private Equity Firms, Sovereign Wealth Funds, Asset Managers, Private Pension Funds

Lazard30 Rockefeller Plaza New York, NY 10112 Phone: 212-632-6000 www.lazard.com

Branch offices50 Stratton St. London W1J 8LL U.K. Phone: 44-20-7187-2000

190 South LaSalle St., 31st Floor Chicago, IL 60603 Phone: 312-407-6600

One Raffles Place, #11-01, Tower One Singapore 048616 Singapore Phone: 65-6534-2011

Key personnelHolcombe Green, Managing Director [email protected]

William Riddle, Managing Director [email protected]

Pablo de la Infiesta, Managing Director [email protected]

Johanna Lottmann, Vice President [email protected]

Ryan Binette, Vice President [email protected]

Abhijit Mitra, Vice President [email protected]

Nicholas Miles, Vice President [email protected]





Key personnelLawrence Thuet, Senior Managing Director [email protected]




Probitas Partners425 California St., Suite 2300 San Francisco, CA 94104 Phone: 415-402-0700 Fax: 415-402-0052 www.probitaspartners.com [email protected]

Branch offices1120 Ave. of the Americas, Suite 1802 New York, NY 10036 Phone: 212-403-3662

One Berkeley St. London W1J 8DJ U.K. Phone: 44-20-7016-9355

Nexxus Building, 41 Connaught Road, Level 15 Hong Kong, China Phone: 852-2533-3678

Key personnelCraig Marmer, Managing Director

OverviewTypes of clients representedBanks/Financial Institutions Endowments/Foundations Funds of Funds, General Partners



Palomar Capital AdvisorsObere Zäune 10 Zurich 8001 Switzerland Phone: 41-43-222-5888 Fax: 41-43-222-5899 www.plmr.com [email protected]

Key personnelMarkus Kroll, Founder & Board Director [email protected]



Average size of secondary deals representedUnder $10 million $10 million to $99 million

Park Hill Group LLC345 Park Ave., 15th Floor New York, NY 10154 Phone: 212-583-5799 Fax: 212-583-5639 www.parkhillgroup.com [email protected]

Branch offices40 Berkeley Square London W1J 5AL U.K. Phone: 44-20-7451-4000 Fax: 44-20-7451-4001

200 West Madison St., Suite 3800 Chicago, IL 60606 Phone: 312-705-3070 Fax: 312-705-3079

101 California St., Suite 2880 San Francisco, CA 94111 Phone: 415-276-5900 Fax: 415-276-5919

Two International Finance Centre, 8 Finance St., Suite 901, Ninth Floor Hong Kong, China Phone: 85-2-3656-8609 Fax: 85-2-3651-7611

Dubai International Financial Centre, P.O. Box 506741, Gate Village, Building 6, Levels 5 & 6, Sheikh Zayed Road Dubai, United Arab Emirates Phone: 971-4-422-3000 Fax: 971-4-422-3010

Michael Orr, Managing Director [email protected]

Robert Zimmel, Director [email protected]

Michael Schunk, Director [email protected]

Sonya Still, Director [email protected]




Paladin Market Advisors7 Dey St., Suite 1503 New York, NY 10007 Phone: 646-400-0999 Fax: 646-587-0235 www.paladinma.com

Key personnelKevin Monroe, Managing Director [email protected]

OverviewTypes of clients representedGeneral Partners

Average size of assets managed by clients$10 million to $99 million $100 million to $499 million



Average size of assets managed by clients$1 billion +


Sixpoint Partners LLC830 Third Ave., Eighth Floor New York, NY 10022 Phone: 212-751-8690 Fax: 212-751-0197 www.sixpointpartners.com [email protected]

Branch officesOne South Wacker Drive, Suite 3230 Chicago, IL 60606 Phone: 312-379-8700 Fax: 212-751-0197

155 Sansome Street, Suite 810 San Francisco, CA 94104 Phone: 415-817-9690 Fax: 212-751-0197

Key personnelEric Zoller, Cofounder & Partner

OverviewAverage size of secondary deals represented$10 million to $99 million $100 million to $499 million $500 million to $999 million

Somerset Capital Ltd.7-8 Stratford Place London WC1C 1AY U.K. Phone: 44-20-7871-1510 www.som-cap.com [email protected]

Key personnelJim Miller, Managing Partner

Marie Soong, Associate


Average size of assets managed by clients$500 million to $999 million $1 billion +


Average size of assets managed by clients$1 billion +


SecondMarket Inc.636 Ave. of the Americas, Sixth Floor New York, NY 10011 Phone: 212-668-5920 Fax: 212-483-1045 www.secondmarket.com [email protected]

Key personnelBill Siegel, Interim CEO

OverviewTypes of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Sovereign Wealth Funds, Regional and Community Banks, Hedge Funds, Private Equity Funds, Mutual Funds


Average size of secondary deals represented$10 million to $99 million $100 million to $499 million

Setter Capital Inc.77 Bloor St. W., Suite 1220 Toronto, ON M5S 1M2 Canada Phone: 416-964-9555 Fax: 416-964-0699 www.settercapital.com

Key personnelPeter McGrath, Managing Director [email protected]

Robert McGrath, Managing Director

Philip Leishman, Vice President

Gary Gill, Vice President

Simren Desai, Vice President


River Street Capital39 Broadway, Suite 3300 New York, NY 10006 Phone: 212-588-0300 www.riverstreetcap.com

Key personnelHelge Petermann, Managing Director [email protected]




SecondcapCavendish Court, 11-15 Wigmore St. London W1U 1PF U.K. Phone: 44-20-3096-2740 www.secondcap.com [email protected]

Branch officesPiazza Diaz, 5 Milan 20123 Italy Phone: 39-02-78-21-38

Key personnelFrancois Gamblin, CEO [email protected]

Anthony Marquié, Managing Director [email protected]

Pierre Henri Carles, Director [email protected]

James Hilton, Analyst [email protected]

Suneel Sheoran, Analyst [email protected]

OverviewTypes of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Secondary Specialists Funds of Funds, General Partners


UBS Investment Bank1285 Ave. of the Americas, 13th Floor New York, NY 10019 Phone: 212-821-6108 Fax: 212-882-8433 www.ubs.com/privatefundsgroup

Branch officesOne Finsbury Ave. London EC2M 2PP U.K. Phone: 44-20-7567-0644

Key personnelPhilip Tsai, Global Head of Secondary Market Advisory [email protected]




Key personnelMathieu Dréan, Managing Partner, COO [email protected]

Nicolas de Nazelle, Managing Partner [email protected]

Victor Quiroga, Partner [email protected]

Virginie Bourel, Partner [email protected]

Anna Chambers, Partner [email protected]

Tina Sodhi, Partner [email protected]

David Markson, Principal [email protected]

Lisa Harrow, Principal [email protected]

Diana Gatcan, Associate [email protected]

OverviewTypes of clients representedBanks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Funds of Funds, Asset Managers



Stanwich AdvisorsOne Dock St., Suite 600 Stamford, CT 06902 Phone: 203-406-1099 Fax: 203-406-1098 www.stanwichadvisors.com

Key personnelBradley Critchell, Managing Director [email protected]




TriagoOne boulevard de la Madeleine Paris 75001 France Phone: 33-1-47-03-01-10 Fax: 33-1-47-03-06-99 www.triago.com [email protected]

Branch offices499 Park Ave., 20th Floor New York, NY 10022 Phone: 212-593-4994 Fax: 212-593-0180

Dubai International Financial Center, Emirates Financial Towers, South Tower, Level 3, Office 325 Dubai, P.O. Box 506681 United Arab Emirates Phone: 971-4-433-1009


Abbey National Treasury Services PLC London 44-87-0607-6000Abu Dhabi Investment Authority Abu Dhabi 971-2-415-0000AEGON USA Investment Management LLC Baltimore 502-560-2825AFA Forsakring Stockholm 46-7-718-80-099Alameda County Employees’ Retirement Association Oakland, Calif. 510-628-3000AlpInvest Partners B.V. Amsterdam 31-205-407-575American Family Insurance Group Madison, Wis. 608-249-2111American Trading and Production Corp. Baltimore 410-347-7150AP Fonden 3 Stockholm 46-8-555-17-100APG Asset Management Heerlen, Netherlands 31-45-579-92-22Argentum Fondsinvesteringer Bergen, Norway 47-55-54-70-00Arizona State Retirement System Phoenix 602-240-2000Auda International LP New York 212-863-2300AXA Equitable Life Insurance Co. New York 212-554-1234BAE Systems Pensions Crawley, U.K. 44-19-0376-8616Barclays Bank PLC London 44-20-7116-1000Boston Retirement System Boston 617-635-4500Buckinghamshire Pension Fund Aylesbury, U.K. 44-84-5370-8090C.V. Starr & Co. Inc. New York 212-230-5050Caisse de dépôt et placement du Québec Montreal 514-842-3261California Public Employees’ Retirement System Sacramento, Calif. 916-795-3829California State Teachers’ Retirement System Sacramento, Calif. 916-229-3541Canada Pension Plan Investment Board Toronto 416-868-4075Charles A. Dana Foundation New York 212-223-4040China Investment Corp. Beijing 86-10-8409-6277China’s State Administration of Foreign Exchange Beijing 86-10-6840-1188Citi Capital Advisors Ltd. New York 212-559-0338City Of Tallahassee Retirement System Tallahassee, Fla. 850-891-8343CNP Assurances Paris 33-1-42-18-88-88Columbia University New York 212-854-1754Compagnia Di San Paolo Torino, Italy 39-011-5596-911Connecticut Retirement Plans and Trust Funds Hartford, Conn. 860-702-3126Contra Costa County Employees’ Retirement Association Concord, Calif. 925-646-5741Cranbrook Educational Community Bloomfield Hills, Mich. 248-645-3000Danske Private Equity Copenhagen 45-33-44-63-00DeA Capital SpA Milan 39-02-624-99-51Department for Business, Innovation and Skills London 44-20-7215-5000DNB Livsforsikring ASA Bergen, Norway 47-55-17-80-90DuPont Pension Fund Wilmington, Del. 302-477-6000Employees’ Retirement System of Rhode Island Providence, R.I. 401-222-2203Employees Retirement System of Texas Austin, Texas 512-867-7711European Bank for Reconstruction & Development London 44-20-7338-6000European Investment Fund Luxembourg 352-2485-1F&C Investments London 44-20-7628-8000Finnish Industry Investment Ltd. Helsinki 358-9-6803-680Fire & Police Pension Association of Colorado Greenwood Village, Colo. 303-770-3772Firemen’s Annuity & Benefit Fund Chicago Chicago 312-726-5823Flintshire County Council Pension Plan Mold, U.K. 44-03-5270-2761Florida State Board of Administration Tallahassee, Fla. 850-488-4406Fondinvest Capital Paris 33-1-58-36-48-00Fresno County Employees’ Retirement Association Fresno, Calif. 559-457-0681

LP NAME LOCATION PHONE

Appendix A

Investors That Have Backed Secondary Funds


Friends Provident Foundation York, U.K. 44-19-0462-9675GIC Private Ltd. Singapore 65-6889-8888Gjensidige Forsikring ASA Lysaker, Norway 47-22-96-8000Golden LEAF Foundation Inc. Rocky Mount, N.C. 252-442-7474Greater Manchester Pension Fund Droylsden, U.K. 44-16-1301-7000Groupama SA Paris 33-1-53-93-51-51Hafslund Pension Fund ASA Oslo 47-92-08-70-07Hamilton Lane Advisors Bala Cynwyd, Pa. 610-934-2222Hannover Rueckversicherung AG Hannover, Germany 49-5-115-60-40HarbourVest Partners LLC Boston 617-348-3707Hartford Municipal Employees’ Retirement Fund Hartford, Conn. 860-757-9100Haverford College Haverford, Pa. 610-896-1223Health Care Foundation of Greater Kansas Kansas City, Mo. 816-241-7006Houston Firefighters’ Relief & Retirement Fund Houston 281-372-5100Icahn School of Medicine at Mount Sinai New York 212-241-6500Illinois Municipal Retirement Fund Oak Brook, Ill. 630-368-1010Illinois Student Assistance Commission Deerfield, Ill. 847-831-8500Ilmarinen Mutual Pension Insurance Co. Helsinki 358-1-0284-11Indiana Public Retirement System Indianapolis 317-233-4162Indiana State Teachers’ Retirement Fund Indianapolis 317-232-3860Indiana University Foundation Bloomington, Ind. 812-855-8311International Finance Corp. Washington 202-473-3800Invesco Private Capital New York 212-278-9000Jasper Ridge Partners Menlo Park, Calif. 650-494-4800John S. and James L. Knight Foundation Miami 305-908-2600Kentucky Retirement Systems Frankfort, Ky. 502-696-8800Kentucky Teachers’ Retirement System Frankfort, Ky. 502-848-8500KLP Forsikring Oslo 47-22-00-55-54Korea Development Bank Seoul 82-27-87-69-34Korea Finance Corp. Seoul 82-2-1588-1500Kuwait Financial Centre Sharq, Kuwait 965-22248000Liberty Mutual Boston 617-357-9500London Pensions Fund Authority London 44-20-7369-6118Los Angeles City Employees’ Retirement System Los Angeles 800-779-8328Los Angeles County Employees Retirement Association Pasadena, Calif. 626-564-6132Los Angeles Fire & Police Pensions Los Angeles 213-978-4464Lothian Pension Fund Edinburgh 44-13-1529-4638Louisiana State Employees’ Retirement System Baton Rouge, La. 225-922-0600Lutheran Church-Missouri Synod St. Louis 314-965-9000Mandatum Life Insurance Co. Ltd. Helsinki 358-10-515-225Maryland State Retirement and Pension System Baltimore 410-625-5555Massachusetts Institute of Technology Investment Management Co. Cambridge, Mass. 617-253-4900Massachusetts Pension Reserves Investment Management Board Boston 617-946-8401Merced County Employees Retirement Association Merced, Calif. 209-725-3636MetLife Inc. New York 212-578-2211Michelin North America Inc. Greenville, S.C. 864-458-6399Minnesota State Board of Investment Saint Paul, Minn. 651-296-3328Montana Board of Investments Helena, Mont. 406-444-0001Municipal Employees’ Fund of Chicago Chicago 312-236-4700Mutual of Omaha Insurance Co. Omaha, Neb. 402-351-2508National Pensions Reserve Fund Dublin 353-1-664-0800Natixis Global Asset Management S.A. Paris 33-1-78-40-90-00Nebraska Investment Council Lincoln, Neb. 402-471-2043New Jersey State Investment Council Trenton, N.J. 609-292-5106New Mexico Educational Retirement Board Santa Fe, N.M. 505-827-8030New Mexico State Investment Council Santa Fe, N.M. 505-476-9500New York City Comptroller New York 212-669-3916New York State Common Retirement Fund Albany, N.Y. 518-474-4003


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New York State Teachers’ Retirement System Albany, N.Y. 518-447-2900North Carolina Retirement System Raleigh, N.C. 919-508-5176Nottinghamshire County Pension Fund Nottingham, U.K. 44-11-5977-2727Ohio Police & Fire Pension Fund Columbus, Ohio 614-228-2975Ohio State University Columbus, Ohio 614-292-6048Oklahoma Police Pension & Retirement System Oklahoma City 405-840-3555Ontario Municipal Employees’ Retirement System Toronto 416-369-2400Oregon Public Employees Retirement Fund Salem, Ore. 503-378-3730Oregon State Treasury Salem, Ore. 503-378-4000Overseas Asset Management (Cayman) Ltd. Grand Cayman, U.K. 345-745-8787Pacific Corporate Group La Jolla, Calif. 858-456-6000Paris Orleans SA Paris 33-1-53-77-65-10Partners Group AG Baar-Zug, Switzerland 41-41-784-60-00Pennsylvania Public School Employees’ Retirement System Harrisburg, Pa. 717-787-8540PenSam Farum, Denmark 45-44-39-39-39Phoenix Companies Inc. Hartford, Conn. 860-403-5594Public Employee Retirement System of Idaho Boise, Idaho 208-334-3365Public Employees Retirement Association of New Mexico Santa Fe, N.M. 505-476-9300Public School and Education Employee Retirement Systems of Missouri Jefferson City, Mo. 573-634-5290Regents of the University of California Oakland, Calif. 510-987-9220RWB Private Capital Emissionshaus AG Oberhaching, Germany 49-89-666-69-40Salient Partners LP Houston 713-993-4675San Bernardino County Employees’ Retirement Association San Bernardino, Calif. 909-885-7980San Diego County Employees Retirement Association San Diego 619-515-6800San Francisco Employees’ Retirement System San Francisco 415-487-7000San Jose Federated City Employees’ Retirement System San Jose, Calif. 408-794-1000Santa Barbara County Employees’ Retirement System Santa Barbara, Calif. 805-568-2940School Employees Retirement System of Ohio Columbus, Ohio 614-222-5853Sitra Helsinki 35-82-9461-8991Sixth Swedish National Pension Fund Gothenburg, Sweden 46-31-741-1000South Carolina Retirement System Investment Commission Columbia, S.C. 803-737-6885State of Wisconsin Investment Board Madison, Wis. 608-266-2381State Teachers Retirement System of Ohio Columbus, Ohio 614-227-4090State Universities Retirement System of Illinois Champaign, Ill. 217-378-8800Storebrand Kapitalforvaltning (Alternative Investments) Lysaker, Norway 47-22-31-50-50Strathclyde Pension Fund Glasgow 44-84-5213-0202Suffolk County Council Pension Fund Ipswich, U.K. 44-84-5606-6067SunAmerica Ventures Los Angeles 310-772-6000TIAA-CREF Individual & Institutional Services LLC New York 212-490-9000Tyne and Wear Pension Fund South Shields, U.K. 44-19-1424-4141United Technologies Corp. Farmington, Conn. 860-728-7000Universities Superannuation Scheme Ltd. Liverpool, U.K. 44-15-1227-4711University of Cincinnati Cincinnati 513-558-5403University of Florida Foundation Gainesville, Fla. 352-392-1693University of Pittsburgh Pittsburgh 412-624-6620University of Puget Sound Tacoma, Wash. 253-879-3224University of Texas Investment Management Co. Austin, Texas 512-225-1600University of Toronto Asset Management Corp. Toronto 416-673-8400University of Vermont Burlington, Vt. 802-656-2214University of Washington Seattle 206-685-1822Van Leer Group Foundation Amstelveen, Netherlands 31-20-645-32-31Veritas Pension Insurance Turku, Finland 358-10-55-010Virginia Retirement System Richmond, Va. 888-827-3847Wesleyan University Endowment Middletown, Conn. 860-685-2488West Midlands Pension Fund Wolverhampton, U.K. 44-30-0111-1665West Yorkshire Pension Fund Bradford, U.K. 44-12-74434-999YMCA Retirement Fund New York 800-738-9622



17Capital LLP • • • • Abbott Capital Management • • • • • • Aberdeen SVG Private Equity • • • Abu Dhabi Investment Authority • • • • • • • • Access Capital Partners • • • •Accretive Capital Partners •

ACG Capital • • • • • Adams Street Partners LLC • • • • • • • • •Allianz Capital Partners GmbH • • • • • Alpha Associates AG • • • • • AlpInvest Partners • • • • • • • • Altius Associates • • • • • • Apposite Capital •

Arcano Capital • • • • • • • • ARCIS Group • • • • Ardian • • • • • • • •Auda Private Equity LLC • • • • • • • Auldbrass Partners • • • • • • •BEX Capital • • • • • •Bowside Capital • •

Capital Dynamics • • • • • • • CMS Fund Advisors LLC • • • •

Coller Capital • • • • • • • Committed Advisors • • • • • • • • Commonfund • • • • • • • • • CPP Investment Board • • • Cubera Private Equity • •DB Private Equity • • • • • • • • • DuPont Capital Management • • • • • • • • F&C Investment Business Ltd. • • • • • • • • Fondinvest Capital • • • • • Fort Washington Capital Partners • • • • • • • Galgano Corporate Finance • • • • • • •Goldman Sachs Group Inc. • • • • • • • • • Greenspring Associates • • • • • Hamilton Lane • • • • • • • • • HarbourVest Partners LLC • • • • • • • • • •Headway Capital Partners LLP • • • • • • • Horsley Bridge Partners • • • • Idinvest Partners • • • •IKE Capital Group • • • • • • •Industriens Pensionsforsikring A/S • • • • • Investment Fund for Foundations • • • • • • J.P. Morgan Asset Management • • • • • • • • Jolimont Capital Pty Ltd. • • •

Special Real Stakes Unfunded Venture LBO Mezz. situations estate in private or largely U.S. Non-U.S. funds funds funds funds funds cos. unfunded funds funds Other

Appendix B: Secondary Market Buyer

Interests Sought


Kensington Capital Partners Ltd. • • • • Lexington Partners • • • • • • • • • •LGT Capital Partners • • • • • • • • • Live Oak Capital • • • • MidCoast Capital LLC • • • • • • • • Montana Capital Partners • • • • • Montauk TriGuard Management LLC • • • • • • • Morgan Stanley Alternative Investment Partners • • • • Mustang Capital Partners • • • • • • • •Neuberger Berman • • • • • • Newbury Partners • • • • • • • • NewQuest Capital Partners •

NorgesInvestor • •Northern Trust • • • • • • • Northleaf Capital Partners • • • • • • Pantheon • • • • • • • • Paragon Partners GmbH •

Partners Group • • • • • • • • • •Pathway Capital Management LP • • • • • • PEI Funds • • • • • • • Permal Capital Management LLC • • • • • • • PGGM • • • • PineBridge Investments • • • • • • • • Pomona Capital • • • • • • • • Portfolio Advisors LLC • • • • • • • • • Private Advisors LLC • • • • • • • RCP Advisors • • • •

Rho Fund Investors • • • •Robeco Private Equity • • • • •SL Capital Partners • • • • Sobera Capital • • • • Stafford Capital Partners • • • •StepStone Group • • • • • • • • • Stripes Group •

Susquehanna International Group • • • • • •

Symmetry Investment Advisors Inc. • • • • •

Top Tier Capital Partners • •

Unigestion • • • • • • VCFA Group • •

VenCap International PLC • • • Venture Investment Associates • • • • •

Vintage Investment Partners • • • • von Braun & Schreiber Private Equity Partners GmbH • • • • • • Willowridge Partners Inc. • • • • • • • • Wilshire Private Markets Group • • • • • •

Special Real Stakes Unfunded Venture LBO Mezz. situations estate in private or largely U.S. Non-U.S. funds funds funds funds funds cos. unfunded funds funds Other

Appendix B: Secondary Market Buyer

Interests Sought


Appendix C: Secondary Market Buyer & Direct Manager

Geographic Preferences

17Capital LLP • • • •

Abbott Capital Management • • • • • • • • •

Adams Street Partners LLC • • • • • • • • • • •Akkadian Ventures •

AlpInvest Partners • • • • • • • • • • Arcano Capital • • • • • • • • • • Ardian • • • • • • • • • • Auda Private Equity LLC • • • • • • • • • BEX Capital • • •

Bowside Capital • •

Coller Capital • • • • • • • • • • Committed Advisors • • • • • • • • • • Commonfund • • • • • • • • • • CPP Investment Board • • • • • •

DB Private Equity • • • • • • • • • • Fondinvest Capital • • • • •

Fort Washington Capital Partners • • • • •

Galgano Corporate Finance •Goldman Sachs Group Inc. • • • • • • • • • • Greenspring Associates • • • • • • • • • • Hamilton Lane • • • • • • • • • • HarbourVest Partners LLC • • • • • • • • • • •IKE Capital Group •J.P. Morgan Asset Management • • • • • • • • • • Kensington Capital Partners Ltd. • •

Landmark Partners • • • • • • • • • • Lexington Partners • • • • • • • • •

LGT Capital Partners • • • • • • • • • • LLM Capital Partners LLC •

MidCoast Capital LLC • • • • • • • •

Montana Capital Partners • • • • • • • • • • Morgan Stanley Alternative Investment Partners • • • • • • • Mustang Capital Partners • • • • • • • • •

Newbury Partners • • • • • • • • • • NewQuest Capital Partners • • •

NorgesInvestor •Northern Trust • • • • •

Northleaf Capital Partners • • • • • • • •

Pathway Capital Management LP

PEI Funds • • • • • • • • • • Permal Capital Management LLC • • • •

Portfolio Advisors LLC • • • • • •

Protostar Partners LLC •

West. Cen./East. Asia (exc. Latin Middle U.S. U.K. Europe Europe Canada Australia Japan) Japan America East Other


Appendix C: Secondary Market Buyer & Direct Manager

Geographic Preferences

Sobera Capital •

Stafford Capital Partners • • • • •

Stratim Capital • • •

Top Tier Capital Partners • • • •

VCFA Group •

Verdane Capital Advisors • • •

Vintage Investment Partners • •W Capital Partners • • • • •

Willowridge Partners Inc. • • •

yet2Ventures • • •

West. Cen./East. Asia (exc. Latin Middle U.S. U.K. Europe Europe Canada Australia Japan) Japan America East Other


Appendix D: Secondary Market Intermediary

Types of Clients Represented

Wealthy Family Endowments/ Public Pension Individuals Banks Offices Foundations Funds Other

Accretive Capital Advisors • • • Almeida Capital Ltd. • • • • •AXON Partners AG • • • • •Azla Advisors • • • • •Breslin AG • • • • • •Camelot Group LLC • • • • •Campbell Lutyens & Co. Ltd. • • • •Capstone Partners • • • •Continental Capital Partners • • • •Credit Suisse Group AG • • • • •Evercore - Private Capital Advisory • • • • •Go4Venture Advisers LLP • •Greenhill Cogent • • • • • •Griffin Financial Group • • • •Harken Capital • • • • •Houlihan Lokey • • • •ICAP Corporates LLC • • • • • •Lazard • • • • • •Melville Capital LLC • • • MHT Secondary Advisors • • • • • •Moelis & Co. • • • • •NYPPEX • • • • •Paladin Market Advisors •Palomar Capital Advisors • • • • •Park Hill Group LLC • • • • •Probitas Partners • • • River Street Capital • • • •Secondcap • • • • • •SecondMarket Inc. • • • • • •Setter Capital Inc. • • • • •Somerset Capital Ltd. • • • • •Stanwich Advisors • • • •Triago • • • • •UBS Investment Bank • • • • •


Appendix E: Secondary Market Intermediary

Average Size of Secondary Deals Represented

Under $10M to $100M to $500M to $10M $99M $499M $999M $1B+

Accretive Capital Advisors • • • Almeida Capital Ltd. • • •

AXON Partners AG • • •

Azla Advisors • • • • Breslin AG • • • • Camelot Group LLC • • • •Campbell Lutyens & Co. Ltd. • • • •Capstone Partners • • • • Continental Capital Partners •

Credit Suisse Group AG • • •Evercore - Private Capital Advisory • • • •Go4Venture Advisers LLP •

Greenhill Cogent • • • • •Griffin Financial Group • • •

Harken Capital • • • • •Houlihan Lokey • • •ICAP Corporates LLC • • • • •Lazard • • • •Melville Capital LLC • • •

MHT Secondary Advisors •

Moelis & Co. • • •NYPPEX • • • • •Paladin Market Advisors • •

Palomar Capital Advisors • •

Park Hill Group LLC • • • • •Probitas Partners •

River Street Capital • • •

Secondcap • •

SecondMarket Inc. • •

Setter Capital Inc. •

Sixpoint Partners LLC • • • Somerset Capital Ltd. • • • Stanwich Advisors • • • Triago • • • • UBS Investment Bank • • • • •

[ 80 ] Guide to the Secondary Market

17Capital LLP 34

A

Abbott Capital Management 34

Aberdeen SVG Private Equity 34

Abu Dhabi Investment Authority 34

Access Capital Partners 34

Accretive Capital Advisors 62

Accretive Capital Partners 35

ACG Capital 35

Adams Street Partners LLC 35

Akkadian Ventures 58

Allianz Capital Partners GmbH 36

Almeida Capital Ltd. 62

Alpha Associates AG 36

AlpInvest Partners 36

Altius Associates 37

Annex Capital Group LLC 58

Apposite Capital 37

Arcano Capital 37

ARCIS Group 37

Ardian 37

Argenthal & Co. 62

AssetMetrix GmbH 38

Auda Private Equity LLC 38

Auldbrass Partners 38

AXON Partners AG 62

Azla Advisors 62

B

BEX Capital 38

Blackrock Private Equity Partners 38

Bowside Capital 39

Breslin AG 62

C

California Public Employees’ Retirement System 39

California State Teachers’ Retirement System 39

Camelot Group LLC 63

Campbell Lutyens & Co. Ltd. 63

Capital Dynamics 39

Capstone Partners 63

Cipio Partners 58

CMS Fund Advisors LLC 39

Coller Capital 39

Committed Advisors 39

Commonfund 40

Commonwealth of PA, Public School Employees’ Retirement System 40

Continental Capital Partners 64

CPP Investment Board 40

Credit Suisse Group AG 64

Cubera Private Equity 40

D

DB Private Equity 40

DFJ Esprit Secondaries LLP 58

DuPont Capital Management 41

E

Equistone Partners Europe 41

Evercore - Private Capital Advisory 64

F

F&C Investment Business Ltd. 41

Fondinvest Capital 41

Fort Washington Capital Partners 41

G

Galgano Corporate Finance 41

GlobalFinance 64

Index by Company Name


Live Oak Capital 46

LLM Capital Partners LLC 59

M

MCA Funds 59

Melville Capital LLC 66

MHT Secondary Advisors 66

MidCoast Capital LLC 46

Millennium Technology Value Partners 59

Moelis & Co. 66

Montana Capital Partners 46

Montauk TriGuard Management LLC 48

Morgan Stanley Alternative Investment Partners 48

MSD Capital 48

Mustang Capital Partners 48

N

Natixis Global Asset Management 48

Neuberger Berman 48

New Jersey State Investment Council 48

Newbury Partners 49

NewQuest Capital Partners 49

Nordea 49

NorgesInvestor 49

Northern Trust 49

Northleaf Capital Partners 50

Nova Capital Management Ltd. 60

Novirian Capital 60

NYPPEX 66

O

Ontario Teachers’ Pension Plan 50

P

Paladin Market Advisors 67

Palomar Capital Advisors 67

Pantheon 50

Paragon Partners GmbH 50

Park Hill Group LLC 67

Partners Group 50

Pathway Capital Management LP 51

Go4Venture Advisers LLP 64

Goldman Sachs Group Inc. 42

Greenhill Cogent 64

Greenspring Associates 42

Griffin Financial Group 65

H

Hamilton Lane 42

HarbourVest Partners LLC 42

Harken Capital 65

Headlands Capital Management LLC 43

Headway Capital Partners LLP 43

Helmsman Capital 43

Henderson Global Investors 43

Hermes GPE 58

Horsley Bridge Partners 43

Houlihan Lokey 65

I

ICAP Corporates LLC 65

Idinvest Partners 43

IKE Capital Group 44

Industriens Pensionsforsikring A/S 44

Industry Ventures 44

Institutional Venture Partners (IVP) 58

Invesco Institutional 44

Investment Fund for Foundations 44

J

J.P. Morgan Asset Management 44

Jolimont Capital Pty Ltd. 44

K

Kensington Capital Partners Ltd. 45

L

Lake Street Capital LLC 58

Landmark Partners 45

Lazard 66

Lexington Partners 45

LGT Capital Partners 46

Liquid Realty Partners 46


Susquehanna International Group 55

Symmetry Investment Advisors Inc. 55

T

Telemus Capital Partners 56

Top Tier Capital Partners 56

Travelers Companies 56

Triago 69

Triginta Capital GmbH 56

U

UBS Investment Bank 69

Unigestion 56

V

VCFA Group 56

VenCap International PLC 56

Venture Investment Associates 57

Verdane Capital Advisors 60

Vintage Investment Partners 57

Vision Capital LLP 61

von Braun & Schreiber Private Equity Partners GmbH 57

Vorndran Mannheims Capital Advisors GmbH 61

W

W Capital Partners 61

WealthCap 57

Willowridge Partners Inc. 57

Wilshire Private Markets Group 57

Winchester Capital Group 57

Y

yet2Ventures 61

Paul Capital 51

PEI Funds 51

Performance Equity Management 51

Permal Capital Management LLC 51

PGGM 51

Pictet Asset Management SA 60

PineBridge Investments 52

Pomona Capital 52

Portfolio Advisors LLC 53

Private Advisors LLC 53

Probitas Partners 67

Protostar Partners LLC 60

R

RCP Advisors 53

Rho Fund Investors 53

River Street Capital 68

Robeco Private Equity 53

Rosetta Capital Ltd. 60

S

Saints Capital 60

San Francisco Employees’ Retirement System 53

SCM Strategic Capital Management 54

Secondcap 68

SecondMarket Inc. 68

Setter Capital Inc. 68

Shackleton Ventures Ltd. 54

Sixpoint Partners LLC 68

SL Capital Partners 54

smac partners GmbH 60

Sobera Capital 54

Somerset Capital Ltd. 68

Stafford Capital Partners 54

Stanwich Advisors 69

StepStone Group 55

Stratim Capital 60

Stripes Group 55

SunAmerica Asset Management LLC 55


A

Abecassis, Jonathan - Credit Suisse Group AG 64

Abrams, Zachary - Stratim Capital 60

Aerni, Ralph - SCM Strategic Capital Management 54

Ailman, Christopher J. - California State Teachers’ Retirement System 39

Akers, Jeff - Adams Street Partners LLC 35

Albert, Christian - Bowside Capital 39

Alfeld, Chad - Landmark Partners 45

Ali, Ahmad - Auldbrass Partners 38

Allen, Laurence - NYPPEX 66

Andrew, Mark - Lexington Partners 45

Anquillare, Ceasar Nicholas - Winchester Capital Group 57

Anthofer, Tom S. - Cipio Partners 58

Appell, Gordon - Credit Suisse Group AG 64

Areson, Chris - Credit Suisse Group AG 64

Armstrong, Christopher - NYPPEX 66

Atterbury, David - HarbourVest Partners LLC 42

Aubert, Andre - LGT Capital Partners 46

Auffray, Valerie - Apposite Capital 37

B

Bader, Hanspeter - Unigestion 56

Barnett, Troy - Adams Street Partners LLC 35

Barrett, Red - Permal Capital Management LLC 51

Bauman, Gina - Institutional Venture Partners (IVP) 58

Baumgarten, Steven - BlackRock Private Equity Partners 38

Beaton, Kirk - Lexington Partners 45

Beckelman, Scott - Greenhill Cogent 64

Beil, Stefan - Sobera Capital 54

Benedetti, Mark - Ardian 37

Benin, Daniel - Committed Advisors 39

Berkowitz, Fred - Horsley Bridge Partners 43

Binette, Ryan - Lazard 66

Biondi Morra di Belforte, Giacomo - Capstone Partners 63

Black, Benjamin - Akkadian Ventures 58

Blitz, Craig - NYPPEX 66

Blümhuber, Claudia - GlobalFinance 64

Bolat, Murat - NYPPEX 66

Bonaventura, Simonetta - IKE Capital Group 44

Bonavitacola, Marc - Aberdeen SVG Private Equity 34

Bonfield, Chris - Greenhill Cogent 64

Bonnet, Mathieu - BEX Capital 38

Borok, Dan - Millennium Technology Value Partners 59

Bouché, Romain - ARCIS Group 37

Bourel, Virginie - Triago 69

Bowden, Daniel - Stafford Capital Partners 54

Bradley, Thomas - StepStone Group 55

Brandmeyer, Michael - Goldman Sachs Group Inc. 42

Bright, Aaron - Permal Capital Management LLC 51

Brody, Tim - Auda Private Equity LLC 38

Broenden, Christian - Industriens Pensionsforsikring A/S 44

Brophy, Parker - Mustang Capital Partners 48

Brown , Simon - Equistone Partners Europe 41

Burch, Mark - ARCIS Group 37

Burstein, Dan - Millennium Technology Value Partners 59

Butler, Ryan - Portfolio Advisors LLC 53

C

Cantrell, Allen - MCA Funds 59

Carles, Pierre Henri - Secondcap 68

Carr, Dayton - VCFA Group 56

Cassidy, Martha - Abbott Capital Management 34

Chambers, Anna - Triago 69

Chapman, Duncan - Lexington Partners 45

Chee, Max - Millennium Technology Value Partners 59

Cheung, Chi - DB Private Equity 40

Chow, Richard - Abu Dhabi Investment Authority 34

Index by Contact Name


E

Eftimiu, Emanuel - Alpha Associates AG 36

Eguiagaray, Gonzalo - Arcano Capital 37

Einarson, Frida - Verdane Capital Advisors 60

Engelhard, Teresa - Jolimont Capital Pty Ltd. 44

Engelien, Bernhard - Greenhill Cogent 64

Engler, Mark - AXON Partners AG 62

Evain, Frédéric - Access Capital Partners 34

Falkove, Ethan - Neuberger Berman 48

F

Farooqi, Mohammed Anwer - Abu Dhabi Investment Authority 34

Feinglass, Michael - RCP Advisors 53

Fenimore, Mitchell - Griffin Financial Group 65

Finigan, Emily-Jane - Landmark Partners 45

Fink, Peter - Kensington Capital Partners Ltd. 45

Finkelstein, Abe - Vintage Investment Partners 57

Flower, Tim - HarbourVest Partners LLC 42

Flynn, Vivian - Pomona Capital 52

Folle, Peter - Triginta Capital GmbH 56

Freda, Adam - Northern Trust 49

Fremuth, Gunnar - PEI Funds 51

Froland, Charles - Performance Equity Management 51

Fuhrman, Glen R. - MSD Capital 48

G

Gamblin, Francois - Secondcap 68

Gardey, Oliver - Pomona Capital 52

Garton, Anthony - Lexington Partners 45

Gatcan, Diana - Triago 69

Gerbracht, Patrick - Portfolio Advisors LLC 53

Giannetti, Thomas - Lexington Partners 45

Gigliotti, Carmen - DuPont Capital Management 41

Gill, Gary - Setter Capital Inc. 68

Gillies, Charles - Jolimont Capital Pty Ltd. 44

Glass, Jon - Millennium Technology Value Partners 59

Goh, Andress - Allianz Capital Partners GmbH 36

Goldrick, Joe - Adams Street Partners LLC 35

Gombault, Vincent - Ardian 37

Goodrich, Tom - Stafford Capital Partners 54

Cohn, Paul - Fort Washington Capital Partners 41

Colas, Vladimir - Ardian 37

Coller, Jeremy - Coller Capital 39

Cooney, Ryan - Hamilton Lane 42

Cornelius, Ronn C. - Montauk TriGuard Management LLC 48

Costabile, Steven - PineBridge Investments 52

Costello, Jon - Morgan Stanley Alternative Investment Partners 48

Costello, Neal - CPP Investment Board 40

Critchell, Bradley - Stanwich Advisors 69

Croissant, Cécile - Access Capital Partners 34

Cruttenden, Tim - VenCap International PLC 56

Cuneo, Michael - MidCoast Capital LLC 46

Custar, Mike - Credit Suisse Group AG 64

D

D’Agostino, Mike - Permal Capital Management LLC 51

Davies, Deirdre - DB Private Equity 40

Dawn, Nigel - Evercore - Private Capital Advisory 64

de Beaupuy, Barthelemy - Committed Advisors 39

de Corainville, Robert - 17Capital LLP 34

de la Infiesta, Pablo - Lazard 66

de Nazelle, Nicolas - Triago 69

de Selancy, Pierre-Antoine - 17Capital LLP 34

Decanniere, Olivier - Ardian 37

del Rio, Jose Luis - Arcano Capital 37

Delaney, Paul - Griffin Financial Group 65

Deligny, Jean-Michel - Go4Venture Advisers LLP 64

Delos, Alexandre - Access Capital Partners 34

Denison, Charlie - Adams Street Partners LLC 35

Desai, Simren - Setter Capital Inc. 68

Dewan, Amant - Annex Capital Group LLC 58

DiGeronimo, Robert - Permal Capital Management LLC 51

Diller, Christian - Montana Capital Partners 46

Doehla, Zak - MCA Funds 59

Dréan, Mathieu - Triago 69

Dreesbach, Werner - Cipio Partners 58

Duhamel, Augustin - 17Capital LLP 34

Duksin, Jeremy - Credit Suisse Group AG 64

Dupont, Daniel - Northleaf Capital Partners 50


I

Isnard, Henri - ARCIS Group 37

J

Janis, Fran - Pomona Capital 52

Jansen, Greg - Commonfund 40

Jaroch, Chris - Newbury Partners 49

Jensen, Philip - Paul Capital 51

Jinkens, Brenlen - Greenhill Cogent 64

John, Rebecca - Lexington Partners 45

Johnson, Ian - Helmsman Capital 43

Johnson, Phil - Fort Washington Capital Partners 41

K

Karabelnik, David - Breslin AG 62

Keay, Jeff - HarbourVest Partners LLC 42

Kellett, Andrew - AXON Partners AG 62

Kelley, Mary Frances - Invesco Institutional 44

Kelly, Douglas - Pomona Capital 52

Kenna, Sam - LLM Capital Partners LLC 59

Kerr, Tom - Hamilton Lane 42

Kheng, Jennifer - Lexington Partners 45

Killilea, Alison - W Capital Partners 61

Knechtli, Patrick - SL Capital Partners 54

Knoell, Gretchen - Lake Street Capital LLC 58

Koch, Hans-Dieter - Cipio Partners 58

Koh, Irene - J.P. Morgan Asset Management 44

Kotwal, Maneck - New Jersey State Investment Council 48

Kroll, Markus - Palomar Capital Advisors 67

Kubo, Tatsuya - HarbourVest Partners LLC 42

L

Landman, William A. - CMS Fund Advisors LLC 39

Landress, Scott - Liquid Realty Partners 46

Lanel, Nicolas - Evercore - Private Capital Advisory 64

LaPerla, Stephen - NYPPEX 66

Lauby, Martial - Access Capital Partners 34

Lawler, Nicholas - Northern Trust 49

Leader, Tom - Nova Capital Management Ltd. 60

Lee, James - MHT Secondary Advisors 66

Gordon, Brett - HarbourVest Partners LLC 42

Graev, Adam - DB Private Equity 40

Grant, Charles - Lexington Partners 45

Gravdal, Jakob - Verdane Capital Advisors 60

Green, Holcombe - Lazard 66

Gregory Garrett, Melissa - Private Advisors LLC 53

Grendi, Jeffrey - NYPPEX 66

Gruber, Sascha - LGT Capital Partners 46

Gull, Jason - Adams Street Partners LLC 35

Gunn, Graeme - SL Capital Partners 54

Gutzen, Till - Cubera Private Equity 40

H

Haarmann, Moritz - AssetMetrix GmbH 38

Hadzic, Edin - Paragon Partners GmbH 50

Haimoff, Dana - J.P. Morgan Asset Management 44

Hammer, Jeff - Houlihan Lokey 65

Haniford, Scott - Travelers Companies 56

Hansen, Soren Thinggaard - Industriens Pensionsforsikring A/S 44

Harris, Simon - W Capital Partners 61

Harris, Stephen - MidCoast Capital LLC 46

Harrow, Lisa - Triago 69

Hatch, Nick - Harken Capital 65

Haviv, Joseph - Protostar Partners LLC 60

Hay, Stewart - SL Capital Partners 54

Hepple, Jonathan - Rosetta Capital Ltd. 60

Heston, Blake - W Capital Partners 61

Hilton, James - Secondcap 68

Himmel, Doug - Melville Capital LLC 66

Hliboki, Lorraine - Pomona Capital 52

Holden, Greg - Adams Street Partners LLC 35

Holden, Richard - Abu Dhabi Investment Authority 34

Holley, Scott - Harken Capital 65

Holmia, Janne - Verdane Capital Advisors 60

Hope, Harold - Goldman Sachs Group Inc. 42

Hortick, Edward - VCFA Group 56

Houtteville, Briac - Greenhill Cogent 64

Huang, Timothy - Lexington Partners 45

Hunnewell, Luisa - Willowridge Partners Inc. 57


Mock, Ron - Ontario Teachers’ Pension Plan 50

Moilanen, Mikko - Access Capital Partners 34

Monroe, Kevin - Paladin Market Advisors 67

Mooney, Brian - Greenhill Cogent 64

Morgan, Kyle - W Capital Partners 61

Mulherin, Harbert - Live Oak Capital 46

Mullen, Geoffrey - Landmark Partners 45

Muradian, Edward - PEI Funds 51

Murphy, Bill - Greenhill Cogent 64

Murphy, Kara - SunAmerica Asset Management LLC 55

N

Nahum, Agnès - Access Capital Partners 34

Nairn, Richard - F&C Investment Business Ltd. 41

Navins, David - Permal Capital Management LLC 51

Nelson, Don - Harken Capital 65

Newby, Tom - Lexington Partners 45

Nguyen, Franck - Ardian 37

Nicholls, Lucy - Stafford Capital Partners 54

Nick, Andy - Greenhill Cogent 64

Nicklas, Brent - Lexington Partners 45

Nicum, Pinal - Adams Street Partners LLC 35

Nowak, Magdalena - AXON Partners AG 62

Nusseibeh, Saker - Hermes GPE 58

O

Olmos, Emilio - Abu Dhabi Investment Authority 34

Orr, Michael - NYPPEX 66

Osterrieth, Robert - Rho Fund Investors 53

Ostin, Olav - DFJ Esprit Secondaries LLP 58

P

Pangburn, Len - Abbott Capital Management 34

Parke, Marshall - Lexington Partners 45

Parshall, David - PEI Funds 51

Paul, Aymeric - Access Capital Partners 34

Pearce, Ben - Campbell Lutyens & Co. Ltd. 63

Peninon, Dominique - Access Capital Partners 34

Perkins, Tristram - Neuberger Berman 48

Perl, Ben - Neuberger Berman 48

Leishman, Philip - Setter Capital Inc. 68

Lessar, Stephen - Goldman Sachs Group Inc. 42

Liaudet, Thomas - Campbell Lutyens & Co. Ltd. 63

Livingstone, Elly - Pantheon 50

Lo, Bonnie - NewQuest Capital Partners 49

Lodge, Cari - Commonfund 40

Lorgen, Eivind - Nordea 49

Lottmann, Johanna - Lazard 66

Ludwig, Nils - Paragon Partners GmbH 50

Luscombe, Roger - Continental Capital Partners 64

M

Mabin, Rory - NYPPEX 66

Malloy, Fred - Harken Capital 65

Marino, Ben - Permal Capital Management LLC 51

Marks, Joseph - Capital Dynamics 39

Markson, David - Triago 69

Marmer, Craig - Probitas Partners 67

Marquié, Anthony - Secondcap 68

Maruszewski, Mark - StepStone Group 55

Maynard, Fred - HarbourVest Partners LLC 42

McArthur, Lex - Jolimont Capital Pty Ltd. 44

McCabe, Michael - StepStone Group 55

McDonald, Mark - Credit Suisse Group AG 64

McGill, Mike - MHT Secondary Advisors 66

McGrath, Peter - Setter Capital Inc. 68

McGrath, Robert - Setter Capital Inc. 68

McIntosh, Tim - yet2Ventures 61

McNulty, Lena - Industry Ventures 44

McPhee, Matthew - Stafford Capital Partners 54

Mengozzi, Katia - Galgano Corporate Finance 41

Meyer, Dominik - AXON Partners AG 62

Migliorino, Bob - W Capital Partners 61

Miles, Nicholas - Lazard 66

Miller, Jim - Somerset Capital Ltd. 68

Miller, Todd - Greenhill Cogent 64

Miller, Todd - W Capital Partners 61

Miró Quesada, Ricardo - Arcano Capital 37

Mitra, Abhijit - Lazard 66


Santiago, Jason - Stripes Group 55

Schiphorst, Berend - PGGM 51

Schmitz, Alexandre - Capstone Partners 63

Schmitz, Jan Philipp - Ardian 37

Schunk, Michael - NYPPEX 66

Schwerin, Sam - Millennium Technology Value Partners 59

Sealey, Andrew - Campbell Lutyens & Co. Ltd. 63

Senequier, Dominique - Ardian 37

Shan, Sally - HarbourVest Partners LLC 42

Shaw, Phillip M. - Invesco Institutional 44

Shen Lefranc, Laura - Headway Capital Partners LLP 43

Sheoran, Suneel - Secondcap 68

Sidell, Kathleen - yet2Ventures 61

Siegel, Bill - SecondMarket Inc. 68

Simon, Christophe - Idinvest Partners 43

Sloan, Stephen - Greenhill Cogent 64

Smith, Brian M. - Montauk TriGuard Management LLC 48

Smith, Charles - DB Private Equity 40

Sodhi, Tina - Triago 69

Somerville, Hunter - Greenspring Associates 42

Soong, Marie - Somerset Capital Ltd. 68

Sosa del Valle, José - Lexington Partners 45

Soulignac, Charles - Fondinvest Capital 41

Spencer, Nick - Campbell Lutyens & Co. Ltd. 63

Spiller, Charles - Commonwealth of PA, Public School Employees’ Retirement System 40

Standbridge, Steve - Capstone Partners 63

Stanzel, Matthias - GlobalFinance 64

Stark, Robert - Melville Capital LLC 66

Stephens, John - Pomona Capital 52

Stetson, Chuck - PEI Funds 51

Stewart, Hugh - Shackleton Ventures Ltd. 54

Still, Sonya - NYPPEX 66

Stitch, Katie - W Capital Partners 61

Stock, JB - Committed Advisors 39

Struve, Kasper - Industriens Pensionsforsikring A/S 44

Such, Craig - Stratim Capital 60

Sullivan, Carol - Jolimont Capital Pty Ltd. 44

Symon, Warren - Newbury Partners 49

Perloff, Hugh - Portfolio Advisors LLC 53

Perriello, Chris - AlpInvest Partners 36

Perrin, Elvire - Altius Associates 37

Perrin, David - Campbell Lutyens & Co. Ltd. 63

Petermann, Helge - River Street Capital 68

Pfohl, Edgar J. - Montauk TriGuard Management LLC 48

Phelan, John C. - MSD Capital 48

Pigache, Guy - Henderson Global Investors 43

Pirzio-Biroli, Carlo - DB Private Equity 40

Poggioli, Philippe - Access Capital Partners 34

Pollack, Brooke - Greenspring Associates 42

Porter, David - Apposite Capital 37

Pugatch, Mike - HarbourVest Partners LLC 42

Q

Quiroga, Victor - Triago 69

R

Rabini, Johannes - Sobera Capital 54

Ramachandran, Ashrith - Campbell Lutyens & Co. Ltd. 63

Ran, Gary - Telemus Capital Partners 56

Reed, Jeffrey - Stafford Capital Partners 54

Rerisi, Meredith - Abbott Capital Management 34

Revillon, Benjamin - BEX Capital 38

Riddle, William - Lazard 66

Rigamonti, Francesco - DB Private Equity 40

Ristvedt, Pål - Lexington Partners 45

Riva, Giorgio - CPP Investment Board 40

Robard, Yann - CPP Investment Board 40

Rocker, Marissa - Auda Private Equity LLC 38

Rorer, Jim - Pomona Capital 52

Roscigno, Anthony - J.P. Morgan Asset Management 44

Rubin, Immanuel - Campbell Lutyens & Co. Ltd. 63

Rudge, John - Lexington Partners 45

S

Sabassier, Dominique - Natixis Global Asset Management 48

Salley, Christopher - Auldbrass Partners 38

Sanabria, Paul - Houlihan Lokey 65

Sanders, Howard - Auldbrass Partners 38


Waxman, David - Azla Advisors 62

Wertheimer, Steve - W Capital Partners 61

Wigg, Simon - AXON Partners AG 62

Wiley, Nicole - Morgan Stanley Alternative Investment Partners 48

Williamson, David - Nova Capital Management Ltd. 60

Wilson, Amanda - J.P. Morgan Asset Management 44

Wilson, Ben - PEI Funds 51

Wilson, Peter - HarbourVest Partners LLC 42

Woessner, Dominik - Greenhill Cogent 64

Wolff, Dylan - NorgesInvestor 49

Wonnacott, Larry - Symmetry Investment Advisors Inc. 55

Woo, Helen - Protostar Partners LLC 60

Woods, Joe - Fort Washington Capital Partners 41

Wu, Victor - Lexington Partners 45

Wulff, Marco - Montana Capital Partners 46

Y

York, David - Top Tier Capital Partners 56

Young, Mark - MHT Secondary Advisors 66

Z

Zhou, Brooke - LGT Capital Partners 46

Zimmel, Robert - NYPPEX 66

Zoller, Eric - Sixpoint Partners LLC 68

Zur Muhlen, Adriaan - Permal Capital Management LLC 51

T

Talbot, Brian - Neuberger Berman 48

Tang, Samuel - Montauk TriGuard Management LLC 48

Taubman, Steven - VCFA Group 56

Terry, Shawn - MHT Secondary Advisors 66

Tesconi, Lee - Lexington Partners 45

Thuet, Lawrence - Park Hill Group LLC 67

Timoll, Garth - Top Tier Capital Partners 56

Tollette , Wylie A. - California Public Employees’ Retirement System 39

Tom, David - VCFA Group 56

Toomey, John - HarbourVest Partners LLC 42

Tortora, Daniel - Moelis & Co. 66

Townsend, Dan - Top Tier Capital Partners 56

Tsai, Philip - UBS Investment Bank 69

U

Ulczynski, Amanda - Wilshire Private Markets Group 57

Ulmer, Dietrich - smac partners GmbH 60

V

Valdant, Guillaume - Committed Advisors 39

Vallano, Ingmar - Ardian 37

van Zanten, Mikan - Robeco Private Equity 53

Veravanich, Pete - Pathway Capital Management LP 51

Verbrugghe, Benoit - Ardian 37

Vercoutere, Ivan - LGT Capital Partners 46

Vicinelli, Stephen - Investment Fund for Foundations 44

von Braun, Emmeram - von Braun & Schreiber Private Equity Partners GmbH 57

von Moeller, Krischan - Paragon Partners GmbH 50

von Wolffradt, Alexander - Partners Group 50

Vorndran, Helmut - Vorndran Mannheims Capital Advisors GmbH 61

W

Wachter, David - W Capital Partners 61

Wang, Arthur - San Francisco Employees’ Retirement System 53

Wang, Edwin - Accretive Capital Partners/Advisors 35, 62

Warn Schindel, Kevin - HarbourVest Partners LLC 42

Warren, Wilson - Lexington Partners 45

Paris + 33 (0) 1 58 36 48 00www.fondinvest.com

Creating your private equity performance

Fondinvest Capital created one of the first dedicated secondary funds in Europe in the early 1990s and quickly became a leading secondary’s specialist.

With over 150 secondary transactions completed over the past 20 years, we have built strong relationships within the limited partners and general partners communities. We are recognized as a reliable buyer, responsive to the needs of the seller and ready to make a fair offer. We can execute deals quickly with the utmost discretion.

For further information, please call us or send us an email at [email protected].

EXPERIENCE IS KEY FOR SUCCESSFUL SECONDARY TRANSACTIONS

Cogent Partners is now part of

Greenhill & Co., Inc.

Cogent Partners, a leader in secondary market

advisory, is now part of Greenhill & Co., Inc.

Operating as Greenhill Cogent, we will continue

to provide institutional investors and

general partners with the same independent,

unbiased strategic advice for managing

their alternative assets portfolios that we have

since our founding in 2001.

Dallas | New York | San Francisco | London | Singapore

www.greenhillcogent.com214 871 5400

guide to the secondary market - dow jones & company transference, to fund recapitalizations and...

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